I'm Just a Bill: Overdraft Fee Cap Legislation
👀 I’m Just a Bill — Overdraft Fee Cap A Liana Banyan “I’m Just a Bill” Bounty Poster What is this bill? Federal overdraft-fee cap legislation in the 119th Congress. Current bank overdraft fees average $30-35; documented extraction pattern from low-income account holders. What does it actually do? Fee cap — limits per-overdraft fee (typically proposed $3-$10) Per-day cap — limits aggregate daily overdraft fees Reasonable-and-proportional standard — requires fees be tied to actual costs Disclosure — strengthens overdraft-protection disclosure requirements Credit-union exemption — most proposals carve out small credit unions Who votes when? House Financial Services + Senate Banking active consideration; CFPB rulemaking parallel track How does this affect cooperative-class families? Composes with #7 MSA (Cathie Mahon, Inclusiv credit-union model) and #10 VSL peer-to-peer cooperative finance. Cooperative-class members who currently absorb overdraft fees would benefit; the cooperative-finance trio is the structural alternative to bank-class fee-extraction. ...