H.R. 4277 will harm members; League opposes curtailing overdraft protection programs

Published by: Jared Weiser

June 15, 2022 | Government Affairs, Regulatory

As member-owned financial institutions committed to helping people afford life, Ohio credit unions must be able to offer tailored products and services to meet unique member needs and demands, including critical overdraft protection programming. H.R. 4277, the Overdraft Protection Act of 2021, currently moving through the U.S. House Committee on Financial Services, seeks to restrict and limit access to critical overdraft protection programs through limited fee impositions and enhanced disclosure and reporting requirements. To protect credit union overdraft programming, the League urged the Ohio members on the Committee, U.S. Representatives Joyce Beatty (D-Columbus), Warren Davidson (R-Troy), and Anthony Gonzalez (R-Rocky River), to oppose H.R. 4277 through the Committee mark-up process so credit unions can still afford to offer the critical financial lifelines overdraft protection provides. Helping members overcome unexpected financial emergencies, enabling members make ends meet between paychecks, and offering an alternative to predatory lenders is right in the credit union wheelhouse. The League will continue to oppose H.R. 4277 to mitigate any possible adverse consequences to consumers who rely upon their community-based credit unions to provide accessible and affordable products and services.

 

Read the League’s letter and reach out to Legislative Affairs Director Jared Weiser for more information on H.R. 4277 or to connect directly with your congressional leader.

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