Sherrod Brown Introduces Overdraft Fee Crackdown Bill
Sen. Sherrod Brown is fighting back against what he believes are unethical overdraft fees.
Brown teamed up with fellow Democratic Sen. Cory Booker of New Jersey to introduce the bill called the Stop Overdraft Profiteering Act of 2018, which Brown said would crack down on certain fees that mostly affect low-income Americans.
“The bill requires banks to process transactions in a way that minimizes overdraft fees, requires those fees to be reasonable (and) limits the number of fees that could be charged. It would ban overdraft fees on debit card transactions and ATM withdrawals altogether,” Brown said.
Groups including the National Association for the Advancement of Colored People, the Center for Responsible Lending, and the Consumer Federation of America have endorsed the bill.