Transcript Slide 1

Congressman Sander
Levin
HR 4552
Benefit Card Fairness Act of
2010
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.4552:
• Debit Card
• EFT
• Check
Disclosure & Error Resolution
Bank Must Provide Free of Charge:
 Access to Account Balance
 Access to Transaction History
 Mechanism to resolve errors and
to limit consumer liability for
unauthorized transactions.
Prohibited Fees
 First withdrawal from an in-network
automated teller machine and the first
withdrawal from a bank teller, after each
deposit.
 Application or participation fees.
 An overdraft or shortage of funds for an
amount exceeding the account balance.
 All purchases.
PROHIBITED FEES (continued)
 Inactivity.
 Inquiry, or balance or transaction
information at ATM or Internet.
 Customer service.
 An ad hoc request for a statement.
 An extension of credit.
 1 replacement card each year.
FEE INFORMATION
 Fee disclosure similar Truth in
Lending Act.
 Access to a toll-free number and
web site with clear and
conspicuous list of fees and
charges.
 Initial written disclosure
Legislative History 2010
 8 Co-sponsors in the House (all
Democrats)
 Senate Interest: S. 4041 Senator
Menendez, legislation that
includes all pre-paid cards and
may include government-issued
debit cards.
Dodd-Franks
 Exempts government cards from new
interchange regulations
 An exception to the exemption does
exist. After 1 year, if the bank charges
for the following, interchange fee will
apply:
Fees for 1st withdrawal per month, and
overdraft/shortage
Dodd Franks (continued)
 A year after the law passage, a report will be
issued by Department of Treasury on:
 the prevalence of the use of prepaid cards in
Federal, State or local governmentadministered payment programs.
 Interchange and cardholder and fees charged
and costs associated.
Future Legislation
 Add TANF?
 Review exclusions?
 Add additional provisions?
 Access for non-English speaking
populations
 Elderly and Disabled Accessible
Websites and materials
 Other?
Contact Information:
 Please contact me with suggestions and comments:
Judith Glassgold
Health and Domestic Social Policy
The Office of Congressman Sandy Levin (MI-12)
1236 Longworth House Office Building
Washington, D.C. 20515
202-225-4961
[email protected]