House Banking Committee to Advance Several Bills


Today the US House of Representative’s Financial Services Committee started a two day markup on several important pieces of legislation. Two of the bills scheduled for a vote the OBL has weighed in strongly on in the past couple of months.

The first, H.R. 4277 or so called “Overdraft Protection Act” sponsored by Rep. Carolyn Maloney (D-N.Y.), the bill would amend the Truth in Lending Act to make changes to existing overdraft rules. Specifically, it would prohibit banks from charging consumers more than one overdraft fee in a month and more than six overdraft fees in a year, regardless of the consumer’s choice to opt-in to overdraft protection. In a statement for the record the OBL warned that the bill “would prevent important payments from being paid, deny customers access to liquidity during challenging times and cause customers to incur additional fees and inconveniences.”

On the other hand the OBL strongly supports H.R. 5912, the “Close the ILC Loophole Act.” This bill would eliminate an exemption to the Bank Holding Company Act that permits ILCs and their corporate owners to operate outside of that law’s regulatory framework, including consolidated supervision and activity restrictions, unlike other banks. This bill also grandfathers existing ILCs to allow them to continue operating and to be sold to other entities, subject to certain limitations, and allows pending applications for an ILC to be considered for approval before September 2023. The OBL is in strong support of this bill and have been working with the committee for two years to advance it.

Below is the full list of legislation being considered: 

  • H.R. 68, the “Housing Fairness Act of 2021.”


  • H.R. 3111, the “Grandfamily Housing Act of 2021.”


  • H.R. 4277, the “Overdraft Protection Act.”


  • H.R. 4495, the “Downpayment Toward Equity Act of 2021.”


  • H.R. 4586, the “Risk-Based Credit Examination Act.”


  • H.R. 5912, the “Close the ILC Loophole Act.”


  • H.R. 6528, the “Housing Temperature Safety Act of 2022.”


  • H.R. 6814, the “Small Business Fair Debt Collection Protection Act.”


  • H.R. 7195, the to provide for certain whistleblower incentives and protections.


  • H.R. 7977, the “Promoting Opportunities for Non-Traditional Capital Formation Act.”


  • H.R. 7981, the “Public and Federally Assisted Housing Fire Safety Act of 2022.”