SUMMARY OF AMENDMENTS SUBMITTED TO THE RULES COMMITTEE ON
H.R. 1185, FEDERAL DEPOSIT INSURANCE REFORM ACT OF 2005

(in alphabetical order)

SUMMARY OF AMENDMENTS
(summaries derived from information provided by sponsors)

Weiner #1
Prohibits banks from charging a fee to the person who receives a bad check. Known as a “Deposit Item Returned Fee,” 75% of banks charge this fee which averages $6.88, but can be as much as $30. Does not ban fees levied against the person who writes a bad check.

Rohrabacher/Maloney #2
Strikes Section 3 of the bill, keeping federal deposit insurance at its current level of $100,000 per account, rather than increasing it to $130,000 or $260,000 (plus annual inflation adjustments) or $2 million per account, as provided in the base bill.

Maloney #3
Requires banks to post deposits to an individual’s banking account before debiting checks drawn on that account. Also prevents banks from charging customers for overdraft protection when the customer has not requested that service. REVISED.

* Summaries derived from information submitted by the amendment sponsors.