Pittenger: 1980s rules hinder online banking

FOR IMMEDIATE RELEASE

FREEING CONSUMERS FROM OUTDATED BANKING RULES

House Committee Approves Congressman Pittenger’s Legislation

WASHINGTON – Online banking and smartphone apps have revolutionized how ordinary Americans conduct bank transactions. Not surprisingly, federal regulations have not kept pace.

Today, the House Financial Services Committee unanimously approved Congressman Robert Pittenger’s Regulation D Study Act (H.R. 3240), which directs the Government Accountability Office to study outdated banking regulations and make common-sense recommendations on how Congress can update the rules.

Regulation D is early 1980s-era policy which limits consumers to six remote transfers (online, ATM, or phone) per month.

“These regulations made sense when most bank transactions ended with a free lollipop,” said Congressman Pittenger (NC-09).  “The world has changed.  We must update banking regulations to reflect modern technology and make it easier for hardworking Americans to manage their personal finances.”

The Regulation D Study Act has strong bipartisan support, including Congresswoman Carolyn Maloney (D-NY), a senior Democrat on the House Financial Services Committee.  The legislation will now be sent to the full U.S. House of Representatives for a vote, which is expected before the end of 2014.

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