Congressman Robert Pittenger

Representing the 9th District of North Carolina
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Pittenger's online banking legislation unanimously approved

Dec 2, 2014
Press Release

FOR IMMEDIATE RELEASE

 

HOUSE OF REPRESENTATIVES UNANIMOUSLY APPROVES CONGRESSMAN PITTENGER’S LEGISLATION TO SIMPLIFY ONLINE BANKING

 

WASHINGTON – Today, the U.S. House of Representatives unanimously approved Congressman Robert Pittenger’s bipartisan legislation to study and update 1980s-era regulations rendered obsolete by modern banking technology.

The Regulation D Study Act (H.R. 3240) targets rules which limit online transfers and automatic withdrawals involving savings accounts to only six transactions per month.  Credit unions and banks report that many customers are hit with unnecessary overdraft fees when Regulation-D blocks automatic overdraft protection transactions.

“The regulators who created this rule never envisioned online banking and modern banking technology,” said Congressman Pittenger (NC-09).  “As technology advances, we need to make sure federal regulations keep pace. We can continue to protect the financial system while allowing families more flexibility to use online banking tools.”

Continuing Congressman Pittenger’s effort to find bipartisan solutions to America’s problems, H.R. 3240 was introduced with the support of Congresswoman Carolyn Maloney, a senior Democrat from New York City.

Click here for full video of Congressman Pittenger and Congresswoman Maloney urging their colleagues to support H.R. 3240


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