HARRISBURG, Penn.–A bill that would eliminate overdraft fees in Pennsylvania is making its way through the Pennsylvania House.
Lawmakers are proposing the “Protecting Your Accounts”, H.B. 1553, which they say will help “protect consumers” in Pennsylvania, several media outlets have reported. Supporters of the legislation added that overdraft fees often impact low- and moderate-income residents, “creating a cycle of debt.”
The CrossState Credit Union Association, along with Pennsylvania’s banking groups, have expressed opposition to the legislation, which is similar to that which has appeared or been proposed in other states.
Joint Op-Ed Authored
The CSCUA and the bankers groups authored a joint op-ed expressing why the legislation would not be good and why they oppose it.
The bill passed through the House Commerce Committee by a vote of 14-12 and was split along party lines.
