New Overdraft Law Created by m.moebs on 1/9/2023 5:20:20 PM
The new year starts off with the first ever free standing overdraft law.
Truth-In-Savings Act (TISA) became law in June, 1993 or almost 30 years ago.
The fee sections of TISA and subsequent regulations were heavily written by Moebs $ervices.
California's New OD Law Goes into Effect March 1, 2023
"The collection of services charges on deposits, including overdrafts, is important for consumers, governments from municipalities to states to the nation, as well as depositories and consumer advocacy groups."
Lake Forest LI (January 8, 2023) In 1993, Senators Dianne Feinstein (CA) and Patty Murray (WA) suggested to the Senate Banking Committee a bill to track overdraft revenue and prices. Fed Chair Allen Greenspan found out it would cost the Federal Reserve about $490.000 to do the study.
The Fed put the project out for bid which was awarded to Moebs Services for $10,800 to start in 1994 and continue through 2003. Funding was approved by Congress.
Now Governor Newsom and California State Representatives and Senators passed a law mandating the California Department of Financial Protection and Innovation to do what the Fed did 30 years ago. READ FULL ARTICLE