Rep. Carolyn Maloney, D-NY, Sen. Bernie Sanders, I-Vt. And Rep. Barney Frank, D-Mass are expected to reintroduce the Consumer Overdraft Protection Fair Practices Act.  The bill is designed to make rules regarding checking accounts more transparent and to stop banks from charging potentially misleading fees and charges.

The bill would prohibit “depository institutions” from imposing a fee with an overdraft protection program or service unless the consumer has provided specific written consent. 
It would further require written disclosure of all terms and charges of overdraft programs and charges.  These include any fees charged to cover overdrafts, types of transactions covered and when the consumer must repay the overdraft.

The bill would prohibit “depository institutions” from claiming they will cover all overdraft charges, when in fact they pay them on a discretionary basis. 
It would prohibit institutions from delaying the posting of deposits or manipulating the posting of a check for the purposes of creating additional fees.  For example, some banks have been known to hold checks, then post the highest one, even if it was the last check written, so that the remaining checks would each result in an overdraft fee.

Instituitions would be prohibited from advertising overdraft protection as short-term credit.  Or to say that consumers can maintain negative balances when in fact they are required to immediately repay the amount of the overdraft.  Other types of advertising come under additional scrutiny as well, in an effort to shed light on the real fees and charges that institutions charge.