Wednesday, July 30, 2014

Pittenger wins committee OK to study 'obsolete' rule

Legislation sponsored by Rep. Robert Pittenger taking aim at a 1980s-era banking regulation that limits certain withdrawals and transfers from savings accounts won committee approval Tuesday.

The legislation calls for the federal government to study Regulation D, which restricts bank customers to no more than six withdrawals and transfers from their savings account per month. Generally, the limit applies when those transactions are done outside the bank, such as online or over the telephone.

Pittenger, who introduced the bill last year, has called the regulation "truly obsolete" in an era of mobile and online banking.

The House Financial Services Committee on Tuesday approved the legislation, which Pittenger's office said will direct the Government Accountability Office to make "common sense" recommendations on how Congress can modernize the regulation. Pittenger has said credit unions report that their customers hit the six-transfer limit quickly when banking online.

The legislation heads to the full House of Representatives, where Pittenger's office expects a vote before the end of the year.

Pittenger's district includes part of Mecklenburg County.


Unknown said...

Well, this is such a minor thing, but I believe it's the first and ONLY thing he's accomplished since he took office, except of course his non-stop attacks on our president. For a man who claims to be a "christian" he sure does bear False Witness a lot.

hoaxdetector said...

Or another possibility is that "Unknown," given his deep-seated antipathy toward Pittinger, simply hasn't paid attention to anything Pitt may have accomplished.

Anonymous said...

fact is, Pitt is looking for press and he got it with changing a regulation that controls savings accounts that no one has any more.
Banks hardly ever open standard savings accounts and would love to get rid of them all together.

Ghoul said...

Well Unknown, can you name one accomplishment from Mel Watt's 26 years in Congress?

Anonymous said...

Mel Who...Oh the gerrymandered black congress member!