Monday, December 1, 2014

Pittenger's banking bill headed for House vote

A bill by Rep. Robert Pittenger that takes aim at 1980s-era federal banking rules that limit certain withdrawals and transfers from savings accounts is scheduled for a Tuesday vote by the House of Representatives.

In July, the House Financial Services Committee approved the bill, House Resolution 3240, which directs the Government Accountability Office to study Regulation D. The regulation restricts bank customers to no more than six withdrawals and transfers from their savings account per month.

Generally speaking, the limit applies when such transactions are done outside the bank, such as online. Pittenger has said credit unions report that their customers hit the six-transfer limit quickly when they bank online. The Republican, whose district includes part of Mecklenburg County, has called the regulation obsolete at a time of widespread online and mobile banking.

"This legislation will directly impact hardworking American families who currently encounter roadblocks when trying to actively manage their finances online,"  Pittenger's office said in a statement Monday. "The goal is to reform regulations in a way that still protects the financial system while allowing families more freedom to manage their finances using modern technology."

If the House approves the bill, it would head to the Senate, where it would require Senate Majority Leader Harry Reid's approval to send it to the Senate Banking Committee.

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