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MI HR0246
Resolution
Status
4/16/2020
Primary Sponsor
Sarah Anthony
Click for details
AI Summary
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Urges the U.S. Department of the Treasury to exempt CARES Act stimulus payments from private debt collection by banks using its rulemaking authority.
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Notes that banks can deduct stimulus payments for outstanding debts such as overdraft fees and delinquent loans, reducing the effectiveness of the aid intended by Congress.
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Highlights that the nation's 10 largest banks charge overdraft fees exceeding $30, and consumers paid over $34.3 billion in overdraft fees in 2017.
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Asserts that stimulus payments are critical for Americans to meet immediate needs during the COVID-19 pandemic, including mortgages and utilities, and should not be diverted to bank debt collection.
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Directs that copies of the resolution be transmitted to the U.S. Secretary of the Treasury and Michigan's congressional delegation.
Legislative Description
A resolution to memorialize the United States Department of the Treasury to use its rulemaking authority to exempt Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus payments from private debt collection by banks.
Last Action
Referred To Committee On Financial Services
4/16/2020