A picture of Representative Robert Pittenger
Robert P.
Republican NC 9

About Rep. Robert
  • Modernizing Bank Transfers

    by Representative Robert Pittenger

    Posted on 2014-01-14

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    PITTENGER asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. PITTENGER. Mr. Speaker, I rise today to question why banks and their customers are still burdened by rules designed in an era that, when most bank transactions ended, a free lollipop was given to the customer.



    Regulation D, which was implemented in the 1980s, restricts customers to just six transfers between their accounts for 1 month. These rules made a lot of sense in an era when most bank transactions were done manually; but today, through modern technology, this is truly obsolete.

    Mr. Speaker, I therefore ask support for H.R. 3240, the Regulation D Study Act. This bill will direct the GAO, the Government Accountability Office, to study Regulation D and recommend appropriate changes to modernize the regulation. H.R. 3240 has strong bipartisan support. I am grateful for Congresswoman Maloney's being the lead Democrat sponsor for the bill.

    [[Page H189]] Credit unions tell us that modern customers today hit the six- transfer limit just in a matter of moments as they work online. We need to change this, Mr. Speaker, so that individuals can manage their money on a daily basis. Updating this regulation is important to benefit consumers and bank institutions.

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