Sec. 3. Definitions
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Section 140B of the Truth in Lending Act, as added by section 4, is amended by adding at the end the following new subsection: For purposes of this section: The term check has the same meaning as in section 3(6) of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5001 et seq.), other than a travelers check. The term depository institution has the same meaning as in clauses
(i)through
(vi)of section 19(b)(1)(A) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(A) ). The term nonsufficient fund fee means a fee or charge assessed in connection with an overdraft for which a depository institution declines payment. The term overdraft means, in a withdrawal by check or other debit from a consumer transaction account in which there are insufficient or unavailable funds in the account to cover such check or debit, the amount of such withdrawal that exceeds the available funds in the account. The term overdraft coverage means the payment of a check presented or other debit posted against a consumer transaction account by the depository institution in which such account is held, even though there are insufficient or unavailable funds in the account to cover such checks or other debits. The term overdraft coverage fee means any fee or charge assessed in connection with overdraft coverage, or in connection with any negative account balance that results from overdraft coverage, unless such fee or charge is imposed in connection with— an extension of credit through an overdraft line of credit program where such fee or charge was considered a finance charge under this title as in effect immediately prior to the enactment of the Overdraft Protection Act of 2019; or any transfer from an account linked to another transaction account. Such fee shall be considered a finance charge for purposes of section 106(a), but shall not be included in the calculation of the rate of interest for purposes of section 107(5)(A)(vi) of the Federal Credit Union Act ( 12 U.S.C. 1757(5)(A)(vi) ). The term overdraft coverage program means a service under which a depository institution assesses an overdraft coverage fee for overdraft coverage. The term transaction account has the same meaning as in section 19(b)(1)(C) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(C) ). . Section 107(5)(A)(vi) of the Federal Credit Union Act ( 12 U.S.C. 1757(5)(A)(vi) ) is amended by inserting , other than an overdraft coverage fee, as defined in section 140B(o) of the Truth in Lending Act after inclusive of all finance charges .
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