Pittenger: "Truly obsolete" regulations hinder online banking
Jan 14, 2014
FOR IMMEDIATE RELEASE
January 14, 2014
CONGRESSMAN PITTENGER: “TRULY OBSOLETE” REGULATIONS HINDER ONLINE BANKING TRANSACTIONS
WASHINGTON – Certain online banking transactions are blocked by regulations that pre-date modern banking technology. Today, Congressman Robert Pittenger (NC-09) called for a study to determine how to best modernize the regulations.
“These rules made a lot of sense in an era when most bank transactions were done manually, but today, through modern technology, the rules are truly obsolete,” said Congressman Pittenger during a speech today on the House floor. “Updating this regulation will benefit both consumers and bank institutions.”
“Regulation D,” which was implemented in 1980, limits customers to just six remote transfers between their checking and savings accounts per month. This includes online, ATM, and telephone transactions.
Congressman Pittenger has introduced the Regulation D Study Act (H.R. 3240), which directs the Government Accountability Office to study Regulation D and recommend common-sense updates that take into consideration the widespread use of online banking tools.
The Regulation D Study Act has strong bipartisan support and is expected to be considered by the House Financial Services Committee in the near future.