Creates the consumer overdraft protection act

This bill creates the Consumer Overdraft Protection Act, requiring banks to get specific written consent from checking account holders before charging fees for covering overdrafts (when checks or withdrawals exceed account funds). Banks must clearly disclose fee amounts, coverage details (including ATM/electronic transfers), repayment terms, and when overdrafts won't be covered. The law caps annual overdraft fees at $100 per account and mandates automatic bounce systems for transactions exceeding this limit. It directly affects consumers with checking accounts and banks offering overdraft services by changing how fees are imposed and disclosed.