1. Short title This Act may be cited as the Stop Overdraft Profiteering Act of 2019 . 2. Findings and purpose (a) Findings Congress finds the following: (1) Overdraft coverage is a form of short-term credit that depository institutions market for consumer transaction accounts. Historically, depository institutions covered overdrafts for a fee on an ad hoc basis. (2) With the growth in specially designed software programs and in consumer use of debit cards, overdraft coverage for a fee has become more prevalent. (3) Many depository institutions market a range of overdraft options but aggressively encourage consumers to consent to the most expensive option, where a high flat fee is collected for every individual overdraft transaction. (4) Many depository institutions collect a high flat fee, including for small dollar transactions, each time the institution covers an overdraft, impose multiple overdraft coverage fees within a single day, and charge additional fees for each day during which the account remains overdrawn. (5) Such abusive practices in connection with overdraft coverage fees have deprived consumers of meaningful options and placed significant financial burdens on low- and moderate-income consumers. (b) Purpose It is the purpose of this Act to protect consumers by limiting abusive overdraft coverage fees and practices and by providing meaningful disclosures and consumer choice in connection with overdraft coverage fees. 3. Definitions In this Act: (1) CFPB The term CFPB means the Bureau of Consumer Financial Protection. (2) Depository institution; overdraft; overdraft coverage fee; transaction account