A retreat for banks?
September 24, 2009 | alternatives, industry | Comments (0)That’s the way one newspaper is depicting yesterday’s announcement that two major banks would cut overdraft fees:
House Financial Services Committee Chairman Barney Frank (D-Mass.) said in an interview that he supports the moves by Bank of America and JPMorgan Chase. But Frank said he will still push forward with legislation requiring changes in overdraft policies at banks. The Federal Reserve is also considering strict curbs on overdraft fees that could be finalized later this year.
The policy change by the two giant banks “confirms that it’s doable,” Frank said. “No one else will be able to argue that it’s too burdensome.”
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