Fed beats Congress to the punch
November 12, 2009 | alternatives, federal legislation, industry | Comments (0)The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.
Starting on July 1, 2010, all banks will have to ask their customers to opt for overdraft protection plans.
The Fed, of course, objects to the creation of the CFPA so is trying to demonstrate that it has teeth before Congress takes away some of its responsibilities.
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