Bank fees still high priority for Congress
December 23, 2009 | alternatives, federal legislation, industry | Comments (0)From the story:
Banks are scrambling to find new footing as lawmakers and regulators undermine one of the industry’s profit foundations: consumer fees.
Federal rules on credit card practices instituted a year ago kicked off a year in which fee income, a large and dependable source of retail banking profits, came under assault on many fronts. Lawmakers and regulators instituted a series of policies that restricted the industry’s ability to charge for everything from credit card overlimit transactions to checking account overdrafts.
And the threat to consumer fees is far from over. Lawmakers are considering bills that would further restrict overdraft fees and regulate credit card issuers’ interchange fees. They also have begun making noise about automated teller machine fees.
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