Overdraft Fight Not Over Yet
Last week, the Federal Reserve Board released its new regulations regarding overdraft fees. While these rules serve as an important first step toward protecting consumers from abusive fees, we still have a long way to go before overdraft fees become fair. Our Partners at CFA have put out this one-page summary that explains the implications of the new rules while also mentioning the additional reforms that are needed in order to truly protect consumers.
Senator Dodd had a hearing on this issue yesterday, the statements from which can be found here.