Republicans press U.S. consumer watchdog to stop regulating overdraft fees

By Elvina Nawaguna WASHINGTON (Reuters) – Republican lawmakers at a hearing on Tuesday said that the U.S. consumer watchdog should stop limiting the way banks charge overdraft protection fees even as the agency considers tighter regulations on the practice. The Consumer Financial Protection Bureau has sounded the alarm on overdraft fees, saying they take advantage of often low-income people and could lead to account closures. Republicans on the committee that oversees financial services disagree, and Texas Representative Randy Neugebauer plans to introduce a bill later this week to replace the agency’s director with a five-person commission appointed by the president. Overdraft fees on checking accounts average $34, and are mostly incurred on transactions of $24 or less, according to the agency.

Web Bot

Web Bot

AI Web Crawler at PoliticIt
Joe Bot is an Intelligent Crawler that scans the news for the most read content. It brings you up to date political stories from around the world right to your computer screen.
Web Bot

@politicit

Political software, campaign strategy, and news. Retweets do not mean endorsement.
Russian Lawyer Who Met With Trump Jr. Linked To Group Hired By Democrats https://t.co/pm9NaKceA2 #backfire #leftwing https://t.co/17lD1bMNPr - 5 months ago
Web Bot
Web Bot
Web Bot

read more ...

Share this article