He’s been threatening to do it for weeks, and today Sen. Chris Dodd (D-Conn.) made good on his vow to push legislation reining in the overdraft charges that hit consumers who exceed their balances when making debit card purchases. Those fees — which average upwards of More…
By 35 percent in just two years, according to a report released today by the Center for Responsible Lending, a consumer advocacy group. Those overdraft fees — applied when consumers exceed account balances when making debit card purchases — generated $23.7 billion in 2008, up from More…
Senate Banking Committee Chairman Chris Dodd (D-Conn.) will soon unveil legislation to rein in the overdraft fees that banks charge consumers who exceed their balances with debit card purchases, American Banker reported Thursday (subscription required).
The bill is sure to provoke an outcry from the banking More…
Sen. Judd Gregg (R-N.H.) — the notorious budget hawk who almost became President Obama’s Commerce Secretary — has accepted a spot on the powerful Banking Committee just as discussions are heating up over legislation (not yet unveiled) to reform the finance industry. The seat was vacated More…
The 10 members of the panel named by Congress to investigate the causes of last year’s economic implosion appear to be wrestling with their role in this year’s push for financial industry regulatory reform, judging from their statements at today’s first hearing.
Brooksley Born, who fought unsuccessfully to regulate derivatives More…
When the news broke that they’d received special deals on loans furnished by Countrywide Financial Corp., Sens. Christopher Dodd (D-Conn.) and Kent Conrad (D-N.D.) both denied wrongdoing, saying they had no idea they’d gotten preferential treatment. Today, The Associated Press reports a different version of the tale, citing More…
That’s the idea that was being tossed around yesterday in the Senate, where several White House officials testified before the Banking Committee on the early failure of federal efforts to control the rising tide of foreclosures.
It was Sen. Charles Schumer (D-N.Y.) to broach the topic, proposing a More…
Congressional Democrats — the same Democrats who delayed implementation of their credit card reform bill for nine months — just didn’t anticipate that the country’s credit card issuers would race to exploit that postponement by hiking rates in the meantime.
Or did they?
In a letter today to More…
Herb Allison, President Obama’s nominee to become the Treasury’s assistant secretary for financial stability, appeared today before the Senate Banking Committee, where Chairman Chris Dodd (D-Conn.) met him with a question that’s increasingly on the minds of the nation’s struggling homeowners: Just how well is the administration’s foreclosure-prevention plan working More…
As the Senate today continues debate on Sen. Chris Dodd’s (D-Conn.) credit card reform proposal, Dodd’s 2010 GOP opponent, former Connecticut Rep. Rob Simmons, just issued a statement asking the Banking Committee chairman a biting question: What took you so long?
Credit card reform is long overdue and if Sen.
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