the fed

The Federal Reserve’s new opt-in requirement for overdraft protections is progress, according to Democratic finance leaders, but legislation providing further consumer protections is still needed.
“Giving customers the chance to choose whether they want ‘overdraft protection’ is important,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said in a statement, “but we need to do far more to [...]

Customers will have to opt-in to overdraft protection programs before banks can charge them overdraft fees on debit purchases and ATM withdrawals, according to new finance rules rolled out by the Federal Reserve today. The move marks a sharp departure from current practice, in which many banks silently and automatically enroll their customers into overdraft [...]

Sen. Chris Dodd (D-Conn.) is set today to unveil legislation overhauling the way the banking industry is regulated. On certain points, the Dodd bill mirrors the wish list outlined by the Obama administration over the summer, including the creation of a new federal agency designed to protect consumers from the increasingly complex world of financial [...]

Credit card holders hit with arbitrary interest rate hikes in recent months might be stuck with the extra burden, despite the high-profile congressional effort this year to protect consumers from such increases.

Some House members seek to resurrect a measure to allow bankruptcy judges to cramdown loan principals and terms that failed in the Senate this spring.

After months of proposals, arguments, hearings and public comments, federal regulators today approved new rules to make credit cards more consumer friendly. The changes will prevent card companies from hiking interest rates on existing balances and grant card users a longer window to pay their bills. The new rules take hold in July 2010.
Some Democrats [...]