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Dems Will Continue Push to Rein In Overdraft Fees

The congressional Democrats leading the effort to protect consumers from overdraft fees said today that, despite Tuesday’s news that Bank of America and JP

Jul 31, 2020
The congressional Democrats leading the effort to protect consumers from overdraft feessaid today that, despite Tuesday’s newsthat Bank of America and JP Morgan Chase will adopt some of those protections voluntary, there remains the need to make the safeguards permanent through legislation.
“These are positive changes, but the system has gotten completely out of whack,” Senate Banking Chairman Chris Dodd (D-Conn.) said in a statement. “We are talking about abusive practices that never should have been instituted in the first place. I will take a close look at the banks’ new policies as I continue work on a bill to permanently protect customers from excessive overdraft fees.”
Rep. Carolyn Maloney (D-N.Y.) reiterated that message, saying the voluntary changes at BoA and Chase mark “significant improvements,” but “what we need are consistent overdraft reforms for all Americans.”
Maloney already introduced a bill this year to rein in some of the practices that banks use to increase overdraft fees, which have grown into a $38 billion per year business. Dodd announced last week that he’ll be introducing similar legislation soon.
Camilo Wood

Camilo Wood

Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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