Federal Banking Regulatory Reform - Press

November 21, 2014

By Juliette Fairley 

NEW YORK (MainStreet) — Some 50% of Americans who fall into overdraft do so, because they don’t know their account balance, according to a recent survey from GoBankingRates. That lack of knowledge is extra dangerous when it comes to the overdraft policies of banks, and consumer advocates are fighting back to end these misleading overdraft bank policies that prey on consumers. 

August 11, 2014

By Herb Weisbaum

Checking accounts—and the debit cards that come with them—should be a simple and straightforward way to handle routine financial transactions. And yet, many people simply don't understand the overdraft policies at their bank or credit union.

August 5, 2014

By Kevin Wack

For the last four years, U.S. regulators have been requiring banks to offer their customers a choice on overdraft fees. And in response, most consumers have opted not to run the risk of incurring large fees in exchange for the ability to spend more than they have.

July 9, 2014
Activists in Chicago are using the power of the 1977 Community Reinvestment Act (CRA) to ensure that U.S. Bank NA, lives up to its commitments to Blacks and Latinos as they aim to acquire Chicago-area branches of RBS Citizens/Charter One Bank.
July 9, 2014
Credit unions have received a heightened profile over the past 12 months, but will they be a simple replacement for payday lenders?
January 31, 2014
More good news keeps coming for consumers in early 2014. On the heels of new mortgage rules that took effect January 10, the following week four banks making payday loans pulled their products from the market. Announcing a halt to their triple-digit interest rates were Wells Fargo, Regions, Fifth...
January 29, 2014
More good news keeps coming for consumers in early 2014. On the heels of new mortgage rules that took effect January 10, the following week four banks making payday loans pulled their products from the market. Announcing a halt to their triple-digit interest rates were Wells Fargo, Regions, Fifth...
August 1, 2013
Joachim Pantelis soon won't be visiting his local PNC Bank branch in Clairton anymore. The only bank in this downtrodden town will close Aug. 16.
June 7, 2013
Consumer advocates are calling for a ban on all types of payday lending, saying that without regulatory federal laws, millions of borrowers charged triple-digit annual percentage rates (APR) will continue to be trapped in never-ending cycles of debt.
September 28, 2011
  By Micah Maidenberg September 28, 2011   Among those who gathered yesterday at the Federal Reserve Bank of Chicago to testify about Capital One bank's proposed acquisition of ING: federal regulators, corporate attorneys, nonprofit developers, policy analysts, community revitalization advocates,...
September 1, 2011
By Greg Hinz September 1, 2011   Three activist reform groups are stepping up pressure on U.S. Sen. Mark Kirk, R-Ill., to drop his opposition to naming a new national consumer-protection czar.   In a joint statement, the heads of the Woodstock Institute, the Illinois Public Interest Research Group...
August 11, 2010
By Curtis Black August 11, 2010 While Shorebank struggles to survive – with regulators hesitating to back recapitalization efforts, according to reports – community investment advocates say “Shorebank is worth saving” and suggest that policies that favor big banks don’t take community needs into...
May 21, 2010
May 21, 2010 With the help of four Republicans, the U.S. Senate passed its version of financial reform legislation by a 59 to 39 margin late last night. Illinois' own Sens. Dick Durbin and Roland Burris both voted in favor. The bill will now move to a House-Senate conference committee, where the...
March 16, 2010
By Richard EskowMarch 16, 2010 Eighteen former members of the Federal Reserve’s Consumer Advisory Council (CAC) strongly endorsed the idea of an independent Consumer Financial Protection Agency in a letter released last week . Draft legislation released yesterday by Sen. Chris Dodd would instead...
March 12, 2010
By Sewell ChanMarch 12, 2010 As the Senate contemplates creation of a consumer financial protection agency within the Federal Reserve, opposition to the idea has emerged from an unexpected quarter: the Fed’s Consumer Advisory Council. On Friday, 18 former or current members of the council, which...