federal reg reform

Bank overdraft programs cause widespread confusion, new report shows

Written by Dory Rand on August 4, 2014 - 3:12pm

Read the report

The four organizations conducted 64 mystery shopping visits at 39 bank branches in Chicago, Durham, New York City, and Oakland, including Bank of America, BB&T, BMOHarris, Capital One, Chase, Citi, SunTrust, and Wells Fargo. In Chicago, mystery shoppers visited Bank of America, BMO Harris, Chase, and Citi.

How Banks Sell Overdraft: Results of Overdraft Mystery Shopping in Four Key States

Written by Woodstock Institute, California Reinvestment Coalition, New Economy Project, Reinvestment Partners on August 1, 2014 - 10:53am

Four organizations—California Reinvestment Coalition of Oakland, CA; New Economy Project of New York, NY; Reinvestment Partners of Durham, NC; and Woodstock Institute of Chicago, IL—conducted 64 mystery shopping visits at 39 bank branches in Chicago, Durham, New York City, and Oakland. The four largest banks by deposit size in each city or state (California) were selected, including Bank of America, BB&T, BMO Harris, Capital One, Citibank, JPMorgan Chase, SunTrust, Union Bank, and Wells Fargo.

Another too-big-to-fail bank? Voice your opinion at Federal Reserve hearing in Chicago

Thanks to the hard work of members of the National Community Reinvestment Coalition, the Federal Reserve has extended the comment period on the proposed deal until October 12.The Fed will also hold public hearings on the consumer impact of the merger in Chicago, Washington, and San Francisco.


From the President: Consumers and lenders both better off with fully functioning CFPB

Written by Dory Rand on July 21, 2011 - 12:00am

When talking about “risk” with the old school banking regulators, such as the Office of the Comptroller of the Currency, the Federal Reserve Board or the FDIC, the conversation was usually about “safety and soundness,” or risk to the financial institution’s bottom line and ongoing stability, or about “reputation risk,” or fear of being sued or getting bad press that might affect market price and assets.

More welcome protections for overdraft loans, but not enough for bank payday loans

Both overdraft loans and bank payday loans are credit products offered by banks, but overdraft loans operate within more clearly proscribed limits than do bank payday loans. Consumers can’t simply walk into a bank branch and request an overdraft loan; overdraft loans happen automatically made when account holders make a transaction that pushes their balance below zero.

From the President: Growing Racial Wealth Gap Adds to Concerns about High Down Payment Proposed in QRM Rule

Written by Dory Rand on June 28, 2011 - 11:00am

Key policies of the last decade, such as the Bush Administration’s “Ownership Society,” sought to expand homeownership opportunities without putting in place effective safeguards against unchecked and unscrupulous lenders targeting communities of color with unsustainable mortgage products.  Rather than correct this regulatory failure, many critics have chosen to  question the viability of homeownership as a wealth-building vehicle and suggest that many people are better off renting their home.

Debt protection products offer few benefits at high cost, says new report

First off, what are debt protection and credit insurance products? Both types of product have a similar function in that they can cancel or suspend all or part of a consumer’s debt in the case of a life-changing event, such as death, involuntary unemployment, disability, or birth of a child. The products are regulated differently, however. Since credit insurance is an insurance product, it is regulated by the states. Debt protection products are bank products regulated by federal bank regulators.


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