05/19/2011 - The Consumer Financial Protection Bureau, created by Congress last year as part of financial reform, has broad authority to ban unfair or abusive practices in financial products and services. Protecting checking account holders from unreasonable fees and other costly traps should be one of the agency’s first priorities when it opens for business in July.
At a minimum, it should apply the same sensible protections won by long-abused credit card users in the Credit Card Act of 2009.
A new report by the Pew Charitable Trust’s Safe Checking in the Electronic Age Project analyzed the policies of the nation’s 10 largest banks. It shows why checking account holders — in other words most adult Americans — are in desperate need of better protections.
Read the full editorial About That Checking Account on The New York Times Web site.