Senate Democrats Urge Banks to Simplify Fee Disclosures

Publication: The Hill

Author: Vicki Needham


11/03/2011 - Two Senate Democrats are pressing financial institutions to adopt a one-page form that details fees on checking accounts.

Senate Majority Whip Dick Durbin (D-Ill.) and Sen. Jack Reed (D-R.I.), a member of the Senate Banking, Housing and Urban Development Committee, sent a letter on Thursday to the Consumer Financial Protection Bureau (CFPB) asking the newly formed agency to press banks disclose fees on checking accounts and "make it a standard" in the industry.

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The senators unveiled a one-page model developed by the Pew Health Group of simplified information outlining fees on overdrafts, returned checks and ATM usage as well as processing policies on deposits. 

Read the article Senate Democrats Urge Banks to Simplify Fee Disclosures on The Hill Web site.

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