Durbin, Reed Call on CFPB to Require Simple Disclosure of Checking Account Fees

Publication: American Banker

Author: Kevin Wack


11/04/2011 - If Sens. Dick Durbin and Jack Reed get their way, banks will soon be required to adopt a uniform one-page form for checking account fees.

In a letter Thursday to the Consumer Financial Protection Bureau, the two Democratic senators endorsed a form developed recently by the Pew Charitable Trusts, which lays out basic terms and conditions for checking accounts. Durbin and Reed want CFPB to require banks to post the form on their websites.

***

The Pew Charitable Trust has been working with CFPB on the issue of checking account disclosures, according to Weinstock. She also noted that Raj Date, who is serving as the temporary head of CFPB, recently said that he wants to make it easier for consumers to understand the cost of their checking accounts.

Read the article Durbin, Reed Call on CFPB to Require Simple Disclosure of Checking Account Fees on the American Banker Web site (subscription required).

X
(All Fields are required)