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Article: Overdraft Fee Battle Pits CUs Against Consumer Groups.(General News)
- Article from:
- Credit Union Journal
- Article date:
- November 9, 2009
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Byline: Analysis by Ed Roberts
WASHINGTON-The main credit union lobby organizations joined the bankers to fight off a bill backed by the consumer groups that would set strict new limits on overdraft protection programs.
A CUNA representative, Rod Staatz, president of Maryland's State Employees CU, urged the House Financial Services Committee during hearings Oct. 30 to hold off on a bill that would require all consumers to "opt in" to overdraft programs and set new limits on the fees and the number of overdrafts that can be charged until the regulatory landscape clears. Staatz noted that the Federal Reserve is poised to issue its own new rules on ...