The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
“Well you can stop it,” Obama said in an interview with ABC News host and former Clinton administration official George Stephanopoulos. “This is exactly why we need this consumer financial protection bureau that we set up that is ready to go.”
[Related Article: Many Consumers Outraged by Bank of America’s Big New Debit Fee]
The president has nominated Richard Corday, formerly Ohio’s attorney general, to become the bureau’s first director. That nomination may move forward on Thursday, as the Democrats who control the Senate Banking Committee plan to vote for his confirmation. Cordray faces a more difficult fight in the full Senate, where Republicans have announced they will oppose any nominee until the president agrees to limit the new bureau’s power.
Before that long process is eventually resolved, the president expressed hope that other banks will not follow Bank of America’s lead.
“My hope is that you’re going to see a bunch of the banks say, ‘You know what, this is not good business practice,'” he said. “Rather than taking a little bit less of a profit, rather than paying multi million dollar bonuses, let’s treat our customers right.”
Bank of America plans to start charging the $5 fee in early 2012.
[Featured Product: Looking for credit cards for good credit?]
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance