It seemed a good idea last year, when the financial crisis had turned banks into Public Enemy No. 1 and lawmakers were looking for ways to reward consumers still bitter about billion-dollar bailouts and executive bonuses. Without much warning or debate, the Senate passed an amendment directing the Federal Reserve to reduce the hidden “swipe [...]
WASHINGTON — Focused on keeping the recovery going and driving down double-digit unemployment, the Federal Reserve is poised to leave interest rates at a record low.Fed Chairman Ben Bernanke and his colleagues, at the end of their two-day meeting Wednesday afternoon, will likely strike an upbeat note about the progress the economy is making. But [...]
The Federal Reserve released a long-awaited rule Thursday requiring banks and credit unions to get consumers’ permission before charging steep fees to pay debit card and ATM overdrafts. Fed Chairman Ben Bernanke in a statement said the new regulation “represent(s) an important step forward in consumer protection.” The final rule, which comes amid intense congressional [...]
The Federal Reserve plans to release a rule in the next month that requires banks to get consumers’ permission to charge a fee for paying certain transactions that overdraw their account. Federal Reserve Governor Daniel Tarullo said that the new regulation would allow a consumer “to know that he or she was opting into a [...]
Spending money wisely, from home repair to shopping
