Bill to prevent consumer fraud by US banking institutions ?

http://maloney.house.gov/index.php?optio...

Rep. Carolyn Maloney [D-NY] introduced a bill to extend the Truth Lending Act, to include disclosure of overdraft services to consumers by banking and lending institutions. Currently the law allows these institutions to charge fees for forced overdraft services without disclosing their policies to consumers. They are not required to notify of policy or fee changes as well. Maloney has 10 co-sponsors on this bill http://www.govtrack.us/congress/bill.xpd... (All of which are democrats). The bill was initially squashed under it%26#039;s first introduction, so it never made it to vote. Almost everyone has been a victim of this practice at some point.

I for one would rather be denied at the point-of-sale, rather than pay 36$ for a cup of coffee. At a minimum I should be able to opt-out of overdraft protection services.

What do you think about this ? Does it stand a chance ?

Bill to prevent consumer fraud by US banking institutions ?instant loan

They should clean up more policies than that in banking. It%26#039;s a grotesque industry full of lies and deceit.

Bill to prevent consumer fraud by US banking institutions ? loan

It%26#039;s about time someone tried to stand up to them, and overdraft fees are a good starting place.

$30+ a pop is a lot when your salary is barely keeping pace with the cost of living.

But, as with all just and worthy legislation under this administration, it will be squashed in favor of the industry it%26#039;s aimed at taming.