Encouraging news from Federal Reserve:

Posted by: Live Smart   
June 3rd,
2009

We have heard back from Federal Reserve regarding the letter published in “What to do when bank is being unfair – part II”. The encouraging news is that feds are well aware of the problems pointed out in the letter and are working on righting the wrong. Here are the highlights of the reply:

  • Federal Reserve is working on proposal “Regulation E” that would prohibit overdraft fees. The question that is still open is whether this is going to be achieved via the consumer opting in or out of overdraft protection program.
  • The “Regulation E”, if adopted, would also address consumer rights in regards to ACH transactions.

federalreserveletterCopy of the letter is attached. Current timeline, when the final proposal is going to be published and the new regulations become effective, is not know. We will keep you informed.

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One Response for "Encouraging news from Federal Reserve:"

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