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Federal Reserve Bank Overdraft Loan Proposals Fail to Protect Consumers

Banks can continue making exorbitantly expensive overdraft loans without telling consumers their true cost under draft regulations proposed by the Federal Reserve Board, according to comments filed today by Consumer Federation of America, National Consumer Law Center, Consumers Union, National Association of Consumer Advocates and Woodstock Institute. The Fed’s proposed Truth in Savings Act regulations permit banks to entice consumers to overdraw their bank accounts without a firm commitment to cover overdrafts and without clearly disclosing the cost of these loans---a requirement for all other lenders under the Truth in Lending Act. Read more...

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