Ed's Blog

New York Times is running a bank fees debate, seeks comments

By Ed Mierzwinski
Consumer Program Director

Over at the New York Times, you can participate in a debate on bank fees by submitting comments. The paper asked six experts to tee up the issue with opening remarks. The experts include two of our colleagues in the coalition Americans for Financial Reform. Chi Chi Wu of the National Consumer Law Center argues that "Profits Are the Reason for Fees, Not Risk or Costs" and Sarah Ludwig of NEDAP says that "Public Obligations Outweigh Rights To Obscene Profits."

Other commentators include New York Attorney General Eric Schneiderman and others. U.S. PIRG's latest bank fee tips are available. Here is another recent post on bank fees where I discuss various fee issues in detail. Note that as part of the overdraft fee inquiry I discuss in that post, the CFPB has extended its overdraft fee comment period until June 29. Let them know what you think.

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