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.
Senior Director, Federal Consumer Program, U.S. PIRG Education Fund
Ed oversees U.S. PIRG’s federal consumer program, helping to lead national efforts to improve consumer credit reporting laws, identity theft protections, product safety regulations and more. Ed is co-founder and continuing leader of the coalition, Americans For Financial Reform, which fought for the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, including as its centerpiece the Consumer Financial Protection Bureau. He was awarded the Consumer Federation of America's Esther Peterson Consumer Service Award in 2006, Privacy International's Brandeis Award in 2003, and numerous annual "Top Lobbyist" awards from The Hill and other outlets. Ed lives in Virginia, and on weekends he enjoys biking with friends on the many local bicycle trails.