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    House Members Ask DOJ to Investigate Bank Fees -- Will the Trail Lead Back to Them?

    When Bank of America announced a new $5 debit card fee in late September (along with a slew of other banks), President Barack Obama condemned it, and yesterday some Democrat Members of Congress called on Attorney General Eric Holder to launch an investigation. Unfortunately, they’re setting their sights on the wrong target. Instead … More

    Here Comes the Durbin Tax

    As if further evidence actually is needed, Bank of America on Thursday demonstrated yet again how government price controls inevitably harm consumers—and low-income consumers the most. In this instance, the nation’s largest bank (by assets) announced on Thursday a new $5 monthly fee for use of a debit card. Several … More

    Consumers Lose, No One Happy, with Final Fed Swipe Fee Regulations

    Splitting the difference does not improve bad policy. The final regulations adopted this week by the Federal Reserve Board to impose price caps on “swipe fees” paid by merchants when customers use debit cards to pay for purchases will still hurt consumers. The Fed did increase the fee cap from … More

    Bernanke on Dodd-Frank Fallout: Debit Card Fee Caps Threaten Small Banks

    Federal Reserve chairman Ben Bernanke has delivered yet another ominous prediction about Dodd–Frank fallout, telling the Senate Banking Committee last week that government dictates on debit card fees “could result in some smaller banks being less profitable or even failing.” Although not the first to recognize the problem, the Fed … More