Word: fedã
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Under the Fed??s new regulations, companies must now make debit-card policies—especially fees—explicitly clear through frequent notices to customers, without whose permission overdraft charges can no longer be issued. While these notices have yet to circulate, they are thankfully required to be lucid, clear, and forthcoming with the full extent of policies regarding fees. We hope that these new measures will have their desired effect and reduce the exploitation so common under previous card-company policies...
...perhaps the best thing about the Fed??s new mandate is that it increases choice for consumers, not to mention ensuring that customers will actually want the supposed “services” they will receive from their card companies. A better understanding of the nuances and implications of each respective card policy will create a more financially-literate pool of customers much more aware of the decisions they make and the impact of those decisions. In that sense, while the Fed has at once protected customers nationwide from continued abuse, it has also done much...
Above all else, bringing transparency to financial products appears to be a high priority for the current administration, and this is an important step in the right direction. We appreciate the Fed??s committment to both protect and educate customers...
...animosity between these two competitors, the private Clearinghouse and the public Fed, ensured the failure of the Fed??s intervention in March 1933. At the beginning of March, $700 million were withdrawn from banks, plunging the Dow to only 50 points. In an effort to avoid further turmoil, New York Fed Governor George L. Harrison contacted Clearinghouse Chairman George W. Davison about declaring a bank holiday. With no incentives to act despite the damage this holiday might do to bank reputations, and with much criticism from an increasingly populist Congress, the Clearinghouse had no reason to partner with...
...said that the Fed??s willingness to take on “bad debt” in light of its high-quality information indicates the market’s predicament is “really serious...