Geithner vows bank changes won’t last
In the past few days, many consumers across the country have expressed dismay at proposals and plans for increased banking fees, but one high-ranking U.S. government official has vowed that the changes won’t last.
U.S. Treasury Secretary Timothy Geithner recently vowed that changes to banks’ fee structures as a means of working around consumer credit card and banking protections will eventually be wiped out, according to a report from CNN. Geithner says the changes, such as increased fees for using debit cards to make purchases, are trying to weaken consumer protection reforms, but the federal government is planning an even heavier pushback.
He noted that in the end those on the side of the consumer will end up on top because what they are doing is both reasonable and sensible, the report said.
Many of these changes from banks are coming in response to the Durbin Amendment to the Dodd Frank Wall Street Reform and Consumer Protection Act, such as the new limit to debit card swipe fees, which banks say will cost them billions of dollars in revenues annually.