A coalition of consumer advocates recently sent this letter to Sheila Bair about the FDIC and overdraft fees.
Dear Ms. Bair:
We, the undersigned civil rights, labor, consumer, housing, community, business, and sustainable and responsible investor groups, write to thank the FDIC for bringing attention to abusive overdraft practices. Your proposed guidance recommends common-sense actions banks should take to treat their customers more fairly, and it is consistent with your important efforts to bring unbanked and underbanked individuals into the banking mainstream. At the same time, we urge you to strengthen your proposal in several key respects in order to bring an end to excessive overdraft fees at FDIC-supervised banks.