Regulators

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The Federal Reserve Board has acknowledged that there is a big problem with the way banks and credit unions are now handling their customers’ overdrafts. The stronger of two rules they have proposed would require that banks get explicit permission from their customers before enrolling them in high-cost overdraft systems that cover debits and ATM transactions. They received thousands of comments from consumers asking for the stronger rule, which would be a step in the right direction, however legislation is still needed to stop bank overdraft abuses that are not covered by the Fed rules.