Small Banks Seek Exemption in U.S. Collection of Fee Data

May 2, 2013
Bloomberg 
overdraft news

The Independent Community Bankers of America has asked federal regulators to exempt them from what they call an unnecessary and onerous data-collection effort to spot how consumers may be fleeced by checking account overdraft fees and other charges. The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, and Federal Reserve on Feb. 21 proposed that banks include data about the fees in their quarterly public accounting reports in order to help the Consumer Financial Protection Bureau carry out its mandate to root out abusive practices in the industry. In a letter to the regulators, the ICBA said the collection of additional information would be an added regulatory burden that should be alleviated by exempting banks with assets of under $10 billion.
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