CRL Says New Overdraft Guidelines Protect Nobody But Banks
WASHINGTON, D.C. -- Borrowers who need protection from triple-digit interest rates when they overdraw their bank accounts won't get it from federal regulators, who are asking financial institutions to police themselves. Now it is up to the Federal Reserve Board to provide at least one important protection to borrowers by requiring banks and other financial institutions to disclose the annual percentage rate on these loans. The nonprofit, nonpartisan Center for Responsible Lending called on the Fed to require banks to disclose interest rates on these loans and on regulators to replace the weak