Bank Financial Statements
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Department of Justice reviewing banks' debit card fees (Daily Kos)
Rep. Peter Welch announced Tuesday that the Department of Justice has informed
him that it "is reviewing statements and actions by big banks regarding
consumer debit card fees" in response to his request for an anti-trust
investigation.
> “I am pleased that the Justice Department is taking this request seriously,”
Congressman Welch said. “While big banks like Bank of America beat a hasty
retreat on their debit card fee strategies, I have no doubt that they will
continue their quest to dig deeper into the pockets of struggling consumers.
As they consider their next move, they should be aware that there is a cop
actively on the beat.”
>
> In a letter to Congressman Welch, Assistant Attorney General Ronald Weich
said, “The Department of Justice is reviewing the statements and actions by
banks and their trade associations regarding possible increases in consumer
fees for using debit cards. Please be assured that if it finds that
individuals, banks, or other parties may have violated antitrust laws, the
Department will take appropriate action.”
In other words, they're determining whether financial institutions acted in
concert in imposing the fees on debit cards following the implementation of
regulations limiting what they could ...
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