Mike Calhoun is president of the Center for Responsible Lending, a nonpartisan, nonprofit research and policy advocacy organization working to promote financial fairness and economic opportunity for all, end predatory lending, and close the racial wealth gaps.
Fees on overdrawn accounts have become so important to some banks' bottom lines that the industry can't be trusted to police itself.
Consumers and their credit scores could be put at considerable risk unless regulators establish meaningful safeguards.
Recent history shows how dangerous these short-term products can be without appropriate guidelines in place.