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Sen. Elizabeth Warren said community banks have continued to be profitable despite new rules under the Dodd-Frank Act while raising fresh warnings about unnecessary changes to the financial reform law in the guise of regulatory relief.
February 12 -
Elected officials in Santa Fe and Seattle are considering plans to form municipal banks to promote affordable housing and reach out to the underbanked. Bankers are wary since such institutions could present competition.
February 12 -
The Massachusetts senator wants to induce more competition and diversity in the banking industry and improve the economic prospects of a majority of Americans. Both changes would benefit the financial services sector as a whole.
February 5
New York Attorney General Eric Schneiderman has introduced a bill that would impose new regulations on employers that pay workers through payroll cards.
The Payroll Card Act would require employers in New York to issue payroll cards that would allow for employees to access their funds through at least one ATM network that would not charge withdrawal fees. If passed, the law would also require employers to give employees the option of being paid via direct deposit into bank accounts or paper checks. Employees would also have to be given full terms and conditions of prepaid cards, including all fees charged for their use.
Schneiderman introduced the legislation after conducting a study of payroll cards in New York that found that fees related to some payroll card programs could be as high as $20 a month.
&"Workers should not have to pay unfair fees in order to cash their paychecks," Attorney General Schneidermansaid in a news release. "While payroll cards can be helpful for employees without bank accounts, programs often impose fees that chip away at people's hard-earned wages.
