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Interim CFPB chief: Greater disclosure of bank terms and fees

Nov 08, 2011 Philip Burgess

Just two days ahead of the planned "Bank Transfer Day" on November 5, the head of the newly formed U.S. Consumer Financial Protection Bureau vowed to work towards greater customer disclosure of bank fees and rules for checking accounts. "Making prices clear is good for consumers and good for competition," Raj Date, who runs the consumer bureau while a permanent director is vetted, told Bloomberg Businessweek. "[The CFPB will be] focused on increasing checking account transparency." Date also vowed to work toward bringing similar clarity and transparency to the mortgage market, which has been riddled with predatory practices and subprime lending practices that contributed to the collapse of the housing market and subsequent financial meltdown of 2008. A survey released this week by Harris Interactive found a number of top banks, including Bank of American, Chase and Wells Fargo, are in danger of losing customers this weekend and beyond, as customers, increasingly frustrated with the large banks, move their accounts to credit unions and community institutions.