Can he stop the banks from putting the debug card fee on consumers?
Last week, the Bank of America announced the $5 monthly fee for debit card usage. The fee of $5 x 12 months = $60 a year prompted a protests across the nation.
President Obama answered at a TV interview said, when the CEO's are getting multimillion bonuses it is not a fair business practice to put the cost on the consumers.
He said this is the exact case the newly appointed Consumer Financial Protection Bureau chief Richard Cordray should deal with.
The Consumer Financial Protection Bureau is created by the Financial Reform bill. The Senate committee is to vote for confirmation on the appointment of the former Ohio state attorney Richard Cordray as the new director of the Consumer Financial Protection Bureau.
Cordray has fought against Bank of America in 2009. BoA was accused of not reporting the financial loss of Merrill Lynch, before its acquisition of the financial institute.
Last week, the Bank of America announced the $5 monthly fee for debit card usage. The fee of $5 x 12 months = $60 a year prompted a protests across the nation.
President Obama answered at a TV interview said, when the CEO's are getting multimillion bonuses it is not a fair business practice to put the cost on the consumers.
He said this is the exact case the newly appointed Consumer Financial Protection Bureau chief Richard Cordray should deal with.
The Consumer Financial Protection Bureau is created by the Financial Reform bill. The Senate committee is to vote for confirmation on the appointment of the former Ohio state attorney Richard Cordray as the new director of the Consumer Financial Protection Bureau.
Cordray has fought against Bank of America in 2009. BoA was accused of not reporting the financial loss of Merrill Lynch, before its acquisition of the financial institute.
If the Republican party believes that we should do nothing to curb abuses on Wall Street and roll back regulations put in place to prevent the next big financial crisis, well I've got a big difference with them. (President Obama)