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Bank Accounts: In the News

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Press Release: Empire Justice Center and Local Advocates Announce Agreement with KeyBank

Today, local housing, lending and consumer advocates were breathing a collective sigh of relief and expressing support for KeyBank’s announcement last week of its commitment to invest $16.5 billion in low and moderate communities over the next five years. Read More

N.Y. AG finds sponsors for payroll cards bill (Legal Newsline Legal Journal)

Two New York lawmakers will sponsor a bill designed to increase protection for workers using payroll cards, state Attorney General Eric Schneiderman said on Tuesday. Read More

CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking (Consumer Financial Protection Bureau)

The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing key eligibility requirements. Read More

Concerted investments in needy communities continue (Rochester Business Journal)

While some people may question whether the Community Reinvestment Act remains relevant today, others firmly believe it still serves a purpose. Financial institutions tend to take their CRA commitment very seriously and work to meet its requirements. Read More

How Credit-Card Debt Can Help the Poor (The New York Times)

Last October, Jeffrey Shavers, a hotel maintenance worker in Chicago, took out an extremely unusual $300 loan. Read More

Banks offer help to customers affected by Sandy (USA Today)

USA Today reports that banks do not want to lose good will in areas affected by Hurricane Sandy. Read More

Banks Quietly Ramping Up Costs to Consumers (The New York Times)

Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Read More

Online Banking Keeps Customers on Hook for Fees (The New York Times)

Customers frustrated by banks’ controversial new fees are finding out what industry insiders have known for years: it is not so easy to disentangle your life from your bank. Read More

Charging for Debit Cards Is Robbery (The New York Times)

[B]anks’ simplistic statements [about debit card fees] are merely an attempt to rationalize and obfuscate one of the largest illegal transfers of wealth from consumers to banks in American history.... Read More

Advocates: What Cuomo Could Get Done In 100 Days (Politics on the Hudson )

Good-government and environmental protection groups want Gov.-elect Andrew Cuomo to issue a series of executive orders in his first 100 days as a way to get the ball rolling on changing the state. Read More