The U.S. Department of Justice said in a letter made public Tuesday that it is reviewing statements and actions by big banks and their trade associations to determine if they violated antitrust laws through coordinated action to raise consumer debit card fees.
"While big banks like Bank of America beat a hasty retreat on their debit card fee strategies, I have no doubt that they will continue their quest to dig deeper into the pockets of struggling consumers. As they consider their next move, they should be aware that there is a cop actively on the beat," Welch said. "I am pleased that the Justice Department is taking this request seriously."
The Department of Justice's latest warning to banks that are planning fee hikes on checking accounts and other banking services came following a request made by Rep. Peter Welch (D-Vt.) and four other House members in October.
More: http://tinyurl.com/7jsjvj5 The Badges Law Enforcement Discussion Group - Est. 1997
