WASHINGTON -(Dow Jones)- The Consumer Financial Protection Bureau on Wednesday added its voice to the debate over new banking fees, suggesting that it will be focused on making sure the cost of banking services are transparent for consumers rather than cracking down on each and every new charge.
The consumer bureau's statement comes amid consumer outrage over Bank of America Corp.'s plan to institute a $5 monthly fee on debit card customers. In addition, other banks such as J.P. Morgan Chase & Co. (JPM) are testing new debit card-usage fees in wake of new federal regulations that banks say make it more costly to provide debit cards.
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