Impending Bills Seek to Limit Consumer Rights, Enhance Banking Protections
“Every person who has a checking or a savings account should hear about this.” -Erin Macey, Director of the Indiana Community Action Poverty Institute
“This” is impending legislation that seeks to limit Indiana residents’ rights while enhancing protections and revenue for financial institutions. “On a very basic level, banks and credit unions are being sued over their overdraft fees,” said Macey. “Rather than let that play out in the courts, they are going to the legislature to permanently take away consumer protections.”
#HouseBill1284 would allow banks to slip clauses that change the terms of service into customers’ monthly statements, and absolve institutions from seeking consumers’ acknowledgement of these terms before going into effect. #SenateBill188 seeks to shorten the time Indiana residents have to sue a financial institution – from six years to two – and cap the amount consumers can receive from a settlement.
Encourage your Indiana State Representatives to vote NO on both #HouseBill1284 and #SenateBill188. Find your reps contact info online at iga.in.gov/information/find-legislators.
Click here to read more about these bills on the Indiana Capital Chronicle’s website.