Chicago Economist Mike Moebs of Moebs Services Dissects New Fed Banking Regs Due Tomorrow
Moebs Forecasts a Reduction in Overdraft Fees to Consumers and Increased Bank Revenues

New Overdraft Regs Change the Landscape for Banks and Consumers

What: The Federal Reserve is scheduled to announce major changes to the regulations governing credit cards and bank overdraft fees. While the credit card fee changes will attract immediate media attention, the new overdraft regs will have a major and lasting impact on the nation’s community banks and consumers. Moebs predicts that new mandatory disclosures will increase price competition, resulting in lower overdraft fees for consumers.

Who: Mike Moebs, an economist who specializes in bank pricing, can address the big picture impact of the new regulations, as well as their pros and cons for consumers and bankers. Moebs, who owns an economic research firm specializing in financial services, has studied the industry for the last three decades and counts the Federal Reserve among the firm’s clients.

When: Regs are expected to be announced tomorrow, 12-18 by the Fed. An experienced media commentator, Moebs is accessible quickly by calling Kim Kellogg at 510-635-4150 or call Greg Schmalz at 732-785-9317.

Why: As banks struggle to rebuild their balance sheets and cash-strapped consumers struggle with their family budgets, overdraft fees become a bigger issue than the $35 billion in consumer business they currently represent for financial institutions.