There is unrelenting pressure on banks these days, both in the market and in political circles.
On Monday, President Obama and Sen. Dick Dubin (D-IL.) slammed Bank of America for its plans to institute fees on debit cards.
"This is exactly why we need this Consumer Finance Protection Bureau...why we need somebody who's sole job it is to prevent this kind of stuff from happening," President Obama told ABC News. "You can stop it because if you say to the banks, 'You don't have some inherent right just to - you know, get a certain amount of profit. If your customers - are being mistreated. That you have to treat them fairly and transparently.'"
Senator Durbin's comments were even more inflammatory. From the floor of the U.S. Senate, the Majority Whip encouraged Bank of America consumer to "vote with your feet [and] get the heck out of that bank," according to published reports. "Find yourself a bank or credit union that won't gouge you for $5 a month and still will give you a debit cardRead More »from Under Pressure: Big Banks Slammed by Obama, Durbin