By Kelly McCutchen and John Berlau
The news that Bank of America is again testing new fees is likely to prompt even more consumers, in Georgia and other states, to take their business away from big financial institutions and give it to regional banks and credit unions. While competition is the American way, it’s important to note that Bank of America and other banks are responding to federal price controls that raise costs for debit card processing. Now, smaller banks and credit unions (and their customers) are at risk from the same Washington price controls.
These price controls, contained in the Durbin Amendment of “Dodd-Frank,” the so-called financial reform law Congress rammed through in 2010, offer no tangible benefits to…