At a minimum, North Carolina legislators should resist these efforts to take advantage of vulnerable consumers in this era of historically low interest rates. A crackdown on predatory lenders does not address, however, the fundamental problem of making traditional banking services accessible for minority and poor consumers. In addition, legislators should impose account rate caps, eliminate ATM and human teller fees, and standardize fee disclosures so consumers know exactly what fees exist. Furthermore, lawmakers should ease restrictions on who can join a credit union. A majority of Americans want everyone to be able to join a credit union.
Surveys show that credit union members are more satisfied than bank customers.
Credit unions offer more services at less cost and provide a competitive incentive for banks to limit their charges and fees. Obviously, consumers should use credit wisely, but policymakers also have a responsibility to ensure equal access to banking services and to protect consumers from exploitative loan practices. An economy based on investment rather than escalating consumerism and debt will ultimately benefit us all. May 20, 1996. Bankruptcy Debate Could Change the Face of Debt.