Sheila Bair was incredulous when a banker questioned the need for FDIC's overdraft guidance. Only 40% of banks use automated "robo overdraft" programs, the FDIC chairman pointed out. The rest of the industry is already doing what the guidelines recommend, she said, namely counseling people who have a problem with overdrafts-denned as those who incur six or more per year. Bankers want to know: Who is counseling regulators who have forgotten what their role is? This "guidance," they said, is becoming de facto law for FDIC institutions.
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