Customers of Bank of America, one of the largest in the United States, could soon have to pay a fee for previously free services if the bank decides to pass on the costs of new regulations from the Consumer Financial Protection Bureau to their accounts to limit overdraft and late payment fees.

According to Marianne Lake, executive director of Consumer & Community Banking (CCB) and member of the JPMorgan Chase Operating Committee, the most affected will be clients who cannot afford to pay these costs.

She added that “the Consumer Financial Protection Bureau proposes an $8 limit for late credit card payments and a $3 limit for overdraft fees.”

Additionally, the agency is considering setting a limit on debit card fees as well as the amount banks can charge companies like Venmo and CashApp to access and use customer data.

Lake stressed that it is very likely that services that users are accustomed to accessing for free, such as their “checking accounts, credit score trackers and planning tools,” will become paid.

M.Pino

Source: revistaeconomia

(Reference image source: Unsplash+, in collaboration with Getty Images)

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Economist César Aristimuño, general director of the Aristimuño Herrera & Asociados Consulting Firm, highlights that the exchange intervention strategy implemented by the Central Bank of Venezuela (BCV) has proven to be effective in containing the advance of dollar prices.

In addition, it points out that this strategy has resulted in a lower cost compared to 2022.

Urgent need to relax banking reserve requirements

However, Aristimuño emphasizes the urgent need to relax the banking legal reserve. Despite the improvements in access to financing in recent months, it considers that this improvement is insufficient to boost the growth of companies and salaries in the country.

Financing gap for key sectors

The economist points out that, according to his estimates, the level of available bank credit does not cover the minimum demand for financing in the industrial and agricultural sectors.

This poses a significant challenge to the development of these sectors.

Focus on the balance of supply and demand

Aristimuño highlights that both the Central Bank of Venezuela and the government have learned lessons from the previous year and have sought a balance between supply and demand instead of anchoring the exchange rate.

Furthermore, it highlights that companies have also learned valuable lessons in this challenging economic context.

With information from national and international media and Doble Llave

(Referential image source: Nohe Pereira, Unsplash)

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La entrada Venezuela finds balance in its exchange strategy, according to economic expert apareció primero en Bitfinance.