TAILIEUCHUNG - Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts

The impact of collateral on credit risk is a subject that has raised a good deal of debate. From a theoretical perspective, there are two alternative interpretations that lead to different empirical predictions. On the one hand, the collateral pledged by borrowers may help attenuate the problem of adverse selection faced by the bank when lending [Stiglitz and Weiss (1981), Bester (1985), Chan and Kanatas (1985), Besanko and Thakor (1987a, b) and Chan and Thakor (1987)]. Lower risk borrowers are willing to pledge more and better collateral, given that their lower risk means they are less likely to. | United States Government Accountability Office GAO Report to the Chairwoman Subcommittee on Financial Institutions and Consumer Credit Committee on Financial Services House of Representatives January 2008 BANK FEES Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts . GAO. Aocountablllty Integrity . Reliability GAO-08-281 January 2008 À GAO Accountability Integrity Reliability Highlights Highlights of GAO-08-281 a report to the Chairwoman Subcommittee on Financial Institutions and Consumer Credit Committee on Financial Services House of Representatives Why GAO Did This Study In 2006 consumers paid over 36 billion in fees associated with checking and savings accounts raising questions about consumers awareness of their accounts terms and conditions. GAO was asked to review 1 trends in the types and amounts of checking and deposit account fees since 2000 2 how federal banking regulators address such fees in their oversight of depository institutions and 3 the extent that consumers are able to obtain account terms and conditions and disclosures of fees upon request prior to opening an account. GAO analyzed fee data from private data vendors publicly available financial data and information from federal regulators reviewed federal laws and regulations and used direct observation techniques at depository institutions nationwide. What GAO Recommends To help ensure that consumers can make meaningful comparisons among depository institutions as intended by TISA GAO recommends that the federal banking regulators assess the extent to which customers receive disclosures on fees and account terms and conditions prior to opening an account and incorporate into their oversight as needed steps to assure that disclosures continue to be made available. The federal banking regulators agreed with GAO s recommendation and outlined responsive actions including working on an interagency basis to .

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