Checking account fees at big banks rising to $10 or more per month. Without large balances or computer access to eliminate checking account fees, poor could move to smaller institutions or out of banking system altogether.
The Senate passed financial reform Thursday, and President Obama will sign it, but many of the tough decisions will be made by federal regulators. How they interpret the bill will be key.
Congress pledged to tighten regulations on Wall Street after its role in the recession. The industry is reaching into its deep pockets to shape the financial reform legislation to its liking.
Regulations in a House financial bill would mean the most significant overhaul of the financial-services industry since the New Deal.
Supporters and critics agree that it greatly empowers consumers and changes the credit-card industry.
Targets include credit card companies, payday loans with exorbitant interest rates, and predatory mortgage lenders.
The president told credit-card companies Thursday he wants to halt arbitrary rate hikes and get more protections for consumers.
Obama is to meet this week with banks about card-holder complaints. Congress is weighing a 'bill of rights' for borrowers.