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Congressional Hearing: Bank Advertising Practices to be Examined by House Subcommittee

Files

Title

Congressional Hearing: Bank Advertising Practices to be Examined by House Subcommittee

Description

News release announcing hearings by the Commerce, Consumer, and Monetary Affairs Subcommittee regarding bank advertising practices.

Subject

Rosenthal, Benjamin
Advertising--Banks and banking--Law and legislation
Advertising--Banks and banking
Hearing--Congresses

Creator

United States. Congress (96th, 2nd session : 1980). House

Source

Benjamin Rosenthal Collection

Publisher

Queens College Department of Special Collections and Archives (New York, N.Y.)

Date

1979-09-06

Rights

This material may be protected by the U.S. Copyright Law (Title 17, U.S.C.). We welcome you to make fair use of the content accessible on this website as defined by copyright law. Please note that you are responsible for determining whether your use is fair and for responding to any claims that may arise from your use.

Format

Image
JPEG
146248 bytes

Language

English

Type

Text

Coverage

Washington (D.C.)

Text

NINETY-SIXTH CONGRESS
Congress of the United States
House of Representatives
COMMITTEE ON GOVERNMENT OPERATIONS
2157 Rayburn House Office Building
Washington, D.C. 20515

FOR IMMEDIATE RELEASE
THURSDAY, SEPT. 6, 1979

FOR FURTHER INFORMATION CONTACT COMMERCE, CONSUMER AND MONETARY AFFAIRS SUBCOMMITTEE - 225-4407

NEWS RELEASE

HEARINGS

BANK ADVERTISING PRACTICES TO BE EXAMINED BY HOUSE SUBCOMMITTEE

Chairman Jack Brooks (D-Tex.) of the House Committee on Government Operations today announced hearings by the Commerce, Consumer and Monetary Affairs Subcommittee into bank advertising practices and the supervision of those practices by the Federal bank regulatory agencies. The subcommittee chairman holding the hearing is Congressman Benjamin S. Rosenthal (D-NY).
The hearings will be held on Tuesday and Wednesday, September 11 and 12, 1979, in room 2247 of the Rayburn House Office Building beginning at 9:30 a.m. each day.
Rosenthal, who noted that 80% of American families have both checking and savings accounts, said the subcommittee would be examining the accuracy and adequacy of bank advertising, the increaing use by banks of "gifts" and "giveaways" to promote deposits, and the effectiveness of Federal banking agency supervision of bank advertising practices.
The New York Democrat stated that he has some "serious concerns" over the state of bank advertising and promotion practices: "Preliminary evidence suggests that bank advertisements too often fail to adequately inform consumers of the actual costs and conditions of bank services and many times actually deceive and mislead them, as in the case of the use of the term "free checking" to describe a service for which costs are actually imposed." Rosenthal emphasized that "bank customers have a right to accurate information on the costs and conditions of savings and checking accounts -- a right frequently ignored by the Federal bank regulatory agencies and the banks themselves."
Witnesses scheduled to testify include:

TUESDAY, SEPTEMBER 11, 1979
KATHLEEN O'REILLY - Executive Director, Consumer Federation of America
EARLE V. HAWKINS - Bank Customer, Hampton, Virginia

cont.

DANIEL STANTON - Deputy Director, General Government Division, General Accounting Office; accompanied by Richard Fogel, Senior Associate Director and Donald Pullen, Assistant Director
GORDON L. WEIL - Commissioner of Business Regulation, State of Maine
MICHAEL D. ROMAN - Chairman of the Board, Retail Jewelers of America; accompanied by Sheldon I. London, Legislative Counsel
PROF. RICHARD MORSE - Kansas State University

WEDNESDAY, SEPTEMBER 12, 1979
JEFFREY C. KILE - Executive Vice President, Republic National Bank of New York; accompanied by Ernest Ginsberg, Vice President, Legal Affairs
LEW ODOM - Senior Deputy Comptroller, Office of the Comptroller of the Currency
ROBERT BULLOCK - Member, Federal Reserve Board Consumer Advisory Council, and Assistant Deputy Attorney General, Division of Consumer Protection, State of Kentucky
EMMET J. RICE - Board of Governors, Federal Reserve System

Members of the Commerce, Consumer and Monetary Affairs Subcommittee are:

Benjamin S. Rosenthal (NY)
Chairman

Robert T. Matsui (CALIF)
Eugene V. Atkinson (PA)
Fernand J. St Germain (RI)
John Conyers, Jr. (MICH)
Elliott H. Levitas (GA)
Jack Brooks (TEX) Ex officio
Lyle Williams (OHIO)
Jim Jeffries (KANS)
Joel Deckard (IND)
Frank Horton (NY) Ex officio

Original Format

Paper
Press release
8.5 x 14 inches (216 x 356 mm)

Citation

United States. Congress (96th, 2nd session : 1980). House , “Congressional Hearing: Bank Advertising Practices to be Examined by House Subcommittee,” Queens College Archives and Special Collections, accessed November 24, 2017, http://archives.qc.cuny.edu/queenscollege/items/show/430.