President Obama said Thursday that Bank of America and other financial institutions are using new consumer protections as an excuse to charge new fees.
"I mean, basically the argument they've made is, 'Well, you know what, this hidden fee was prohibited, and so we'll find another hidden fee to make up for it,' " he said at a news conference.
What could help consumers? The new Consumer Financial Protection Bureau, Obama says. The Senate Banking Committee on Thursday approved his nominee to head the new consumer advocacy agency.