HEARING: Hearing on Protecting Social Security Beneficiaries from Predatory Lending and Other Harmful Financial Institution Practices
Hearing on Protecting Social Security Beneficiaries from Predatory Lending and Other Harmful Financial Institution Practices
FOCUS OF THE HEARING
The hearing will examine certain financial practices of banks and other institutions regarding account freezes, garnishment of beneficiary accounts, and high-fee direct deposit arrangements with certain payday lenders and check-cashing businesses. It will also evaluate how these practices may conflict with benefit protections in the Social Security Act, examine the response of SSA and federal agencies that regulate financial institution practices, and consider whether further action is required.