Christopher Dodd actually said...

"If they wanted to deter overdrafting, they would deny the transactions on debit cards at the ATM."

"Last week, the Federal Reserve, to its great credit, announced that they will require banks to get a consumer's consent before enrolling them in an overdraft coverage program."

"Today, we meet to discuss another abusive practice--misleading overdraft programs that encourage consumers to overdraw their accounts then slam them with a high fee."

"That is not a deterrent. That is not a service. That is a debt trap."