Biting back at regulations
It was precisely the sort of bureaucratic nonsense that drives U.S. businessmen wild and costs the consumer uncounted millions each year. Because of an act of Congress that became effective last year, banks belonging to the Federal Reserve system were required to explain to their customers the intricacies and protections built into the method of paying bills and making other money transfers by means of electronic banking.
Like other financial institutions, Minneapolis' Northwestern National Bank had to draw up and mail a pamphlet explaining the new rules, known as Amended Regulation E. to its 120,000 customers. Demurring, the...
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