On Saturday, a new bank regulation known as the Durbin Amendment takes effect across the country. The regulation caps the fees that banks can collect from merchants when customers use their debit cards. However, because of this cap in fees, banks are making up the money they are losing by increasing costs somewhere else. Many are doing so in the form of fees for customers when they use their debit cards. For example, some bank customers will be charged $3, $4, or $5 a month to use their debit cards.

The Durbin Amendment was passed as a part of the Dodd-Frank Financial and Consumer Protection Act that was signed into law in 2010, which I voted against. One of my concerns with this bill, along with other burdensome federal regulations coming out of Washington, is the increased costs it would create for individual citizens and businesses.  Excessive regulations directly affect pocketbooks, jobs, and business growth.

This is why I have made it a priority to reverse the regulatory trend in Washington. You can read about that work here, including the Regulations from the Executive in Need of Scrutiny (REINS) Act, which I have cosponsored, that would restore a system of checks and balances to federal regulations.

Weigh in: will the new regulations brought on by the Durbin Amendment affect your family? How are other federal regulations affecting you?

This chart shows an alarming truth – nearly half of our public debt is owned by foreign nations, like China.

I believe this is wrong. That’s why I have not only voted against all of the bailouts and stimulus packages that have added to our skyrocketing debt, but also cosponsored the Cap the DEBT Act. The premise of this commonsense bill is a simple – require a two-thirds vote by the House and the Senate to raise the debt ceiling. You can read more about it in this post.

Credit is valuable. Especially now as we’re in the midst of economic uncertainty, it is important to know how much credit you have and what your rights are as a consumer. Your credit can impact where you live and even where you work, as employers may check credit reports. Under the Fair Credit Reporting Act, you have certain rights when it comes to your credit:

- You must be told if information in your file has been used against you.

- You have the right to know what is in your file.

- You have the right to ask for a credit score.

- You have the right to dispute incomplete or inaccurate information.

- Consumer reporting agencies must correct or delete inaccurate, incomplete, or

unverifiable information.

- Consumer reporting agencies may not report outdated negative information.

- You must give your consent for reports to be provided to employers.

- You may limit “prescreened” offers of credit and insurance you get based on information in your credit report.

- You may seek damages from violators.

For more information on each of these rights and additional rights under this Act, click here.

You can request a free annual copy of your credit report from www.annualcreditreport.com, the only authorized source under federal law.