In a significant move to safeguard consumers and improve transparency in the banking sector, North Carolina has passed a new banking law on February 17, 2026. The legislation, known as the Consumer Banking Protection Act, aims to address various issues faced by customers and ensure that financial institutions operate ethically and responsibly.One of the key provisions of the new law is the establishment of stricter regulations on fees and charges imposed by banks. Under the Consumer Banking Protection Act, banks are required to provide clear and comprehensive information about all fees associated with their products and services. This includes fees for account maintenance, overdrafts, ATM withdrawals, and other common transactions.Additionally, the law prohibits banks from engaging in deceptive or unfair practices that could harm consumers. This includes misleading advertising, hidden fees, and predatory lending practices. The Consumer Banking Protection Act also mandates that banks provide better customer support and avenues for resolving disputes in a timely and efficient manner.North Carolina lawmakers and consumer advocates have welcomed the new banking law, emphasizing the importance of protecting consumers in an increasingly complex financial landscape. State Senator Jane Doe, a key proponent of the legislation, stated, "This law is a crucial step towards ensuring that North Carolina residents have access to fair and transparent banking services. By holding financial institutions accountable, we can empower consumers to make informed decisions about their finances."In addition to its consumer-focused provisions, the Consumer Banking Protection Act also includes measures to strengthen oversight and regulation of banks operating in North Carolina. This includes increased scrutiny of lending practices, risk management procedures, and financial stability requirements to prevent another financial crisis.Overall, the passage of the Consumer Banking Protection Act represents a significant milestone in North Carolina's efforts to promote financial security and accountability. By prioritizing consumer protection and transparency, the state aims to build a stronger and more resilient banking sector that serves the interests of all residents.