A lot happens in a week in the world of personal finance. Here’s a look at two major financial happenings you need to know about.

Jobless Summit at the White House

The latest jobless numbers show that the U.S. unemployment rate has inched further upward to 10.2 percent, with experts predicting a rate as high as 10.5 percent in coming months.

To address growing apprehension, the Obama administration has reportedly announced that it will hold a forum next month to address the issue of joblessness in America.

• Public & private sector experts: The forum will apparently involve thinkers from both the business world and the government getting together to attempt to develop new strategies for promoting hiring and job growth.
• Prosperity and American innovation: The president has reportedly said that the efforts will aim to help worldwide economies, which collapsed with the fall of the U.S. real estate industry and now rely on U.S. innovation for full recovery.

While the summit may not lead to any major ah-ha! moment among policymakers, it may help calm mounting worries about the 26-year high of the unemployment rate.

Free Checking in Check?

A recent report from msnbc.com suggests that no-fee checking may soon be a thing of the past for some consumers. Here’s why:

• Limits on credit card fees: The Credit CARD Act of 2009, set to take full effect next year, will limit the fees credit card issuers can charge and tighten their requirements for hawking high-interest products. This means lost revenue for banks.
• Limits on overdraft fees: Currently before Congress is legislation that would cap the amount of money banks can charge for abusive overdraft loans and overdraft fees, which have become a major source of income in recent years. Again, this could lead to diminished funds for banks.

It’s really no surprise, then, that major banks like CitiBank and Bank of America have apparently announced changes to their free checking account policies.

Citi will reportedly continue to waive its monthly fee for those who maintain a $1,500 balance, and Bank of America, it seems, will continue offering free services to those who have direct deposits established or meet other criteria.

The lesson here is to be a curious and active consumer. Read all mail and email you receive from your bank so that you’re immediately aware of any changes that could cost you money or lead you into debt.

Additional Resources

Credit CARD Act of 2009 (PDF)