It is perfectly legitimate to ask them if they raised interest rates after they received bailout funds from the taxpayers.
It is perfectly legitimate to ask them if they reduced their customers' credit lines based on where the customers shopped.
It is perfectly legitimate to ask them if they are using overseas contract employees to handle discussions with customers on loan modifications, repayments, etc.
It is perfectly legitimate to ask them about fees charged for handling, processing, or underwriting money provided to them by the government.
If the banks had not taken huge amounts of money from the government, then the answer to each question might well have been "Its none of your business" but once the bankers present decided to take money from the government (and ultimately us, the taxpayers) they put themselves in the position of a bankrupt company who borrows money from a debtor in possession lendor. That lendor gets to call the shots.
Personally, I'd like to see more of the Reps. ask the tough questions and push hard on the bankers sitting in front of them. You can be sure that those same bankers would be playing a much tougher game of hardball if they were the lenders and not the debtors.
The country would benefit dramatically if Congress would put very tough conditions on any bank accepting bailout funds - conditions like those that would be put on any bankrupt company by its debtor in possession lendors. Conditions like reduced credit card interest rates, requirements to hire employees in the USA instead of in India, and a waiver of many of their normal fees.
Banks which don't want the conditions can choose not to take bailout funds.
I would like to see them ask intelligent and pertinent questions, and then actually let them answer them instead of this silly, “Raise your hand, I don’t really want to hear what you have to say” grandstand ploy.