Even as some of Congress’ recently enacted credit card reforms go into effect today, a New York Times editorial reminds Washington that the banks are still cheating customers with overdraft fees charged to debit card users. These fees, which average $27 a More…
People who refuse to make good on their credit card payments or other debts actually have a name — “ruthless defaulters” — and their numbers are likely to grow as more consumers find themselves overwhelmed by bills, according to David Streitfeld’s piece in The New York Times More…
Congressional Democrats this week have been publicly incredulous that the credit card industry would have the temerity to raise rates and limit lending in the months before legislation restricting those practices takes hold. Indeed, Sen. Charles Schumer (D-N.Y.), who in April asked the Federal Reserve to step in More…
If you’ve got a credit card, you can’t be blamed for thinking that the landmark legislation recently passed by Congress to curb abuses by card issuers would mean the end of things like arbitrary interest rate hikes. That was supposed to be the point, after all, of Congress’ belated More…
After years of lively debate and partisan wrangling, sweeping new protections for credit card users are law. President Obama on Friday attached his signature to the Credit Card Holders Bill of Rights, which prohibits rate hikes on most existing balances and provides borrowers a wider window to pay their bills. More…
The Obama administration is considering stripping the Securities and Exchange Commission of some its oversight powers, and shifting that responsibility to the Federal Reserve, Bloomberg reports.
The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail.
As Congress moves to reform punitive fees and penalties levied on cardholders who miss payments or exceed their credit limits, credit card issuers are threatening to charge new fees for customers who don’t carry balances each month and pay their bills on time, The New York Times reports.
Banks
Credit card companies might be unpopular, and reform legislation might be inevitable. But, as Democratic leaders have learned this month, that doesn’t mean it’ll be easy. Or quick.
Indeed, Senate leaders last night announced that the upper chamber, which initially hoped to pass Sen. Chris Dodd’s (D-Conn.) credit card proposal More…
To no one’s surprise, the Senate on Wednesday killed a proposal to cap credit card rates at 15 percent. The count was 33 to 60 on a procedural vote to allow the bill to proceed.
Sen. Bernie Sanders (I-Vt.), who sponsored the amendment, said the proposal would “end usury More…
Here’s a good game for a rainy Sunday.
Several credit card companies have launched a new Website designed to help struggling card users manage their debts amid the economic downturn. The site includes tips to avoid penalties and links to access counseling services. But the fan favorite has to More…
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