Last night, Dave showed that the looming hold on Federal Reserve Chairman Ben Bernanke is no partisan matter, with Rep. Joe “You Lie” Wilson (R-S.C.) and former House Majority Leader Dick Armey (R-Texas) also supporting the procedural move by the liberal Sen. Bernie Sanders (I-Vt.). But More…
The Federal Reserve’s new opt-in requirement for overdraft protections is progress, according to Democratic finance leaders, but legislation providing further consumer protections is still needed.
“Giving customers the chance to choose whether they want ‘overdraft protection’ is important,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said in More…
Customers will have to opt-in to overdraft protection programs before banks can charge them overdraft fees on debit purchases and ATM withdrawals, according to new finance rules rolled out by the Federal Reserve today. The move marks a sharp departure from current practice, in which many More…
Sen. Chris Dodd (D-Conn.) is set today to unveil legislation overhauling the way the banking industry is regulated. On certain points, the Dodd bill mirrors the wish list outlined by the Obama administration over the summer, including the creation of a new federal agency designed to protect consumers from the More…
Credit card holders hit with arbitrary interest rate hikes in recent months might be stuck with the extra burden, despite the high-profile congressional effort this year to protect consumers from such increases.
With most of Congress’ sweeping credit card reforms not taking effect until next year, some card companies More…
The Obama administration has all but abandoned it, and the Senate has already voted it down. But a proposal to allow struggling homeowners to escape foreclosure through bankruptcy got a boost Thursday from a small band of House Democrats convinced that voluntary mortgage modifications aren’t alone solving the housing crisis. More…
After months of proposals, arguments, hearings and public comments, federal regulators today approved new rules to make credit cards more consumer friendly. The changes will prevent card companies from hiking interest rates on existing balances and grant card users a longer window to pay their bills. The new More…
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