Consumer Protection Agency One Step Closer To Reality
New legislation passed by the House of Representatives, the Wall Street Reform and Consumer Protection Act, would give the government new powers to break up companies that threaten the national economy. The Federal regulatory restructuring would require the creation of a new agency that will be responsible for overseeing consumer banking and rein in shady [...]
Report Reveals Deceptive Practices of Credit Card Issuers
A new research study just released from The Center for Responsible Lending (CRL) finds credit card companies are working hard to find loopholes in order to bypass the new regulations being imposed by the Federal Reserve Board.
This study examined the practices of issuers that hold over 400 million credit card accounts. It found eight tactics [...]
Banks Forced To Make Changes, Consumers Benefit
Bank of America has launched a new program that will offer to their credit card customers an easy to understand list of terms and conditions for each customers account. This is in response to the credit CARD Act enacted in May 2009 and will be in full effect starting February 2010.
The credit CARD Act requires a [...]
New Bill To Freeze Credit Card Rates
The Credit Card Accountability, Responsibility, and Disclosure Act (CARD), enacted in May 2009, prevents arbitrary interest rate, fee and finance charge increases on a customers existing balance. The credit CARD Act requires a 45 day notification of interest rate increases and also lengthens the due date that statements must be delivered, from 14 days to [...]
