More than 9300 consumers and creditors have weighed in on the Federal Reserve’s proposals for change in the credit card industry, according to Marketwatch. The deadlines for comment are July 18th and August 4th - so if you have anything to say, you had best say it now. Instructions on how to comment are available [...]
In its effort to save itself from the credit crisis, Citibank is risking alienating the majority of its customers and federal legislators and regulators as well. Citibank started with a controversial new student loan policy announced after the Federal Reserve proposed regulations that would prohibit the announced practices.
Now, Citibank feels comfortable reconsidering promises made to [...]
Congress held hearings last week examining marketing practices of credit card companies to college students in conjunction with its consideration of credit card reform. Here are a few of the articles from the past week covering the issue:
Taking Charge - Student Credit Card Issuers Under Investigation.
Washington Post - Too Young to Handle Credit?
Center for American [...]
Disclosures for lobbying spending in the first quarter of 2008 have been in for a couple months now - the data has been compiled and sifted and here are a few of the spending figures from credit card issuers and credit card payment processors:
Citigroup - $1.45 million (over a range of issues).
Visa spent $860,000 [...]
An Orlando Sentinel article tells consumers not to hold their breath for credit card reform from either the Federal Reserve or from Congress. It’s an election year and the credit card industry is putting strong pressure on Congress and the Federal Reserve to weaken reforms.
Representative Peter Welch (D-Vermont) said that the Credit Card Bill of Rights has bipartisan support and that he expects it to pass, according to WCAX-TV News. This is in contrast to previous reports from others who were less optimistic about the prospects of meaningful Congressional legislation on credit card reform. Nevertheless, it is good to hear.
A recent ABC news story did an in depth examination of Democratic Presidential Candidate Barack Obama’s platform on the issue of credit cards, deceptive practices, usury laws, and credit card debt. Get the full coverage on his platform here.
Democratic Presidential Candidate Barack Obama came out swinging today on the issue of credit cards and predatory lending. Obama criticized Republican Candidate John McCain for siding with the credit card companies and called for measures to end deceptive credit card practices. Obama supports a Credit Card Bill of Rights and wants to implement [...]
Suze Orman weighed in this weekend on the proposed credit card reforms of Congress and the Federal Reserve, calling them “better late than never.” Orman explains some of the key measures in both the Federal Reserve protections and the Credit Card Accountability, Responsibility and Disclosure Act, as well as makes a few additional suggestions. [...]
A senior attorney from Consumers Union has a 4 minute interview/video segment online laying out the relevant details of credit card reform proposals. I haven’t yet checked out the segment (available here), but I thought I would pass it on and bookmark it to view later.
