Although I haven’t alterations of the credit card reward system under consideration by Congress or the Federal Reserve, a Consumer Reports survey released today (June 2, 2008) found that credit card rewards were more trouble than they are worth because of confusing rules and restrictions on when rewards are accumulated and how to redeem them. [...]
Pennsylvania is currently considering expanding the offerings from credit card counseling services allowed in the State of Pennsylvania. Nonprofit organizations run the show currently - but some are arguing to allow profit companies to step in and help consumers try to lower and reorganize their credit card debt.
Maryland is considering a similar proposal - [...]
Business Week has put together a video with the basics about the credit card industry practices, why the credit crisis has escalated the problem of increasing interest rates, and a brief discussion of the credit card reforms in Congress. Here is the video:
Congress and the Federal Reserve are currently considering legislation and regulation to alter potentially deceptive and misleading practices in the credit card and banking industry. If you haven’t seen the proposals already, and would like more information, then you can get find it at the Federal Reserve’s press release here and the subsequent press [...]
The San Diego Union-Tribune has a list of a few other measures under consideration by Congress in its deliberations over credit card reform.
The measures include:
Restrictions on marketing to college students and those under 21 years of age.
7 percent limit on penalty interest rate increases.
Ban on fees for paying by phone or when using the internet.
Proposals [...]
The Albany Times Union has an editorial here that declares that the credit card reforms proposed by the federal reserve are too weak. The substance of the argument is that (a) they’ve let them get away with too much in the past; (b) they’re making lots of money; and (c) they still can charge a [...]
The California Attorney General has been investigating deceptive and misleading credit card practices at Capital One - and now, according to a Reuters article, Capital One hopes a court will declare that only the Federal Government can investigate deceptive practices at national banks. Is this an area for federal supremacy or does this tip the [...]
