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 [...]
What are the odds for passage of one of the Congressional credit card reform bills?
Roderick Hills, professor of public law at NYU, told TheStreet.com that although Republicans would work hard to water down the CARD Act, they are less likely to filibuster in an election year after credit cards and banking have been in the [...]
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 Los Angeles Times has an article responding to the statement of the ABA that it would be tougher for consumers to get credit after reform of the credit card industry. Essentially, it argues that credit card companies will still have every incentive to lend money to consumers after increased credit card regulation.
It also provides [...]
The News Journal has an article aptly titled Critics call proposals ill-timed as banking industry already struggling. One of the critics is the American Bankers Association - which worries that credit card reforms will decrease the ability of Americans to get credit or increase their cost of doing so.
The ABA statement on the Federal Reserve’s [...]
Three big proposals (and probably a few more…) for credit card reforms are under consideration currently. They are:
The Credit Cardholders’ Bill of Rights. Under consideration in the House of Representatives, this bill has 110 co-sponsors.
Read More: Baltimore Sun, Atlanta Journal-Constitution
The C.A.R.D. Act - The Credit Card Accountability, Responsibility and Disclosure Act was proposed [...]
This website has been in the planning stages for a few weeks now, but the Federal Reserve Board’s decision to issue proposals for new rules governing credit card company practices spurred me to get it set up before originally planned. Over the next year, this website will examine the FRB proposed rules, proposals in Congress [...]
