I wrote a brief post a couple weeks back about how banks and credit card companies might begin declaring and exercising a right of offset, particularly on its business customers. If you don’t remember the post, it discusses how banks are increasingly seizing funds in the bank account of debtors who have business credit cards. [...]
Connecticut is suing three credit rating agencies alleging that the rating agencies gave artificially low rates to municipalities, causing them to pay higher interest rates on bonds. Read more about it here.
I wonder if consumers who believe that they have been unfairly denied access to lower interest rate credit cards and debt could sue under [...]
A New York consumer is facing a lawsuit from Citibank to recover an interest rate of 56 percent on cash advances, according to WCBS.
A Las Vegas consumer owes ~ $1,200 on a credit card that she never used, according to the Herald-Leader.
New York’s Court of Appeals last week reversed a lower court decision that claimed that the Federal Truth-in-Lending laws preempted the state’s consumer protection legislation in a victory for consumers (read the Forbes article for more information).
Banks, including Capital One and probably others - have been trying to jump on the federalism bandwagon to have [...]
The largest class action settlement in US history will give six months of free credit monitoring by TransUnion to more than 160 million Americans, if they choose. Read more in the Los Angeles Times.
The scope of governmental inquiry into credit card practices continues to widen. CompuCredit (and the two banks issuing the credit cards they marketed) have been charged by the Federal Trade Commission and the FDIC with deceptive credit card marketing. The marketing failed to adequately disclose upfront fees associated with the credit cards, which were primarily [...]
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 [...]
