Back in May when Ben Bernanke and the Federal Reserve proposed changes to rules related to credit cards, they did so under the theory that “improved disclosures alone cannot solve all of the problems consumers face in trying to manage their credit card accounts.” Others in favor of credit card reform argued in support that [...]
MasterCard spent $1.1 million lobbying in the second quarter of 2008 on, among other issues, the new credit card rules proposed by Congress and the Federal Reserve, according to Forbes. MasterCard’s credit card lobbying efforts cost it $720,000 in the first quarter of 2008.
It hasn’t been a particularly good month to be a credit card company or a credit card processor.
American Express - Moody’s announced on Thursday that it is reevaluating American Express’ rating because of concerns over its credit card business and lending exposure. (Details are in Reuters). Moody’s cited a number of factors in the press [...]
