Consumer Watchdog Preps ‘Nonbank’ Lender Supervision
The nation’s new consumer watchdog is preparing to supervise “nonbanks” as part of its mandate to protect Americans from deceptive or abusive lending practices.
This month, with President Obama’s appointment ...
U.S. Credit Card, Other Borrowing Surges Surprising 9.9%
U.S. consumer borrowing – via credit cards and auto and student loans – made the biggest jump in November since the onset of the financial crisis, surging at a 9.9 percent seasonally-adjusted annual rate, according ...
Credit Card Charge-Offs See Big Drop from Year Ago, Crisis Peak
Just a year ago, the credit card division of the nation’s largest bank, JPMorgan Chase, saw a charge-off rate of 7.16 percent. That’s a stark contrast from November 2011 when Chase wrote off 4.02 percent ...
‘Stalinist’ – Debate on New Consumer Agency’s Power Heats Up
The heated debate over the accountability and outright power granted the nearly five-month-old Consumer Financial Protection Bureau has gotten hotter, with a Republican senator comparing the agency to “something ...
Obama Blasts GOP for Blocking Consumer Watchdog Confirmation
President Obama lashed out at Republicans for refusing to confirm former Ohio attorney general Richard Cordray to head the Consumer Financial Protection Bureau, the nearly five-month old watchdog that is suppose ...
CFPB Debuts Simpler Credit Card Agreement Prototype
Updated 01.05.2012:
The Consumer Financial Protection Bureau has launched a prototype credit card agreement that the agency hopes will simplify terms on interest rates, fees and card users’ rights if it becomes ...
Balance Transfer Day: Be Careful With This Credit Card Strategy
The latest anti-big bank crusade is called Balance Transfer Day and urges consumers to ditch high-interest credit cards and move into promotional zero-percent cards from smaller institutions.
The Facebook page for ...
Credit Card Complaints Reveal Big Divide Between Users, Issuers
Updated 01.05.2012:
After receiving a first wave of more than 5,000 credit card complaints, the Consumer Financial Protection Bureau has gotten a good dose of the troubling divide that exists between consumers and ...
Consumer Groups to U.S. Agency: Provide Prepaid Card Protections
Updated 01.05.2012:
Consumer advocacy groups want prepaid card issuers to provide customers with the type of protections required for debit cards tied to bank accounts.
They are calling on the Consumer Financial ...
Dems’ Bill is Latest Attempt at Capping Credit Card Interest Rates
Seven Senate Democrats have introduced a bill that would allow states to cap credit card interest rate charges, with the hope of reversing a high court decision which gives nationally chartered banks the advantage ...
