Visa Profit Up 21% as Credit, Debit Card Use Rises
Visa, the top payments processor, rode higher credit and debit card usage to a fiscal first-quarter profit 21 percent above a year earlier, showing some resilience to new limits on “swipe fees” mandated by Wall ...
Consumer Credit Surges Again, Led by Student, Auto Loans
U.S. consumer borrowing from using credit cards and taking out loans to buy autos and attend college surged again in December, a much bigger jump than expected and a good sign for the economic recovery.
Consumer ...
Mobile Apps May Violate Fair Credit Reporting Act: FTC
The Federal Trade Commission is warning marketers that background screenings through six mobile applications may be violating the Fair Credit Reporting Act.
The FCRA protects the privacy of personal information ...
Agency’s Tally of Credit Card, Mortgage Complaints: 13,210
The Consumer Financial Protection Bureau received 13,210 complaints from credit card and mortgage holders between July 21, 2011, when the agency was launched, and Dec. 31.
The agency’s consumer response team began ...
New Consumer Agency, FTC Agree to Coordinate Efforts
The venerable Federal Trade Commission had been working to protect consumers from unfair business practices for 96 years when Wall Street reform in 2010 created the Consumer Financial Protection Bureau to expand ...
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 ...
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