Led by Chase – the top issuer – credit card providers are converting more of their best-rated customers to variable rates, a policy category that is exempt from provisions in the upcoming reform laws. Avoiding the tougher rules on hiking fixed interest rates is one factor contributing to the trend. The other: variable rates, most often based on the prime rate, will mostly move upward in coming months, especially as the economy moves deeper into a sustainable recovery.
The Obama Administration today warned mortgage lenders that not enough loans have been modified and not enough re-drawn mortgages have been made permanent under an existing effort to help homeowners avoid foreclosure.
A proposed new consumer financial protection agency that would strip the Federal Reserve of many of its regulatory muscle over banking and credit card practices is coming under fire from the Obama Administration and others in the regulatory industry.
The House voted 331-92 today to immediately begin the enforcement of tough new credit card legislation that is scheduled to take full effect in February, but the measure’s prospects in…
The opposition to President Barack Obama’s proposal that would create a new consumer financial protection agency is growing, with multi-million TV ad campaigns and critical studies. One such study shows that such an agency would harm small businesses dependent on credit cards and other financial products.