credit card reform

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Huge Credit Card Late Fees May Be Going Away

New regulation capping late charges at $8 goes into effect in spring, but banks will likely push back

(Newser) - Back in October, the White House announced an ambitious initiative to get rid of rampant junk fees, including in the banking industry. On Tuesday, the Consumer Financial Protection Bureau announced a big move toward that end, with a new regulation that will significantly reduce the late fees that customers have...

Feds Test Simplified Credit Card Agreement

Short form in plain English could become industry standard

(Newser) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,...

Credit Card Rates Hit 9-Year High

Card makers jack prices in face of new regulations

(Newser) - Interest rates are tumbling for US Treasuries, companies, and home-buyers. The prime rate is extremely low. Yet for some reason, credit card companies are charging more and more, with average rates hitting a nine-year high of 14.7% in the second quarter, the Wall Street Journal reports. Companies say they’...

Credit Reform May Drain $9B in Holiday Sales

Consumer protections result in lower limits, less spending

(Newser) - The impending enactment of new credit card law is poised to rob retailers of $9 billion in holiday sales compared to last year. The law, designed to protect consumers from rates being raised on the sly and sneaky fees, already has led to lower credit limits and more rejected applications...

Credit Cards Rates Jump Ahead of New Regulations

Companies add fees and cut limits in blind cash grab

(Newser) - If your credit card bill just exploded, it wasn’t an accident. Card issuers have been jacking up rates to historic highs—in excess of 30%—cutting limits, and adding new fees in an effort to squeeze money out of customers before new federal regulations kick in Feb. 22. The...

Citi Jacks Up Card Rates on Millions of Accounts

(Newser) - As many Citigroup customers are already painfully aware, the lender has drastically increased rates on some 15 million credit card accounts, the Financial Times reports. Holders of Citi cards co-branded with retailers such as Sears saw their interest rates climb by as much as 24%—or 3 percentage points—between...

Obama Signs Credit Card Bill Into Law

Prez 'has ushered in a new era' of consumer protections: Dodd

(Newser) - President Obama signed a landmark bill into law today limiting the fees and interest rates credit card companies can impose, the Washington Post reports. "Just as we demand credit card users act responsibly, we demand that credit card companies act responsibly too," said Obama at the Rose Garden...

New Credit Card Rules Could Trim $10B From Industry Coffers

Law dials back crucial fees, interest rates

(Newser) - A law President Obama is expected to sign today bringing new consumer-friendly rules on credit cards could cost the industry $10 billion in revenue, the Wall Street Journal reports. The legislation, which dials back various fees and interest rates, will devastate companies that target consumers with checkered credit histories and...

House OKs Credit Card Bill; Obama Up Next

(Newser) - Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common...

Senate Passes Credit-Card Bill
Senate Passes Credit-Card Bill
May 19, 2009 12:54 PM CDT

Senate Passes Credit-Card Bill

Measure to rein in rates, fees moves to House; Obama could get it by week's end

(Newser) - The Senate voted today to prohibit credit-card companies from arbitrarily raising an individual's interest rate and charging many of the exorbitant fees. The vote was 90-5. With the House on track to endorse the measure by week's end, President Obama could see a bill on his desk by the end...

Credit Card Companies Cut Perks for Good Customers

(Newser) - With revenues from high-risk cardholders dwindling, credit card companies are moving to impose stiffer fees on customers who've been accustomed to preferential treatment, the New York Times reports. Expect banks to bring back annual fees and slash reward programs, say industry insiders. And card holders who pay off their entire...

Pelosi's CIA Charges Hardly Jibe With Obama Talk Points

(Newser) - Nancy Pelosi’s accusation that the CIA lied to Congress about waterboarding will likely have broad political consequences, Chris Cillizza writes in the Washington Post. In the short term, Pelosi has stolen President Obama’s thunder on credit-card reform and could force the early announcement of a Supreme Court nominee...

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