White House Meet with Credit Card Execs
WASHINGTON, April 16 (Reuters) – The White House is planning a meeting on April 23 with 14 top executives at banks with large credit card divisions, two sources familiar with the plans said on Thursday. The meeting will involve discussions about transparency in the credit card companies’ lending practices and interest rates, one of the [...]
Help with Credit Card Debt
NEW YORK (CNNMoney.com) — The average American family carries $8,000 to $10,000 in credit-card debt. A new Web site, called helpwithmycredit.org, was developed by the credit card industry to help consumers out. The site promises to help you manage your debt; communicate better with your credit card companies, and will hook you up with accredited [...]
Chris Dodd Bill to Speed Reforms for 2010
The Federal Reserve last year adopted new credit card rules that ban practices often cited as unfair to consumers, such as raising the interest rate on an existing credit card balance when the consumer is paying the credit card bill on time.
However, those rules don’t go into effect until mid-2010, prompting Sen. Chris Dodd (D-CT), [...]
Credit Card Rules Must Change
If you want an idea of how angry consumers are at credit card companies, get a load of the complaints e-mailed to the Federal Reserve about efforts to prohibit unfair practices by credit card companies. “I have been the victim of credit card companies who have subjectively raised my interest rates,” said Jon C. Kubic [...]
Senate letter for detailed credit card fee info
Several U.S. senators want Visa, Inc. and MasterCard, Inc., the dominant electronic payment companies, to break down detailed costs associated with transactions called interchange fees, according to letters obtained by Reuters on Tuesday.
In letters to the two companies, the senators demanded information about methodologies and specific data used to establish interchange fees. The letters are [...]