Recent Event Highlights: American Express Applies Provisions Of The CARD Act For Its Small Business Cards - Small Business News from Gaebler.com, Haitians' Struggle for Loans May Undermine Earthquake Recovery - BusinessWeek, Credit reports soon to be easier to obtain - NewsOK.com, Answers About New Consumer Laws: Part 5 - New York Times (blog), Bank of Communications Profit Rises 5.6% - Wall Street Journal, Where is the Consumer Credit? - Gerson Lehrman Group, and 82 more...
Created by dipity on May 20, 2009
Last updated: 11/04/10 at 09:03 PM
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American Express Applies Provisions Of The CARD Act For Its Small Business CardsSmall Business News from Gaebler.comThe Credit Card Accountability, Responsibility, and Disclosure Act of 2009 was signed on May 22, 2009 and went into effect on February 22. ...Will secured cards help build credit?Bankrate.comNew bill governs credit for studentsGainesville Sunall 10 news articles »
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The Tech HeraldJC Penney left to hang by the very courts they attempted to helpThe Tech HeraldTruth is JC Penney believed they had a legitimate interest in not being linked to criminal activity, which resulted in major thefts of credit card ...and more »
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Haitians' Struggle for Loans May Undermine Earthquake RecoveryBusinessWeekHe got a credit card last year and says his credit history may help him land a loan. “I'm preparing my business plan and will take it to some banks because ...and more »
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Debt Consolidation ConnectionCredit reports soon to be easier to obtainNewsOK.comThe new rules, part of the Credit CARD Act of 2009, also require the credit bureaus to stop marketing to consumers on annualcreditreport.com until after ...Personal Finance: New rules will govern "free" credit reportsSacramento BeeCrackdown On 'Free' Credit ReportsHartford CourantLoan Pitchman James Nicholson Permanently Banned from TelemarketingStatesboro Business Newsall 28 news articles »
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BofA Hires Staff, Leans on Merrill Lynch to Expand Outside USBusinessWeekIn 2008 and 2009, Bank of America reported $10.6 billion in losses in its US-dominated credit-card and home-lending units as the domestic economy suffered ...and more »
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New York Times (blog)Answers About New Consumer Laws: Part 5New York Times (blog)They could also could give rise to an individual or a class-action legal claim under Section 130 of the Truth in Lending Act, which the 2009 Credit Card Act ...
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Bank of Communications Profit Rises 5.6%Wall Street JournalThe bank said the higher net profit last year was largely due to a 29% jump in net fee income from its credit-card business, and insurance and ...and more »
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Where is the Consumer Credit?Gerson Lehrman GroupChanges to credit card rules from the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 and the recent downturn in the economy ...and more »
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BusinessWeekCredit Card Over Limit Fees Persist for Small BusinessesBusinessWeekAt least for consumers –- not so for business credit cards, which the CARD Act does not regulate at all. Now, with two sets of rules, confusion abounds. ...and more »
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Irish IndependentThe New Credit Card BillsFutureOfCapitalism.comThis month's credit card bills are the first ones I got that carried big new warnings mandated by the Credit Card Accountability, Responsibility, ...New age requirements for credit cardsNorth Lake News RegisterParents' 5 other card choices for college-age childrenCreditCards.comall 95 news articles »
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www.creditadvocates.org CBS News Interview on 2 discussing some of the effects consumers will have due to new Credit Card Act of 2009. Steven Burman President of Credit Advocate Counseling Corp of NY explains to CBS news correspondent Kirsten Cole how consumers can be more proactive in understanding their credit card billing statements.
The Credit Card Accountability Responsibility and Disclosure Act, or CARD Act, of 2009 has literally changed the credit card game for all of us. The Act is the most comprehensive credit card reform legislation that has ever been enacted and strives to establish fair and transparent creditor practices. While some of the provisions have already gone into effect, several more important changes are set to take place on February 22, 2010.
CBS News financial contributor Ray Martin spoke to Harry Smith about new credit card changes and what consumers need to know.
In an effort to address arbitrary credit rate increases and excessive fees within the credit card industry, the Credit Card Accountability Responsibility and Disclosure Act of 2009 became law in May. While some of the provisions are scheduled to take effect in February 2010, a few measures have already begun. The Acts changes pose challenges for credit card companies, who are naturally looking to maximize their profitability. In response, many card issuers have begun phasing out fixed interest rates, while others are simply raising rates for a larger percentage of their customers than they would ordinarily
www.creditadvocates.org ABC News story on 1 discussing some of the effects consumers will have due to new Credit Card Act of 2009. Steven Burman President of Credit Advocate Counseling Corp of NY explains how consumers can be more proactive in understanding their credit card billing statements.
BBVA Compass introduces the BBVA Compass ClearPoints™ credit card in direct response to consumer demands and impending effectiveness of the Credit CARD Act legislation. The new BBVA Compass ClearPoints™ credit card features clear, simple and transparent terms and conditions, as well as pricing terms that will never change. To view Multimedia News Release go to, multivu.prnewswire.com
As credit card companies prepare for the new year by finding ways to charge more money, financial contributor Vera Gibbons spoke to Debbye Turner Bell about part two of the federal credit card law.
Read more at invest-money-stocks.com New Credit Card Legislation Starting Soon - Interest Rates Rise, Credit Limits Decrease
Credit Cards: New Law Protects Consumers from Surprise Fees, Rate Increases and Other Penalties Some changes are effective now, most start next year The new law is intended to help protect consumers from abusive fees, penalties, interest rate increases and other unwarranted changes in account terms. (Audio only)
Justin Baxter talked to Pat Dooris of KGW 8 about a new law affecting how credit card lenders can amend the terms of a cardholder agreement. In the story, Justin Baxter pointed out that the legislation was a good start, but left millions of Americans still struggling.
Justin Baxter talked to Pat Dooris of KGW 8 about a new law affecting how credit card lenders can amend the terms of a cardholder agreement. In the story, Justin Baxter pointed out that the legislation was a good start, but left millions of Americans still struggling.
dodd.senate.gov Senate Republicans blocked Banking Committee Chairman Chris Dodds (D-CT) attempt to pass legislation to stop credit card interest rate hikes. Dodd went to the Senate floor to ask for consent for the Senate to take up and pass his Credit Card Rate Freeze Act, which would prevent credit card companies from hiking interest rates, fees and finance charges on customers existing balances until Credit CARD Act protections take effect in February. Regrettably, Republican Senator Thad Cochran (R-MS) objected to Dodds request, blocking the bill from Senate passage. Consumers obviously have a responsibility to spend within our means and to pay what we owe. We bear that responsibility. But the credit card industry as well has a responsibility to deal with their customers honorably. There is nothing honorable about whats happened with these significant rate increases and fees. Most importantly, they dont have a right to rip off American families, especially when the Congress has already gone on record opposing the very actions theyre engaging in, Dodd said on the Senate floor.
iwillteachyoutoberich.com
Nevada Senator Harry Reid is cosponsoring a bill to prevent credit card companies from raising rates until laws change in February 2010. This legislation will specifically stop credit card companies from increasing the annual percentage rate, fee, or finance charge on an outstanding balance -- or from changing the terms on repayments of outstanding balances. In light of the economic struggles facing many Nevadans, Senator Reid said, Im pleased to sponsor the Credit Card Rate Freeze Act because it fights back against unfair lending practices that hurt consumers and helps Nevadans keep more of their hard-earned money.
Credit Card Law Changes- Mike Sullivan, Director of Education at Take Charge America, discusses credit cards and how the law are changing with the "Credit Card Act". These changes mean there will be no more sudden interest rate changes, no more double cycle billing, and no more universal default. To find out what that means and more, watch this informational video.
In an effort to address arbitrary credit rate increases and excessive fees within the credit card industry, the Credit Card Accountability Responsibility and Disclosure Act of 2009 became law in May. While some of the provisions are scheduled to take effect in February 2010, a few measures have already begun. The Acts changes pose challenges for credit card companies, who are naturally looking to maximize their profitability. In response, many card issuers have begun phasing out fixed interest rates, while others are simply raising rates for a larger percentage of their customers than they would ordinarily.
My first quarter history benchmark on a bill made law of my choice. I picked the Credit CARD Act of 2009 and summed it up in a little comic.
Rep. Peter Welch of Vermont spoke on the House floor October 13, 2009, about his legislation (HR 3606) to allow credit unions to continue practices that offer convenience and clarity to their customers, correcting an earlier technical error in the Credit Card Accountability, Responsibility, and Disclosure (Credit CARD) Act.
STATEMENT OF CONGRESSMAN BILL SHUSTER BEFORE THE HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES CREDIT CARD OVERHAUL AND HR 2382, THE CREDIT CARD INTERCHANGE FEE ACT OCTOBER 8, 2009 Thank you Chairman Frank, Ranking Member Bachus, and members of the Committee for allowing me to share information on this very important topic of interchange fees. I would also like to thank Congressman Welch for his leadership on this issue. I believe action is needed to help level the playing field between consumers, small businesses, and credit card companies by requiring greater transparency and prohibiting unfair and abusive practices when it comes to interchange fees. Last summers dramatic rise in gas prices was a prime example of inflexibility by credit card companies towards merchants and consumers over the interchange fee. As fuel purchases rose above authorized transaction limits, major card companies reserved the right to repay gasoline merchants a lower price than was actually purchased, particularly on smaller transactions. I joined with Congressman Welch to introduce HR 2382, to curb this type of practice. This legislation focuses heavily on transparency in the hopes of determining whether credit card companies are pursuing anti-competitive practices. It makes Interchange Fees subject to full disclosure and terms and conditions set by credit card companies easily accessible by consumers. It would also prohibit profits from Interchange Fees from being used to subsidize ...
The Hill's Erica Wisniewski gives a preview of the week ahead on Capitol Hill.
September 29, 2009: Watch the CBS 2 news report "Credit Card Companies Put Consumers in Vice Grip" on the greedy practices of credit-card companies and how the Credit CARD Act will provide increased protections for consumers. While many of the reforms are not set to go into effect until next year, Congressman Ackerman supports legislation to establish an earlier effective date of December 1, 2009. Included in the Credit CARD Act is legislation Congressman Ackerman previously introduced to prohibit the "pay to pay" practice within the credit-card industry, in which credit-card companies charge their customers a fee based solely on the manner in which their customers choose to pay their bills, be it online, by phone, or by mail.
Portions of a new law will affect how young adults get credit cards. The law, which will put age restrictions on credit cards and ban certain types of marketing from college campuses, takes affect February 2010. Our reporter talked to students at the University of Missouri and got their reactions.
The Credit CARD Act of 2009 limits credit card access for people under 21 years of age. Young adults will have to get a parent to co-sign for them, or show proof they can repay the debt, in order to get a credit card. Also, credit card marketing will be limited on campus. We talked to students at the University of Texas at Austin to get their reaction to the upcoming laws, which take effect in February of 2010.
www.creditadvocates.org WPIX News story on 09 discussing how the new Credit CARD act of 2009 is having an impact on consumers. Steven Burman President of Credit Advocate Counseling Corp of NY responds to questions from consumers regarding the new law.
Austan Goolsbee of President Obama's Council of Economic Advisers talks about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 - also known as the Credit Card Bill of Rights - which he worked hard on and which kicks in today. Watch the video to get a taste of the types of credit card headaches you won't have to deal with anymore.
Connie Prater, senior writer for creditcards.com, discusses a few of the major provisions in the Credit Card Act of 2009.
The new credit card law provides protection for a price.
Before a credit card company files suit, a better course of action is to contact them to find out if they are interested in negotiating an alternative payment plan. Discover how the judgment from a suit can affect a credit score withlegal advice from a certified family mediator in this free video on laws and the court. Expert: Robert Todd Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions. Filmmaker: Christopher Rokosz
Dr Boyce Watkins, a Finance Professor at syracuse University, breaks down the recent credit card legislation issued by President Barack Obama. Dr Watkins is one of the leading black financial experts in the world.
Anderson Cooper 360 reports about a new gun law being slipped into the credit card legislation that recently passed.
It can be difficult to think of an issue that touches more people, or can get a rise out of more people, than credit card fine print, fees, and staggering interest rate hikes. The President signs legislation to put an end to all that. May 22, 2009. (Public Domain)
Independent investment advisor representative Joe Krier of Krier Wealth Management discusses the new Federal legislation on credit cards and the impact on consumers in this WJXT Channel 4 interview broadcast on May 22, 2009.
Senate democrats look after the bankers by rejecting an amendment to limit credit-card interest rate to 15%. www.senate.gov thecaucus.blogs.nytimes.com
Credit Card "Bill of Rights" Passes Through Congress, Obama Plans to Sign It Into Law; American Express CEO Says the Bill May Reduce Credit Lending (Bloomberg News)
Rep. Holt speaks on the floor in favor of legislation that would establish many long-overdue protections for consumers and credit card holders. The Credit Cardholders Bill of Rights Act would allow, among other protections, credit card holders to set their own lower credit card limits, would end retroactive interest rate hikes on existing balances, and would require companies to provide advanced notice of impending rate hikes.
New York Times columnist Ron Lieber finds that there is some cause for concern in the sweeping credit card legislation that passed the Senate on Tuesday. Related Article: tinyurl.com
New York Times columnist Ron Lieber finds that there is some cause for concern in the sweeping credit card legislation that passed the Senate on Tuesday. Related Article: tinyurl.com
Connecticut Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today hailed Senate passage of his legislation to put an end to the abusive, misleading, and deceptive practices employed by credit card companies. Dodds Credit Card Accountability, Responsibility, and Disclosure Act was approved by a vote of 90 to 5, and will now be sent to the House of Representatives for consideration. This is a victory for every American consumer who has ever suffered at the hands of a credit card company, said Dodd. My bill that the Senate passed today will insist on consumer protections that are strong and reliable, rules that are transparent and fair, and statements that are clear and informative. I want to thank President Obama for working with me to get this over the finish line, and I urge my colleagues in the House to act quickly to pass this bill so we can get it to his desk as soon as possible.
Connecticut Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today hailed Senate passage of his legislation to put an end to the abusive, misleading, and deceptive practices employed by credit card companies. Dodds Credit Card Accountability, Responsibility, and Disclosure Act was approved by a vote of 90 to 5, and will now be sent to the House of Representatives for consideration. This is a victory for every American consumer who has ever suffered at the hands of a credit card company, said Dodd. My bill that the Senate passed today will insist on consumer protections that are strong and reliable, rules that are transparent and fair, and statements that are clear and informative. I want to thank President Obama for working with me to get this over the finish line, and I urge my colleagues in the House to act quickly to pass this bill so we can get it to his desk as soon as possible.
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