Regulators zero in on credit card reform - May. 2, 2008 »
Posted by: engineer 3 months, 4 weeks agoKey bank regulator approves proposal to eliminate industry practices like 'double-cycle billing'; Fed expected to follow.
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tkyrchncs3 months, 4 weeks ago
I cut up one that originated with a local bank in my small town which has since been bought 3 times and now is part of a national banking chain. Each time the bank changed hands they sent me a new card with more ridiculous rules, until the last time a late payment could result in a 23% interest rate on the balance. PTL I have never been in such dire straights as to borrow money at that rate. I moved all my accounts to a new local bank and a credit union.
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engineer3 months, 4 weeks ago
Federal regulators are pushing ahead to stop abuses by credit card issuers at a time when the $2 trillion industry has come under increasing scrutiny.
On Thursday, the Office of Thrift Supervision, responsible for overseeing the nation's savings and loans, endorsed a seven-point plan to tackle "unfair" and "deceptive" practices by companies that issue credit cards.
The plan would allow consumers more time to pay their monthly bill. It would prevent companies from applying interest-rate increases retroactively to pre-existing balances. And it would ban "double cycle billing," a practice that computes finance charges based on previous billing cycles.
It's a small start. We need to have a lot more regulation on these thieves
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Lurch3 months, 4 weeks ago
> They need customers to stay in business just like any other company.
Actually, these same lobbyists whining about having to conduct business in the light of day are the same lobbyists for the same gaugers that wrote the Republican`s new bankruptcy law that no longer wipes out your debt. You`re stuck with it even after claiming bankruptcy. This is another nail in the coffin of the small business man and entrepreneur.
This country used to encourage risk taking, now it taxes it for the profit of established banks and financial concerns.
Nowadays, if you actually make something, you can just about be assured you aren`t going to get rich. Thanks to the politicians in DC, it is the parasites who are getting rich.
Banks, oil, energy, and insurance should not be allowed to write the laws and staff the regulator offices that cover their own industries.
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libsRfunny3 months, 4 weeks ago
"Actually, these same lobbyists whining about having to conduct business in the light of day are the same lobbyists for the same gaugers that wrote the Republican`s new bankruptcy law that no longer wipes out your debt. You`re stuck with it even after claiming bankruptcy."
Not true at all. Medical debt is about the only one that was extended as well as some of the qualifying amounts for filing bankruptcy. But the vast majority of people who filed for bankruptcy before the law took effect would have had no impact from it had they filed afterward.
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tkyrchncs3 months, 4 weeks ago
I told a vp at my bank: "Look across the street. If you think I'm paying a fee to have an account here when I can go over there and get a free account, think again. Just start closing out my accounts"
"We'll waive the fee," he replied.
"Permanently" I said.
"As long as I'm vp"--Well, he's not any more, and the bank is a different bank now, and they don't have me as a customer either.
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ML20073 months, 4 weeks ago
Ying's threats that interest rates would go up and it would be harder to get credit are empty threats designed to terrorize the consumers. These regulations they are proposing is the very minimum the government should be doing to stop all of this usury. The banks and credit card companies have had their way too long allowing them to effectively enslave a large portion of our population that did not need credit to begin with.
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texangelwings3 months, 4 weeks ago
Well, it seems that businesses have to be treated like children! "Look children these are the rules", conduct business with morals, ethics, fairness and honesty...:)
This life is not the game of Monopoly, where everyone can start over with x-amount of money! The borrowers/consumers are required to follow rules that change several times a year, which is a breach of a contract! It is past time that the CC had their feet held to the fire! It should never have gotten to this point!
Thanks engineer!
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TheRealizer3 months, 4 weeks ago
It mystifies me how usury became not only legal but also acceptable. I would surmise it has something to do with campaign donations (bribes) to members of the legislative branch of government.....
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lovermanComment removed: User banned.
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jbjgkjug3 months, 2 weeks ago
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