Gupta also sees the fate of the laws being decided by the high court. Petitions for en banc review have been filed in the 2nd and 11th Circuit cases. Cases are pending before the 5th and 9th circuits. In February 2015, a federal district judge in Texas upheld the state’s no-surcharge law, while in March 2015, a federal court in California invalidated a similar law. … [Read more...] about Federal appeals courts split over law on credit card surcharges
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Trump says theme of his State of the Union address will be ‘unity’
WASHINGTON, UNITED STATES: President of the Iraqi Governing Council Adnan Pachachi (2nd R) is applauded during the State of the Union address by US president George W. Bush 20 January 2004 on Capitol Hill in Washington, DC. First row from left are: Iraqi Senior Diplomatic Representative Rend Al-Rahim; US First Lady Laura Bush; Pachachi; religious leader Sister Carol Keehan. Second row from left are: members of the Iraqi Interim Council Dr. Ahmed Chalabi and Hoshyar Zabari. AFP PHOTO Stephen JAFFE (Photo credit should read STEPHEN JAFFE/AFP/Getty Images) … [Read more...] about Trump says theme of his State of the Union address will be ‘unity’
Customers Close Accounts to Protest Wall Street, Abusive Lending Practices
He is cutting ties with JPMorgan Chase & Co., his longtime lender, and moving all of his banking assets to a regional Arizona bank with no link — as far as he knows — to the financial crisis. In doing so, he will join a growing number of consumers whose anger at Wall Street over the financial crisis, subsequent $700 billion bailout, and consumer credit practices seen as predatory or unfair has pushed them to close accounts with major banks most associated with the crisis. … [Read more...] about Customers Close Accounts to Protest Wall Street, Abusive Lending Practices
Credit Union Study of Swipe Costs Adds Confusion to Debit Fee Battle
Federal Reserve Chairman Ben Bernanke recently said that the new price ceiling “could result in some smaller banks being less profitable or even failing.” That’s because while small banks and credit unions—those with assets under $10 billion—are exempt from the Fed’s proposed rule, competitive pressure could force them to lower their fees to an unsustainable level. … [Read more...] about Credit Union Study of Swipe Costs Adds Confusion to Debit Fee Battle
Banks Had Free Rein to Set Credit Card Rules, Now Congress is Looking to Restack Deck
Other provisions mandate more disclosure about costs and cardholder rights, require banks to mail out statements at least 21 days before payment due dates (compared to the current 14 days), impose restrictions on over-the-limit fees, and require applicants under age 21 to have a co-signer unless they can prove they are able to make payments independently. The act calls for late charges and other fees generally to be “reasonable.” (Some of these practices already had been prohibited under rules issued in December 2008 by the Federal Reserve Board in conjunction with the Office of Thrift Supervision and the National Credit Union Administration.) … [Read more...] about Banks Had Free Rein to Set Credit Card Rules, Now Congress is Looking to Restack Deck
