Consumer bureau expected to unveil rule protecting right to sue
The Consumer Financial Protection Bureau (CFPB) could finally unveil a proposed rule on Thursday that would keep companies from including clauses in contracts that make it harder for consumers to...
View ArticleSupreme Court takes case challenging credit card surcharge laws
The Supreme Court on Thursday agreed to hear a case challenging laws in 10 states that allow merchants to charge higher prices when a customer pays with a credit card so long as they communicate that...
View ArticleTreasury, banks try to deny wronged customers their day in court
The Treasury Department just came out with a report arguing that banks should be allowed to force their customers to give up their day in court — to band together when they are wronged and instead must...
View ArticleLet's not waste the Equifax crisis
As bad as it is, the Equifax incident may have come just in the nick of time. Congress must act now and pass a law to prevent the looming danger of pervasive personal data theft.Of course, credit...
View ArticleCommunity banks file lawsuit against Equifax
The Independent Community Bankers of America (ICBA) on Tuesday filed a lawsuit against Equifax demanding that the credit bureau be held accountable for a data breach of nearly 146 million consumer...
View ArticleNew Fed data paint a vivid picture of two Americas
We often look to sociologists, politicians or pundits to tell us where we stand as a nation. Yet, far more incisive is the Federal Reserve’s “Report on the Economic Well-Being of U.S. Households in...
View ArticleOne's digital profile must be as protected as one's medical records
The use of technology to steer our consuming behavior based on our personal choices has long been a fact of life.When combined with demographic, political, medical and now, a pending massive...
View ArticleA year after Equifax, be prepared for the next data breach
One year after revealing the worst data breach in history, Equifax still hasn’t paid a price or provided the information and tools consumers need to adequately protect themselves.On Sep. 7, 2017,...
View ArticlePhilly right to ban discriminatory cashless stores
Philadelphia recently became the first U.S. city to ban most cashless stores, a recognition that not everyone benefits from the inexorable shift toward plastic and apps. Those who support the ban...
View ArticleThe unintended consequences of interest rate caps
Last week, Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) introduced the Loan Shark Prevention Act amid a litany of references to executive compensation, payday lenders and...
View ArticleMastercard to let transgender people use chosen name on cards
Mastercard will now allow transgender and nonbinary customers to use chosen names on their credit cards, the company announced Monday.With the company's new True Name card, the name that shows up can...
View ArticleHarris calls for credit card fees to be suspended during coronavirus crisis
Sen. Kamala Harris (D-Calif.) on Wednesday said that all credit card interest, fees and penalties should be suspended during the coronavirus crisis, as many people have lost their jobs and are...
View ArticleAmericans paid off billions in credit card debt in 2020
A study from personal finance website WalletHub released Monday found that American credit card debt dropped by a record $83 billion last year.“While 2020 was a year to forget in most respects,...
View ArticleWells Fargo closing all personal lines of credit
Wells Fargo has begun informing customers that it will no longer be offering personal credit lines, with all existing lines being shut down in the coming weeks. In a six-page letter to customers...
View ArticleThe Durbin amendment is a disaster for banks — don't expand it to credit...
Sen. Dick Durbin’s (D-Ill.) eponymous amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act is the epitome of unnecessary federal overreach. Now, some lawmakers are discussing the...
View Article'Reverse Robin Hood' is a myth and capping interchange fees would...
The claim that rewards credit cards benefit the rich at the expense of the poor has been trotted out many times by those who want to cap the fees charged to merchants by card issuers. Though the myth...
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