Credit and Prepaid Card News
The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.
- A Rate Cap for All Consumer Loans
New York Times 19 Oct 2014
An editorial in the New York Times calls for a 36 percent interest-rate limit to become standard for all consumer transactions -- including auto financing, payday loans, mortgages, credit cards, and ...
- Credit-Card Issuers Are Charging Higher
Wall Street Journal 13 Oct 2014
Credit-card issuers, including American Express Co., Capital One Financial Corp., and JPMorgan Chase, will see profits rise due to moderate economic growth, low interest rates, and consumers who are ...
- Subprime Credit Cards Are Making a Comeback: ABA
American Banker 01 Oct 2014
The American Bankers Association says that after a six-year slump, the subprime credit card market has posted a 62 percent gain, with new subprime accounts rising from 1.
- U.S. to Shield Military From High-Interest Debt
Wall Street Journal 26 Sep 2014
The Obama administration will propose more stringent financial protections for personal loans made to military borrowers, due to concern that lenders are avoiding existing rules meant to keep ...
- CFPB Ramps Up Scrutiny of Credit-Card Issuers
Wall Street Journal 03 Sep 2014
The Consumer Financial Protection Bureau this week called big credit-card companies to task for failing to thoroughly disclose the hidden risks of zero-interest balance transfers, convenience checks, ...
- Fee Scam Targeting the Military Shut Down
Palm Beach Post 14 Aug 2014
The Consumer Financial Protection Bureau has reached an agreement with USA Discounters Ltd. worth $400,000: $350,000 in refunds to military borrowers who were deceived by the company and a $50,000 ...
- CFPB Criticizes 10 Institutions for Lack of Transparency
American Banker 07 Aug 2014
The Consumer Financial Protection Bureau (CFPB) has called out 10 banks and credit unions for a lack of transparency in their agreements with large universities to market financial products to ...
- Credit-Card Lenders Pursue Riskier Borrowers
Wall Street Journal 27 Jun 2014
More than ever since the financial crisis, lenders are wooing riskier credit card borrowers in hopes of boosting revenue amid slow growth and more regulation. Lenders issued 3.
- Prepaid Debit Cards Becoming Choice Of Scammers
CBS 4 Denver 23 Jun 2014
Scam artists are turning to prepaid debit cards. "The scammers are having to turn to these money cards more and more, so they're taking their time, they're talking slowly to seniors, they're walking ...
- Some Americans are Getting Into Debt Just to Get By
MarketWatch 18 Jun 2014
While the wealthy have returned to their pre-crisis behavior of paying for everything from higher education, cars, and luxury homes with cash, the rest of the consumer sector has changed dramatically ...