Credit and Prepaid Card News
The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.
- 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 ...
- Menendez Demands Student Protections From Financial Traps
The Hill 13 Aug 2014
Sen. Bob Menendez (D-N.J.) is calling on the Department of Education to make sure that colleges are not using financial products to prey on students.
- 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 ...
- Thank You for Your Service: How One Company Sues Soldiers Worldwide
ProPublica 25 Jul 2014
USA Discounters has locations near military bases nationwide, where it offers guaranteed credit to enlisted persons who may not qualify for conventional financing.
- 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 ...
- New York Attorney General Supports a Bill Regulating Payroll Cards
New York Times 13 Jun 2014
New York Attorney General Eric Schneiderman is supporting a new bill in the state legislature that would regulate the use of payroll cards.
- One-Third of Americans Have Overdraft, Nearly Half Carry Credit Card Debt
PFHub 27 May 2014
U.S. spenders are trying to lower their debt burdens, but credit card debt continues to dog them. A study by MagnifyMoney shows that Americans have on average $15,191 in card debt and are lacking in ...
- Banks Say Deals With Colleges Could End If U.S. Rule Adopted
Bloomberg 14 May 2014
If the U.S. Department of Education imposes a rule to ban most account fees, banks say their marketing deals with universities would no longer be feasible.
- Americans Rely Less on Credit Cards Than in Previous Years
Gallup Economy 25 Apr 2014
Americans are carrying less credit card debt overall, own fewer cards, and are more likely now to say they always or usually pay their full balances every month, according to a new Gallup survey.
- Delinquencies on Home Equity Loans, Credit Cards Head in Opposite Directions
American Banker 09 Apr 2014
The American Bankers Association (ABA) says delinquencies on home equity loans dropped to 3.48 percent in the fourth quarter 2013, down from a cyclical peak of 4.
- Bank of America in Settlement Talks Over Credit-Card Practices
Wall Street Journal 04 Apr 2014
Bank of America could pay $800 million to settle allegations by the Consumer Financial Protection Bureau (CFPB) that it encouraged customers to sign up for ancillary credit card products.
- Senate Lawmakers Unveil Debit Card Protections Bill
American Banker 03 Apr 2014
Sens. Mark Warner (D-Va.) and Mark Kirk (R-Ill.) have proposed the Consumer Debit Card Protection Act, which would increase fraud protections for debit card customers.
- Some Americans Paid Off Credit Cards While Waiting for Foreclosure
Wall Street Journal 02 Apr 2014
As the foreclosure crisis reached epidemic proportions around 2009, borrowers were able to remain in their homes for a longer period of time -- up to three years, for some -- while lenders plodded ...
- Credit Card Solicitors Have Nearly Disappeared at Colleges
Utica Observer-Dispatch (NY) 31 Mar 2014
A report by the U.S. Government Accountability Office found that today's college campuses are largely devoid of credit card vendors vying for their business.
- U.S. Could Target Colleges Steering Students to Certain Banks
Wall Street Journal 26 Mar 2014
The U.S. Education Department is proposing to prevent colleges and universities from encouraging students who receive federal aid to open bank accounts offered by firms that have business ties with ...
- Do Financial Products Need Warning Labels?
MarketWatch 25 Mar 2014
The Consumer Financial Protection Bureau (CFPB) has proposed new debit-card disclosures that resemble the nutrition labels found on food packaging.
- Card Issuers Up Ante With Free Credit Score Data
American Banker 24 Mar 2014
A handful of credit card issuers now give consumers free access to their credit scores -- a move that was "strongly encouraged" by the Consumer Financial Protection Bureau last month.
- Another Push for Debit Card Rules
Inside Higher Ed 12 Mar 2014
The Department of Education’s Office of Inspector General has joined the call for a crackdown on the use of debit cards that give college students access to their financial aid funds.