Credit and Prepaid Card News

The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.

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  • Fewer Colleges Marketing Credit Cards Could Signal Shift to Prepaid Cards 
    The Hill 15 Dec 2014
    Although fewer colleges are marketing credit cards to students, the Consumer Financial Protection Bureau (CFPB) says this actually may not be a favorable development.
  • Consumer Reports: Better Prepaid Cards 
    9News (CO) 30 Nov 2014
    Millions of Americans now use prepaid cards, often as a substitute for a bank account or a way to keep themselves on a budget. However, not all cards are a good deal, Consumer Reports warns.
  • Credit Cards for College Students Can Carry Costly Fees 06 Nov 2014
    Consumers Union examined university-endorsed cards offered by Higher One and eight other companies, finding them rife with fees and penalties.
  • CFPB Finalizes Rule to Promote More Effective Privacy Disclosures 
    National Mortgage Professional Magazine 20 Oct 2014
    The Consumer Financial Protection Bureau (CFPB) has finalized a rule that encourages financial institutions to provide more effective privacy disclosures to customers.
  • 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 ...
  • Card Issuer Tries Early Intervention With Struggling Borrowers 
    Wall Street Journal 08 Oct 2014
    Barclaycard, a credit-card issuer and unit of Barclays, has partnered with Philadelphia-based Consumer Credit Counseling Service of Delaware Valley to provide assistance to existing customers who are ...
  • U.S. Consumer Credit Posts Smallest Gain Since November 
    Reuters 07 Oct 2014
    The Federal Reserve reported on Oct. 7 that U.S. consumer credit climbed to $3.25 trillion in August, and the increase of $13.5 billion for the month was the smallest since November.
  • 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 ...
  • 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 ...
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