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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  • 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.
  • Prepaid Cards Taking the Place of Bank Accounts 
    Milwaukee Journal Sentinel 10 Mar 2014
    More than 25 percent of U.S. households do not have traditional bank accounts or hold such accounts but use alternative financial services anyway, says the FDIC.
  • New Lenders Spring Up to Cater to Subprime Sector 
    Wall Street Journal 06 Mar 2014
    New lenders are reaching out to consumers with subprime credit, a population often ignored since the financial meltdown. Equifax Inc.
  • Credit Card Breaches: Are Consumers out of Luck? 
    CBS News 04 Mar 2014
    Although recent cyber-security attacks at major retailers like Target have received national media attention, less well-known security breaches have occurred in recent years.
  • Chase Becomes First Bank to Implement New, Simpler Disclosure Box for Prepaid Cards 
    Consumerist 26 Feb 2014
    The growing popularity of prepaid debit cards has encouraged more companies to enter the industry. In response, Pew Charitable Trusts has worked out a new model disclosure box to help consumers more ...
  • Nebraska Bill Targets 'Hold' Charges on Debit Cards 
    Associated Press 24 Feb 2014
    The Nebraska Legislature is considering legislation that would force hotels, gas stations, and restaurants to notify customers if they place temporary hold charges on their debit cards.
  • U.S. Studies College Card Regulations 
    Wall Street Journal 21 Feb 2014
    The U.S. Department of Education in coming months will propose new consumer protections for college students who receive financial aid through school-branded debit and prepaid cards, if consensus is ...
  • Late Payments on Credit Cards Go Up 
    Associated Press 19 Feb 2014
    U.S. consumers took on more credit card debt and made more late payments in the final quarter of 2013, when many consumers use their cards and suspend timely payments in order to supplement holiday ...
  • For Many, Credit Card Debt Outweighs Savings 18 Feb 2014
    A new survey from finds that 28 percent of Americans say they owe more in credit card debt than they have in their emergency funds or savings accounts.
  • Congressional Panel Recommends Changes for Student Debit Cards 
    Columbian (Washington) 13 Feb 2014
    Congressional investigators have called for greater oversight of the use of college-issued debit and prepaid cards among students.
  • Prepaid Cards Often Used to Manage Funds 
    Boston Globe 08 Feb 2014
    Prepaid debit cards are widely considered an alternative for consumers who do not qualify for traditional checking accounts, but the Pew Charitable Trusts has discovered that most Americans who use ...
  • Why You Should Keep Your Debit Card at Home 
    Washington Post 07 Feb 2014
    Hearings on Capitol Hill in response to recent retail data breaches shone a spotlight on the unequal treatment of debit cards compared to credit cards.
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