Credit and Prepaid Card News
The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.
- 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.
- 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
CNBC.com 18 Feb 2014
A new survey from Bankrate.com 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.