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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  • 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.
  • 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 ...
  • Consumers Save With Bank-Issued Prepaid Cards: Report 
    American Banker 07 Feb 2014
    A new report from the Pew Charitable Trusts shows that Americans paid less for prepaid cards last year than in 2012.
  • 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.
  • Credit Card Penalty Fees Fell 48 Percent in Four Years: Study 
    American Banker 28 Jan 2014
    U.S. credit card users paid $12 billion in penalty fees in 2013 -- roughly half of the $22.9 billion they forked out in 2009 -- according to industry consultant R.K. Hammer.
  • CFPB Offers Guidance to Consumers on Debit, Credit Card Data Theft 
    Mortgage News Daily 27 Jan 2014
    Several retail chains have reported data-security breaches since the holiday season, with Michaels now adding its name to the list of stores.
  • T-Mobile Enters Prepaid Card Market 
    Washington Post 22 Jan 2014
    T-Mobile introduced a prepaid card on Jan. 22, following other retailers like Wal-Mart, Walgreens, and Target into the banking world.
  • Consumer Financial Protection Bureau Empowers Credit Card Consumers 
    Pittsburgh Post-Gazette 14 Jan 2014
    A new report by the U.S. Public Interest Research Group reveals that nearly 40 percent of borrowers who filed credit card gripes with the Consumer Financial Protection Bureau received some form of ...
  • 'No-Interest-Now' Deals Can Be Risky 
    USA Today 26 Dec 2013
    Many shoppers can save money in the long run by avoiding zero-percent, "no-interest-now" deals during the busy holiday season. Odysseas Papadimitriou, founder and CEO of the personal finance websites CardHub and WalletHub, notes that deferred-interest-rate deals are an extremely popular offering right now. Consumer watchdogs, however, warn that there are many ways for shoppers to end up paying more than what they anticipated under these deals.
  • Amex Fined After Staff Misled Customers 
    Financial Times 25 Dec 2013
    American Express (Amex) has agreed to $75.7 million in fines and reimbursements to customers after regulators discovered that its sales staff misled customers about the benefits of many credit card insurance products.
  • Signature Cards More Prone to Fraud 
    Fox Business 20 Dec 2013
    Credit counselors say credit card cash advances should only be a last resort, and their advice is backed by a new CreditCards.com survey of cash advance rates and fees on the top 100 credit cards.
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