Update New Credit Card Regulations Allow Room For Maneuvering

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Update New Credit Card Regulations Allow Room For Maneuvering

Blog Post Date: Mar 03 2010

UPDATE: New Credit Card Regulations Allow Room For Maneuvering

By Meena Thiruvengadam Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The credit card game rules have officially changed thanks to new credit card regulations, effective Monday, consumers now have the right to steadier interest rates, "reasonable" penalty fees, and clearer, more informative billing statements.

"Credit card customers will see a cessation to many abusive practices that have driven Americans into debt," said Sen. Chris Dodd, chairman of the Senate Banking Committee and chief author of the legislation supporting the new rules, with President Barack Obama and U.S. Treasury Secretary Timothy Geithner also commending the rules.
Geithner called them a "critical step forward" for the protection of the consumer while Obama said they tip the balance of power back to the consumer. "We are holding the credit card companies liable," Obama said in a statement.
The rules require credit card companies to give consumers forty-five days notice before increasing the interest rates or fees, to apply payments to higher interest balances first and to mail bills at least twenty-one days before payments are due. They also prohibit card companies from increasing rates on customers who pay unrelated bills late.
But the rules are not perfect.

"Large credit card companies are already coming up with new tricks and traps to juice as much money as possible from consumers," said Travis Plunkett, legislative director for the Consumer Federation of America. Some credit card issuers raised rates and fees in advance before the law takes effect to evade its protections, he said.

Plus, card companies still can charge for paper statements, raise minimum monthly payments, and charge whatever fees or interest rates they choose, the Center for Responsible Lending, a nonprofit organization aimed at eliminating financial abuses, said.

The loopholes are giving lawmakers, officials and others fodder for their continued push for the introduction of a Consumer Financial Protection Agency, or CFPA.

The CFPA has been envisioned as the government's primary means for consumer protection, but it stands in the way for financial sector regulatory reform plans taking shape on Capitol Hill.

Consumer groups are supporting Geithner on the issue. Plunkett said credit card consumers need a "cop on the beat" to help restrict abuses by credit card companies.

The Center for Responsible Lending said, "Until a strong regulatory regime is in place to restrict abusive practices, consumers will have a hard time tracking all the possible "gotcha" tactics issuers continue to use."

VIA WSJ

Keyword: Credit Cards

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Credit card companies look at consumers with endle Feb 28 2011 how do american platinum credit cards work How Do American Platinum Credit Cards Work? For countless of people platinum credit cards are an emblem of success. They are evidence to the world that you have garnered a certain high threshold in terms of earnings and credit rating. Additionally Feb 28 2011 Low Interest Credit Cards in America Low Interest Credit Cards in America High Savings from Low Rates Low interest rate credit cards provide remarkable significance to Canadian consumers. As household expenses keep on rising at a much faster rate than the earning of income, cuttin Feb 28 2011 credit card application in america Credit Card Application in America All-Purpose Credit Cards The plastic credit card which do have magnetic strip for identification and verification are carried by many people. They are using these credit cards as their wallets or purses which Feb 26 2011 Best Balance Transfer Credit Cards America Best Balance Transfer Credit Cards America A credit card balance transfer basically is moving the debt from one particular card to another credit card. It is regularly an excellent technique to set aside money for savings. Various credit card comp Feb 26 2011 Best MBNA Credit Cards America Best MBNA Credit Cards America MBNA Corporation is the parent company of MBNA America Bank, N.A., which is the United States division of MBNA Corporation, where initially, MBNA means Maryland Bank, N.A. MBNA offers a variety of credit card that Feb 25 2011 Cash Back Visa Credit Card America Cash Back Visa Credit Card America Visa credit cards are today are being offered by countless banks and credit card companies. These cards are presented to a client who doesn’t want to bring cash along with them always but utilize the credit as a Feb 25 2011 cash back mastercard credit card america Cash Back MasterCard Credit Card America Cash Back credit cards under MasterCard offers various types of rewards programs in which the cardholder will receive cash rebates equivalent to the particular percentage of the amount charged to the card o Feb 23 2011 Best Visa Credit Cards America Best Visa Credit Cards America Visa credit cards are offer by many banks and financial institutions. These cards are offered to client who doesn’t want to bring cash with them but instead use credit that their cards contain in their transaction ei Feb 23 2011 what is mortgage payment What is a Mortgage Payment? The Need for a Mortgage Loans Mortgage loans are generally taken by guaranteeing a real estate or any other property. The immovable asset serves as the security for the loan. The borrower has to put together regular ADVERTISING TOOLS Online Advertising Tools E-Promotion Software ARTICLES Fax Broadcasting Blog Article Archives RSS Feed FAX BROADCASTING Our Fax Service Plan Your Fax Campaign Fax Lists Info Document Specifications Prices of Faxing Faxing Scenarios SIC code lookup abrasive fax cash grains fax Canadian Credit Cards Company Profile Disclaimer Website Design and SEO HomeGrown Advertising Inc (1994)	Link Back to This Post Update New Credit Card Regulations Allow Room For Maneuvering Blog Post Date: Mar 03 2010 UPDATE: New Credit Card Regulations Allow Room For Maneuvering By Meena Thiruvengadam Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The credit card game rules have officially changed thanks to new credit card regulations, effective Monday, consumers now have the right to steadier interest rates, "reasonable" penalty fees, and clearer, more informative billing statements. "Credit card customers will see a cessation to many abusive practices that have driven Americans into debt," said Sen. Chris Dodd, chairman of the Senate Banking Committee and chief author of the legislation supporting the new rules, with President Barack Obama and U.S. Treasury Secretary Timothy Geithner also commending the rules. Geithner called them a "critical step forward" for the protection of the consumer while Obama said they tip the balance of power back to the consumer. "We are holding the credit card companies liable," Obama said in a statement. The rules require credit card companies to give consumers forty-five days notice before increasing the interest rates or fees, to apply payments to higher interest balances first and to mail bills at least twenty-one days before payments are due. They also prohibit card companies from increasing rates on customers who pay unrelated bills late. But the rules are not perfect. "Large credit card companies are already coming up with new tricks and traps to juice as much money as possible from consumers," said Travis Plunkett, legislative director for the Consumer Federation of America. Some credit card issuers raised rates and fees in advance before the law takes effect to evade its protections, he said. Plus, card companies still can charge for paper statements, raise minimum monthly payments, and charge whatever fees or interest rates they choose, the Center for Responsible Lending, a nonprofit organization aimed at eliminating financial abuses, said. The loopholes are giving lawmakers, officials and others fodder for their continued push for the introduction of a Consumer Financial Protection Agency, or CFPA. The CFPA has been envisioned as the government's primary means for consumer protection, but it stands in the way for financial sector regulatory reform plans taking shape on Capitol Hill. Consumer groups are supporting Geithner on the issue. Plunkett said credit card consumers need a "cop on the beat" to help restrict abuses by credit card companies. The Center for Responsible Lending said, "Until a strong regulatory regime is in place to restrict abusive practices, consumers will have a hard time tracking all the possible "gotcha" tactics issuers continue to use." VIA WSJ Keyword: Credit Cards Articles from March 2010 More articles from Year 2010 Comments (0)
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