April 12, 2012 |
The Consumer Financial Protection Bureau on Thursday proposed reversing a ban on exorbitant credit card sign-up fees, frustrating consumer groups and raising questions about the scope of the agency's authority. At issue are "fee-harvester cards" that are targeted at consumers with poor credit histories. The cards typically come with low limits, high fees and interest rates of up to 36 percent. Congress tried to rein in those costs three years ago as part of its sweeping retooling of the...
March 30, 2011 |
In her perpetual campaign to win over the many opponents of the new Consumer Financial Protection Bureau, Elizabeth Warren has crisscrossed both the capital and the country for months, meeting with bankers and business owners and lawmakers. On Tuesday, that quest took her only several blocks to the headquarters of one of the agency's most ardent critics, the U.S. Chamber of Commerce, which spent millions of dollars and countless hours trying to prevent the creation of the consumer...
May 8, 2013 |
In 2002, the U.S. military had just two kinds of camouflage uniforms. One was green , for the woods. The other was brown , for the desert. Then things got strange. Today, there is one camouflage pattern just for Marines in the desert . There is another just for Navy personnel in the desert. The Army has its own " universal " camouflage pattern, which is designed to work anywhere. It also has another one just for Afghanistan, where the first one doesn't work.
September 24, 2012 |
Discover Financial Services, one of the nation's largest credit-card issuers, will refund $200 million to 3.5 million customers it led into buying costly and unneeded credit-card products, federal regulators announced Monday. In some cases, customers were enrolled in the payment-protection plans and other products without their consent. Discover provided scripts to call-center agents that suggested customers would not be charged until they had reviewed written materials....
January 21, 2012 |
If you look carefully — and you probably haven't — at the fine print in your credit card agreement or in many of the consumer contracts you sign, you'll probably find a provision that says if you have a dispute and want your day in court, you're out of luck. Instead, you are forced to go to binding arbitration. Businesses love arbitration. Companies argue that it keeps legal costs down and can limit class-action lawsuits, which they warn can result in higher consumer prices. But consumer advocates...
September 5, 2013 |
ENACTED THREE years ago, the Dodd-Frank financial reform law remains a work in progress, as federal bank regulators attempt to convert its broad mandates into operational rules . Alas, special-interest groups are busily bending the rule-making process to their advantage. Case in point: the recent announcement of a proposed regulation that would weaken Dodd-Frank's main mechanism for avoiding another meltdown in the mortgage-backed-security market. To the bill's authors, a key cause of the...