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Federal Reserve
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Not wise to bail out reckless investors
Last summer, the bill started to come due on our debt-fueled economy. We should have let it - and let reckless speculators, subprime lenders and banks finally get what they had coming. But instead, the… -
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The Fed’s Thaw
The Federal Reserve Board’s clout isn’t what it was during Alan Greenspan’s glory days. Back then, the Fed looked and acted all-powerful (even though it wasn’t). Now it’s visibly failing to unfreeze key debt markets… -
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The Fed aims at credit cards
After growing consumer complaints about hidden fees and other tricks of the credit card trade, the rules proposed by the Federal Reserve on Friday to deal with unfair or deceptive practices are a modest step… -
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Banking regulators target credit card abuses
Representatives of national consumer organizations today applauded federal banking regulators for proposing initial rules to curb some abusive credit card lending practices. The groups also called on Congress to provide additional consumer protections not proposed… -
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Overdue first step to curb credit card abuses
For years, neither regulators nor lawmakers have taken much notice as consumers cried for help against unfair credit practices. Card issuers were left free to jack up rates and already record-high fees and penalties, both… -
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Consumer Action comments on Fed credit card proposals
Consumer Action today submitted comments on the Federal Reserve’s proposed rule changes under Regulation AA - Unfair or Deceptive Acts or Practices [R-1314] and Regulation Z - Truth in Lending [R-1286]. In its comments, which… -
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Listen to the 56,000 [credit card comments]
When the Federal Reserve asked for comments on its proposed rules on abusive credit card practices, an astonishing 56,000 poured in. Most were from outraged consumers. They told of interest rates skyrocketing when they paid… -
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New credit card rules will help rebalance lopsided system
For the first time, credit cardholders will have new protections against some of the most unfair and costly industry practices. New federal rules will reduce abusive interest rate increases, limit late fee traps and allocate… -
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The credit card trap
It’s only fair. The federal government is doing everything it can to restore the nation’s banks to health. In return, Congress should require those banks to give their credit card customers a better break. As… -
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Credit card database is comprehensive, mystifying
The Federal Reserve on Monday introduced an online database listing the terms and conditions of more than 300 credit card issuers to help consumers find a card that best suits their personal finance needs. But… -
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Consumer Financial Protection Bureau closer to reality
House and Senate negotiators closed in on an agreement Tuesday that would create a new consumer protection agency, one of the main components of the sweeping rewrite of financial industry rules. In response to furious… -
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BofA readies for an era of reasonable fees
Bank of America this week said it’s reducing the value of the company by more than $10 billion because of recent financial reform that limits the amount the bank can charge to process debit-card transactions.… -
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Funciona el rescate en grandes bancos
WASHINGTON - El rescate de Wall Street ha funcionado, al menos para los cinco mayores bancos de EEUU, que van camino de vivir uno de sus mejores años en una bonanza que contrasta con el… -
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Fed seeks to cut fees banks charge retailers for debit card purchases
In a move that could cut profits for banks and other financial institutions, the Federal Reserve Board has proposed slashing the fees retailers pay for debit card transactions by up to 90%. Banks and transaction… -
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15 of 19 big banks pass Fed’s latest stress test
The Federal Reserve had a key take-away from the latest round of stress tests: most big banks are in good shape. On Tuesday, the central bank said that 15 of the 19 largest financial firms…
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