The U.S. Government Accountability Office recently issued a report stating that ATM fees have risen considerably in the last five years. In 2012, the average cost of using an ATM outside your bank's network was $2.10, an increase of 20 … Continue reading
The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading
After this week's confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as … Continue reading
The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading
N.J. Calls Off Credit Card Pitches to Students at Public Colleges Companies that issue credit cards can no longer market them to students at New Jersey public colleges under a law Gov. Christie signed Thursday. The new law prohibits public … Continue reading
A total of eleven state attorneys general are now part of the lawsuit that challenges the constitutionality of sections of the Dodd-Frank Act and the Consumer Financial Protection Bureau. The plaintiffs claim that the Act has no effective checks and … Continue reading
Enforcement actions against credit card issuers and new mortgage guidelines instituted by the Consumer Financial Protection Bureau may now be in jeopardy. Last Friday, a three-judge panel of the U.S. Court of Appeals unanimously agreed with Republican lawmakers that the … Continue reading
Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading
Bank of America’s Plan to Drive Mobile Banking Beyond 12 Million Users As part of a drive to sign up more people for mobile banking, Bank of America is outfitting its teller stations with quick response (QR) codes that can … Continue reading
The Consumer Financial Protection Bureau's ombudsman has released its first annual report. The Bureau's Ombudsman office was established as part of the Dodd-Frank Act in December 2011. The office, headed by Wendy Kamenshine, advocates for a fair process as between … Continue reading
Battle Plan Shifts on Dodd-Frank President Barack Obama's victory means the 2010 Dodd-Frank law will stand. But the finance industry could still cut some parts of the law because changes now are politically less risky for the administration and Democrats in … Continue reading
U.S. Credit Card Lenders Shun Add-Ons as CFPB Cracks Down Chase, Bank of America and American Express are among credit card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation. Scrutiny … Continue reading
It has been exactly one year since the debit card swipe fee regulations reduced the interchange fee that merchants paid to banks and card processors. Retailers and merchants appear to be the big winners from this reduced fee that resulted … Continue reading
Moms May Benefit From Credit Card Rule Fix For certain moms with trouble getting plastic, help is on the way. A federal agency is aiming to fix a rule that's making it difficult for spouses without their own incomes to … Continue reading
Three states have joined a lawsuit that challenges the constitutionality of a portion of the Dodd-Frank law. The attorneys general of Oklahoma, South Carolina and Michigan filed a complaint last week, saying a portion of the 2010 law--the Orderly Liquidation Authority--gives … Continue reading
Retailers reached an antitrust settlement on interchange fees with Visa, MasterCard and several large banks that will be good for merchants but might penalize cardholders with higher prices or decreased credit card rewards. The $7.25 billion dollar settlement allows retailers to … Continue reading