Federal Government Will Accept Apple Pay in September

The United States federal government has given the mobile payment industry, and specifically Apple Pay, a major vote of confidence. On Friday, Apple's CEO Tim Cook announced at the cybersecurity summit that Apple Pay will be accepted as a payment method … Continue reading

LowCards.com Weekly Credit Card Update–February 13, 2015

Why Some People Still Have Hidden Bank or Credit Card Accounts More than 7 million Americans, including 4.4 million men and 2.8 million women have hidden a bank or credit card account from their live-in spouse or partner, according to … Continue reading

President Obama Hosts Cybersecurity Summit at Stanford Today

President Obama is hosting a cybersecurity summit today at Stanford University, bringing together government and industry representatives to discuss ways to improve national security against cyber attacks. Discussion topics will range from public education to the development of more secure … Continue reading

LowCards.com Weekly Credit Card Update–January 16, 2015

Obama Seeks Laws on Data Hacking, Student Privacy President Barack Obama wants Congress to pass legislation requiring companies to inform customers within 30 days if their data has been hacked, a move that follows high-profile breaches at retailers including Target, … Continue reading

President Wants Laws on Student Privacy, Hacking Notification

The rash of data breaches has tested the patience of the President of the United States. Yesterday, President Barack Obama took steps to counter identity theft by calling for laws to protect the personal data of students and require notification … Continue reading

LowCards.com Weekly Credit Card Update–October 24, 2014

Staples Investigates Reports of Possible Credit Card Data Breach The world's biggest office-supply retailer is investigating reports of a possible data breach of Staples customers' credit cards after banks detected a pattern of unusual charges concentrating on a group of … Continue reading

Even a President’s Credit Card Can Be Declined

Even President Obama has had to face the embarrassment of getting his card declined. Last month, Obama's credit card was declined at Estela in downtown Manhattan while the President was preparing for the annual United Nations General Assembly. "It turned … Continue reading

President Obama Tightens Security on Government-Issued Debit Cards

Even the federal government is feeling uneasy about the security of debit and credit cards. Reacting to the incredible number of data breaches at major retail chains, the United States government will now require that all federal benefits issued via … Continue reading

LowCards.com Weekly Credit Card Update–June 13, 2014

Credit Card Use Surges in AprilAmerican consumers threw caution to the wind in April and ran up their credit-card balances at the fastest pace in almost 13 years. The amount of outstanding revolving credit--a figure that’s mostly credit card debt--rose … Continue reading

LowCards.com Weekly Credit Card Update–June 6, 2014

Debt Collectors Have Figured Out a Way to Seize Your Wages and SavingsPeople with overdue bills have long complained of harassment from debt collectors, from late-night phone calls to frightening in-person visits. Now it appears the industry has found far … Continue reading

LowCards.com Weekly Credit Card Update–October 4, 2013

CFPB Targets Banks' Campus Deals The Consumer Financial Protection Bureau is concerned that deals between banks and colleges steer students toward checking accounts and debit cards that come with high fees or other costs. Schools and the banks say any fees and other … Continue reading

Boehner Says Debt Due to Spending Problem

So many Americans finds themselves in financial trouble as a result of not being able to control their spending. According to the Speaker of the House, our country is in financial hot water for the same reason. John Boehner recently … Continue reading

A Different Way to Pay Back Student Loans

The government offers a variety of ways for students to pay back their federal loans, yet according to a study by the Consumer Financial Protection Bureau, two-thirds of borrowers are on the standard 10-year repayment plan. The remaining one-third of … Continue reading

LowCards.com Weekly Credit Card Update–August 23, 2013

Capital One Makes Commercial Lending Push with Beech Street Acquisition Capital One is acquiring Beech Street Capital as it aims to grow beyond consumer lending. Capital One, one of the country's largest credit card issuers, has expanded through acquisitions over the … Continue reading

LowCards.com Weekly Credit Card Update–July 19, 2013

Wells Fargo Eyes a Credit Card Push Wells Fargo has the most retail banking branches in the country, and makes the most mortgages, small business loans, commercial real estate loans and auto loans, but it is small in credit cards. … Continue reading

Senate Approves Cordray as CFPB Director

Two years after the creation of the Consumer Financial Protection Bureau, the agency finally has a permanent Director. Today, the Senate voted 66-34 to confirm Richard Cordray as Director of the CFPB. He has been serving as the acting director … Continue reading

Interest Rates on Student Loans Set to Double on Monday

Student loan rates will double on Monday, July 1 from 3.4% to 6.8% since Congress and the President failed to come to an agreement on a way to lock in a lower rate. The issue has been a heated debate but Republicans, … Continue reading

CFPB Issues Ruling on Disclosure of ATM Fees

The Consumer Financial Protection Bureau has issued a new rule regarding the disclosure of ATM fees. ATM operators will be required to provide consumers with either an on-screen disclosure or a printout of applicable fees for using an ATM machine. These … Continue reading

Senate Committee Approves Cordray to Head CFPB

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

Senate Confirmation Hearing Set for CFPB Director

Richard Cordray, the current director of the Consumer Financial Protection Bureau, will face the Senate Banking Committee on Tuesday, March 12, on his re-nomination to head the agency. Cordray was nominated by President Obama in January but his confirmation has … Continue reading

Battle on Cordray’s Nomination Continues Along Party Lines

The re-nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau remains a political hot button. Cordray can be confirmed by majority vote in the Senate, but a minority of 40 Senators can block an agreement to hold … Continue reading

LowCards.com Weekly Credit Card Update–February 15, 2013

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

Actions by CFPB Could be Ruled Invalid

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

LowCards.com Weekly Credit Card Update January 25

With Cordray Nomination, Obama Renews Fight With GOP President Obama renominated Richard Cordray for head of the Consumer Financial Protection Bureau on Thursday. Cordray is currently serving in the post thanks to a recess appointment. A year and a half ago, … Continue reading

Obama Re-Nominates Cordray to Head CFPB

President Obama today re-nominated Richard Cordray as director of the Consumer Financial Protection Bureau. This will be Cordray's first permanent term. He was selected for the post as a recess appointment in January 2012, which did not require Senate confirmation. … Continue reading

How the Fiscal Cliff Could Affect Your Credit Card

The fiscal cliff is getting closer to becoming a reality. The members of Congress and President Obama still seem far apart. Statistics and projections show the painful consequences with tax increases for many consumers. Higher tax payments will be bad … Continue reading