Spike in Consumer Spending Spells Danger

Staff / Truthdig Aug 15, 2011 Consumer borrowing shot up $15.5 billion in June -- three times more than projected -- in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion -- the largest jump since spring of 2008. (more) Dig deeper ( 2 Min. Read )

New Credit Card Rules Go Into Effect

Staff / Truthdig Aug 22, 2010 New rules curbing credit card company shenanigans took effect Sunday, as restrictions on “unreasonable late payment and other penalty fees” will now block the companies from charging excessive levies if users, to cite just one choice example, do not use their cards. Dig deeper ( 1 Min. Read )

Wall Street Reform Stalls in Senate

Staff / Truthdig May 20, 2010 By day's end Wednesday, our chums over at the U.S. Senate hadn't moved much closer to the finish line in dealing with the financial regulation bill, to the chagrin of some senators and, no doubt, the satisfaction of others. Dig deeper ( 1 Min. Read )

Retail Debit Fees May Be Capped

Staff / Truthdig May 15, 2010 The beleaguered banking industry suffered yet another blow Thursday evening after the Senate voted to impose price controls on debit transactions, a move that follows years of begging by retailers for governmental limits on the high charges demanded by banks every time a consumer swipes a debit card. The amendment is in a bill that still must win Senate approval. Dig deeper ( 1 Min. Read )

Poll Indicates Americans Are Ready for Financial Overhaul

Staff / Truthdig Apr 27, 2010 President Obama and his allies won't have an easy time as they attempt to do some major renovations of our financial system, but according to a new Washington Post-ABC News poll, they at least have the support of the majority of Americans. Dig deeper ( 1 Min. Read )

‘Daily Show’: Bank of America

Staff / Truthdig Feb 25, 2010 Credit card reform is great and all, but there's another problem that legislation can't exactly remedy: Americans' supersized spending habits. Oh, and since Congress gave banks nine months of lead time before enacting the Credit Card Accountability, Responsibility and Disclosure Act, those wily financial institutions were ready with a set of new tricks to part customers with their hard-earned cash. Dig deeper ( 1 Min. Read )

Frank Hails ‘Major Breakthrough’ in Financial Regulation

Staff / Truthdig Oct 23, 2009 On Thursday, the House Financial Services Committee voted in favor of a bill aimed at creating the U.S. Consumer Financial Protection Agency, a watchdog organization designed in response to President Barack Obama's call for greater oversight and regulation of banks and other financial companies in light of the past year's economic implosion. Dig deeper ( 2 Min. Read )

Obama Pushes Consumer Watchdog Agency

Staff / Truthdig Oct 10, 2009 President Barack Obama went on the offense Friday to reassert the need for a new consumer watchdog agency, the Consumer Financial Protection Agency, to keep tabs on financial institutions and to keep consumers from getting caught up in more mortgage disasters and high-interest credit card schemes. Dig deeper ( 1 Min. Read )

New Credit Card Rules Activate

Staff / Truthdig Aug 21, 2009 With the folksy charm of a timeshare salesman, Austan Goolsbee of President Obama's Council of Economic Advisers outlines some of the new credit card rules, which began taking effect Thursday. Dig deeper ( 1 Min. Read )

Got Good Credit? Too Bad

Staff / Truthdig May 19, 2009 Those credit card holders who pride themselves on paying their bills on time, and who have enjoyed rewards in the past for so doing, are in for an unpleasant surprise: They may soon be targeted by the very companies that used to ply them with perks. Dig deeper ( 1 Min. Read )

‘Left, Right & Center’: Torture, Credit Cards and Chrysler

Staff / Truthdig Apr 25, 2009 Even Fox News' Shep Smith said it: America doesn't torture although the recently released set of torture memos belies that declaration Meanwhile, President Obama's none too pleased with credit card companies, and Chrysler has hit the skids Was there any good news this week? Tony Blankley thinks so. Dig deeper ( 1 Min. Read )

You Can’t Teach an Old Predatory Lender New Tricks

Staff / Truthdig Apr 14, 2009 Like an abused spouse, America continues to stand by the banks, hoping they'll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending. Dig deeper ( 1 Min. Read )