President Obama is reportedly planning to name Richard Cordray as director of the Consumer Financial Protection Bureau in a recess appointment today, which means the drawn-out Congressional standoff over Cordray’s nomination to head the watchdog agency may be drawing to a close.
Credit Card reform
Another Congressional Standoff Leaves Consumers Vulnerable
The Senate is scheduled to take a procedural vote concerning the nomination of Richard Cordray to head the Consumer Financial Protection Bureau today, and pundits are predicting failure. A group of 44 Republican Senators have …
CFPB Will Tackle Credit Card Issues Soon, Advocates Predict
The Consumer Financial Protection Bureau officially opens its doors today. Conceived in the wake of the subprime meltdown and the subsequent financial market crash, the CFPB was envisioned as a financial services version of something like the Consumer Product Safety Commission, except that instead of pulling lead-tainted toys or …
New Reward Programs Coming to a Card Near You
Traditionally, banks have paid for reward programs with fees they earn elsewhere in their business. But the Credit CARD Act of 2009 and interchange and overdraft fee reform all cut into this revenue. The type of reward program …
Could Your Credit Card Be Sold?
London-based HSBC Holdings PLC is reportedly trying to sell its U.S. credit card portfolio to focus more on emerging markets. The company isn’t having much luck so far, in part because it’s a big issuer of retail-branded credit cards in the U.S. These cards tend to be accessible to people who have lower credit scores and are more likely …
Billion-Dollar Swipe Fee Battle Inches Toward Senate
Senator Jon Tester, the Montana Democrat who kicked off a flurry of lobbying from retailers and bankers when he sponsored legislation to delay the implementation of a reform on debit interchange or “swipe” fees, took to the Senate floor along with his co-sponsors today to present a proposal.
