Banking, Finance, & Credit Cards

DUH-REGULATION: How regulatory recklessness led to the 21st Century's first economic meltdown

Consider this fact.   Any child under the age of 18 is prohibited from gambling in a casino in most states.   Yet, that same 17 year old can trade in derivative securities with absolutely no prohibitions.   What is the difference between casino gambling and derivative training?   Well, for one,  gambling risks are more readily calculable.    Secondly,  gambling is regulated by individual states.  But derivative trading is exclusively controlled by federal regulators.  And those regulators have very little interest in regulating.  Why is this important?   Because history will likely show that these disinterested regulators contributed mightily to the financial market freezeout that is pushing the world economy into the most serious economic recession in generations.

It is important that Americans know what really caused the financial cataclysm.   Decisions will be made in 2009 based upon what policy makers decide are the root causes of the financial crises that plague our economy.   Knowing the causes are critical to determining the correct fixes.   As will be explained below,  the credit markets' unfettered efforts to keep Americans spending will likely prove to be the primary culprit behind the current credit collapse.

Banks not complying with Credit CARD Act, still raising interest rates

The Credit CARD Act, signed into law in May 2009 has been a source of contention since approval. The prevailing opinion is that the financial institutions that issue credit cards have been raising rates, slashing credit limits, adding fees, removing benefits, and canceling cards outright all ahead of the February implementation date of the Act.

Is every credit card company engaging in this conduct? Having any of them started to comply with the requirements of the Credit CARD Act? Is every card available being impacted?

Consumers denied loan for disputing inaccurate information on credit reports

A Fannie Mae policy puts consumers in a Catch 22. They have to dispute inaccurate information on their credit reports to qualify for loans, but those disputes could be the grounds on which a loan is denied.

Senator moves to impose immediate freeze on credit card interest rates

Senator Dodd is pushing back at the Credit Card companies for forcing interest rate hikes and dropping credit limits on consumers. The question remains whether Congress will follow through.

Is one-time Social Security payment a good idea?

President Obama has proposed a one-time, tax-free payment of $250 for Social Security recipients in 2010 because they will not be receiving a cost-of-living adjustment because of the state of the economy. Is this a good idea?

 

UCAN urges Congress to adopt the Consumer Financial Protection Agency Act

Congress is considering the creation of the Consumer Financial Protection Agency. UCAN urges its adoption as not only in the best interest of the consumer, but also the financial industry.

Some grocery stores close the register on personal checks

Cancelled checkPaying for groceries with a personal check may soon become a thing of the past. READ MORE.

2009 delivers new rights to banking and credit card victims

Breaking News: Congress actually got something done this year to protect consumers. REA

Credit Cards interest rates from fixed to variable

The credit card companies are adopting yet another method to change interest rates at their whim and circumvent the regulation adopted in the Credit CARD Act. Welcome back the variable interest rate.



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