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.

UCAN: One phone call can create systemic change

Through your complaints and phone calls to UCAN, your stories create systemic change. Watch this video to learn more about the people who work at UCAN and their unyielding dedication to consumer justice.

Special Thanks to Meskerem K. Abera, Charles Bartlett, Serafeim P. Masouredis, Eric Taylor for sharing their stories with UCAN.

This video was produced by the New Media Rights Studio, a service of UCAN's affiliate New Media Rights.

North American Sweepstakes Scam

The North American Sweepstakes scam is a form of the Nigerian money scam.  Somehow these off-shore thieves are printing checks with the names of legitimate companies that have nothing to do with the scam.  If you are cold-called or emailed about winning large sums of money where you're asked to send money, hang up and/or delete the email.  They target seniors and low-income persons.  Don't be a victim for this fraudulent scheme. 

Feds sending $250 checks to Medicare Part D seniors

Some senior citizens enrolled in Medicare Part D will receive $250 checks from the federal government in June to help them with the expense of falling into the Part D prescription drug "doughnut hole." The payments are part of the recently passed health care reform legislation, that, eventually, will do away with the despised "doughnut hole" completely.

Health and Human Services Secretary Kathleen Sebelius said eligible seniors do not have to do anything to get this check and she cautioned seniors to be careful about scam artists asking for personal information.

Seniors enrolled in Medicare Part D fall into the so-called "doughnut hole" when their prescription costs exceed $2830. They then have to pay the full cost until their out of pocket reaches $4,550. Sebelius said that more than 4 million seniors affected by the "doughnut hole" will receive checks as the program rolls out.

Consumer Finance Protection Commission -- Watch President and his predecessors in a lively debate

Jim Carey as Reagan, Chevy Chase as Ford, Dana Carvey as Bush Senior, Fred Armison as Obama, Darrell Hammond as Clinton, Will Ferrel as G.W. Bush
Watch this video of a six-president debate on the proposed Consumer Finance Protection Agency might go.  More.

LTD Financial Services, LP Debt Collectors Consumers Beware

Consumer beware.  LTD Financial Services, LP is a debt collection company that appears to harass and use abusive collection tactics on consumers whether they owe a debt or not.  One of our UCAN senior members was a victim of this practice. Our Chinese senior complainant was called incessantly and neighbors and family members were called to try to humiliate her into paying this debt.   Read More!

2010: Understanding the new Credit Card Rules

Starting February 24, 2010, a number of changes in credit card issuer practices took effect.   Some of them are fairly well known by now.   Some aren't.  An exploration of the provisions of the Credit CARD Act that no one is talking about could have a bigger impact on consumers than the more popular parts.

The Silence of the Hams - why the silence of the University of Chicago?

We must ask the question: Why the silence of the University of Chicago?  Yes, Good Morning America's annual boycotting of UCAN's annual Big Oil Hog event is predictable, but the stewards of the "Chicago School" of econmics are notable in their lack of commentary on the the Big Oil Hog's amazing predictions. Could it be academic jealousy of the predictions made by the ultimate capitalist swine? More.

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.



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