EPC continued that the CFPB’s investigation into credit card rewards began after Senators Dick Durbin and Roger Marshall used the Bureau and the Department of Transportation to target opposition to their proposed legislation that would impose new regulations on credit cards. EPC further highlights that...
The Credit Card Competition Act aims to introduce more competition among credit card payment networks, which proponents argue will help lower the interchange fees that merchants pay. Opponents of the legislation, however, say that doing so could threaten funding for credit card rewards programs. »...
Critics say proposed federal end legislation could spell end of credit card rewardsThe bill's co-sponsor, U.S. Sen. Dick Durbin (D-Illinois) said the naysayers are overblowing its effects. He claimed his proposal would benefit all consumers. CBS 2's Lauren Victory reports.Nov ...
Late fee legislation and litigation In March 2024, the Consumer Financial Protection Bureau issued a rule that would cap credit card late fees at $8. At the time, the maximum late fee allowed by law was $30 for the first ...
WASHINGTON – The National Retail Federation said today’s House introduction of theCredit Card Competition Actshows that the pro-consumer legislation is rapidly gaining momentum in Congress. “Lawmakers from both sides of the aisle and both chambers of Congress are alarmed by how much skyrock...
This legislation has saved consumers money and made it easier to compare credit cards. The CARD Act is not without its critics, some of whom claim it hasn't curtailed abuses by issuers enough, while others feel it has made credit cards more expensive and difficult to obtain. ...
How the Legislation Impacts Consumers By: Marcie Geffner, 9/5/2024 Throughout my life, I've never had significant problems with my credit cards or card debt. That may be because I've had two big advantages: a good financial education and a career as a financial writer. But also, I'...
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from unfair practices that have a real impact on consumers' bottom line. This legislation will guarantee a season of good cheer in New York State by making sure that no New Yorker unfairly loses their accumulated credit card rewards or is shortchanged when buying a gift card for a loved one...
NEW YORK, July 5 (Reuters) – Even as credit card companies rush to raise rates and fees before a reform law takes effect in February, they are moving to reduce one thing – rewards.Card issuers struggling with huge credit losses are making it more expensive and less attractive to redeem ...