Four Democratic Senators are asking the Federal Reserve to increase the transparency in business credit card ads.
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Senators Calling For Greater Transparency In Business Credit Cards
by Smartvoicegr Question by Brad: Why are many people inaccurately calling the Federal Reserve a libertarian.
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Why are many people inaccurately calling the Federal Reserve a …
http://xfinity.comcast.net/articles/finance/20110609/US.Home.Equity/
Falling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61 percent a decade ago.
Yet they keep saying we are on the rebound,someone is fibbing.
The Federal Reserve has added one more change to the credit card rules in a market already reeling from sweeping shifts mandated by Congress. The addition is this: credit card companies must consider only individual income, …
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Payday Loan Online Providers: New Credit Card Rule Could Keep Moms …
I guess Government knows best who should get credit and who should be denied…..we are far to stupid to determine that on our own.
I imagine their may be quite a few husbands happy with the new rules….no out of control spending….and no way for the little woman to establish a credit history on her own and possibly leave them.
Unintended or Intended Consequences?
No income? You could be denied under Fed’s proposed rule
“Should those who do not earn independent income, but very likely have access to a spouse’s earnings, be able to have a credit card in their own name? Should there be any special limits on cards for those without independent income?”
I asked those questions because the Federal Reserve has proposed rules that could prevent stay-at-home spouses without their own income from getting a credit card. Current rules allow issuers to consider an applicant’s household income, but the proposal would force issuers to focus on each person’s income source. The rules would come into play before opening a new account or increasing the credit limit on an existing account.
While the Fed is looking to implement a sound system — the proposals would clarify prior rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 — some observers worry that this proposal goes too far.
“We are concerned that the board’s proposal will hamper a stay-at-home mom’s ability to establish her own independent credit history by applying independently for a card,” according to a letter from Democratic Reps. Carolyn Maloney and Louise Slaughter, both of New York. “Many stay-at-home moms have a strong work history, yet the proposed regulations ignore their demonstrated credit-worthiness because of their lack of current market income.”
Maloney and Slaughter, who played key roles in the creation of the credit-card law, said the stakes could be particularly high for those in abusive relationships: “Women trapped in abusive marriages may be unable to work due to a controlling spouse, a hallmark of relationships characterized by domestic violence. The availability of an independent credit card may represent her best chance at establishing independence and a path out of a dangerous relationship.”
While the Fed acknowledged that the proposals could affect consumers whose sole source of income currently is a spouse’s income or assets, the agency said it is focused on establishing safe standards.
“The board has previously concluded that it would be inconsistent with the intent of the Credit Card Act for a card issuer to issue a credit card to a consumer who does not have any income or assets,” according to a public notice from the Fed
Ethical breaches
The damning report criticised the extent of the financial deregulation overseen by the former chairman of the Federal Reserve, Alan Greenspan.
It concluded that the crisis was caused by a number of factors:
It added that “collapsing mortgage-lending standards” and the packaging-up of mortgage-related debt into investment vehicles “lit and spread the flame of contagion”.
These complex derivatives, which were traded in huge volumes by major investment banks, then “contributed significantly to the crisis” when the mortgages they were based on defaulted.
The report also highlighted the failures of the credit ratings agencies in recognising the risks involved in these and other products.
“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done.”
Phil Agelides, U.S. Financial Crisis Inquiry Commission
http://www.bbc.co.uk/news/business-12297002
Plus, A BBC Video Report:
“Who is to Blame for the Crisis?”
http://www.bbc.co.uk/news/science-environment-12295710
Who is regulating the Regulators?
The Federal Reserve Board has issued a proposal to limit debit card “swipe fees” to as little as 7 cents per transaction, and to cap them at 12 cents.
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Fed Proposal Would Cut Debit Card Fees by 70% – Online Credit Card …
Hunt Down Your Credit Card Contract Online . Hey, you can now look up your credit card contract online . There’s a searchable database over at the Federal Reserve that lets you check them out in both text and PDF form
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Efinditnow » Hunt Down Your Credit Card Contract Online
Hey, you can now look up your credit card contract online . There’s a searchable database over at the Federal Reserve that lets you check them out in both text and PDF form. Handy if you want to check out what you’re getting into before …
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Hunt Down Your Credit Card Contract Online – The Consumerist
This month, the Federal Reserve began to maintain on its web site a searchable database of credit card agreements. With terms and conditions becoming ever more complicated, that could prove useful.
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» Credit Card Terms–Your Agreement Online | ICC Credit Card News
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