Foreclosure Nation

WASHINGTON -- The Federal Reserve delivered the punchline Wednesday to the year-long joke that has been the lobbying blitz over debit card swipe fees. Amid heavy Wall Street pressure, the Fed nearly doubled the amount it will allow banks to charge retailers and consumers under a new regulation while...

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WASHINGTON — Fees paid by retailers to banks for debit card purchases, a $20 billion annual expense that has been the subject of a furious political battle over the last year, will be cut in half after the Federal Reserve voted Wednesday to cap the charges. The cap was mandated last year in the Do...

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Yesterday, something rare happened in Washington. Main Street beat Wall Street. Consumers beat lobbyists. Small business defeated big banks. Despite weeks of hyperbolic ad campaigns and a lobbying blitzkrieg, the Senate reaffirmed its decision to limit the "swipe fees" that banks charge businesses f...

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Banks lost a key battle on Capitol Hill on Wednesday to preserve billions of dollars in debit card fees, despite a lobbying blitzkrieg that tested the industry’s ability to move beyond the stigma of the financial crisis. A proposal by Sen. Jon Tester (D-Mont.) to delay and rewrite a law that curtai...

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MIAMI BEACH, Florida For the first time in years, credit card executives are looking beyond the losses of the financial crisis -- and they're even losing less sleep over the prospect of tighter government oversight. Losses from credit defaults keep falling, an explosion in smartphone payment syste...

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Put another nail in the coffin for debit card rewards. Chase is notifying customers that they will no longer be able to earn points after July 19. The points accrued up until then will not expire. Chase had already closed off enrollment in the rewards program to new customers as of Feb. 8. Backgro...

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WASHINGTON — It seemed a good idea last year, when the financial crisis had turned banks into Public Enemy No. 1 and lawmakers were looking for ways to reward consumers still bitter about billion-dollar bailouts and executive bonuses. Without much warning or debate, the Senate passed an amendment ...

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American shoppers did not shed their reliance on credit cards over the year-end holidays. While the average debt on credit cards in December decreased by 4 percent compared with the same month a year before, Americans still carried an average of $4,284 on credit card statements in December 2010, a...

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A rule change being considered by the Federal Reserve Board could have a big effect on banking services millions of us use every day, and on whether low-income Americans are able to access those services. It's important that the Fed approach this decision in a way that protects consumers. The propo...

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NEW YORK — It pays to be rich if you need a credit card. A year after sweeping credit card regulations upended the industry, banks are showering perks and rewards on big spenders with sterling credit scores. And they're socking customers with spottier histories with higher interest rates, lower cre...

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One year ago on February 22, 2010, the epic Credit CARD Act took effect, which aimed to reform the entire credit card industry and help young people under age 21 steer clear of credit card dangers. Now one year later, was the CARD Act a success? The simple answer: yes and no. Studies publishe...

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NEW YORK — Credit card interest rates are climbing. It's just not clear exactly why. A study released Tuesday suggests that today's higher rates are mainly a reflection of the struggling economy. That's contrary to the credit card industry's refrain that tighter regulations have forced banks to pas...

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New credit card rules in the Credit CARD Act of 2009 are making credit card pricing significantly clearer, a new CRL research report finds. This means lower costs for consumers, by spurring competition and making it harder for issuers to manipulate or arbitrarily raise prices. The report, “Credit ...

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NEW YORK — Credit card interest rates are climbing. It's just not clear exactly why. A study released Tuesday suggests that today's higher rates are mainly a reflection of the struggling economy. That's contrary to the credit card industry's refrain that tighter regulations have forced banks to p...

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• Comments

New credit card rules in the Credit CARD Act of 2009 are making credit card pricing significantly clearer, a new CRL research report finds. This means lower costs for consumers, by spurring competition and making it harder for issuers to manipulate or arbitrarily raise prices. The report, “Credit ...

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• Comments

In December, consumer credit card debt increased for the first time since 2008, according to the Federal Reserve, another strong indication that the American economy is in full recovery mode. The Federal Reserve's latest snapshot of consumer credit statistics also showed Americans accumulating more...

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Transactions would substantially reduce the cost for businesses. But it's started a death watch for debit card rewards and renewed predictions that free checking is done for. At issue is who will ultimately benefit from the savings? The Federal Reserve's proposal to cap these fees, officially kn...

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Though banks are again offering credit cards to risky borrowers, not everyone is biting. "I will never, ever have another credit card," Carole Carroll, a New Yorker in her fifties working in finance, said. "It's either I have the cash in my hand or I'm moving back in with my mother." Carole, and ...

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Credit card delinquency rates fell at major U.S. lenders in November as fewer consumers fell behind on their bill payments, signaling that they are recovering from the stress of the financial crisis. But consumers are also avoiding racking up more debt on their credit cards, even during the ho...

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A Florida woman who fell behind on her car payments is suing the company she claims has been using Facebook to contact her family members in a campaign to embarrass and intimidate her into paying the debt. When Melanie Beacham of St. Petersburg had to take a medical leave of absence from her job th...

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