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The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the ...
Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3] Merchants lobbied heavily for a rule to limit debit card swipe fees. [4] They accomplished this when the Durbin amendment passed with the Dodd-Frank financial reform legislation on July 21, 2010. [5]
The credit card reform law, otherwise known as the CARD Act, goes into effect on the 22nd of this month, and it's going to change a lot of things about the way your credit card issuers treat you.
The credit card reform bill, otherwise known as the Credit CARD Act, goes into effect next month (on February 22, to be exact). While there's a lot to be grateful for in this legislation, there ...
It's no secret that the finance industry isn't really a fan of the new credit card reform rules, aka the CARD Act. On Wednesday, the American Bankers Association (ABA) hosted a conference call ...
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. [1] The law overhauled financial regulation in the aftermath of the Great Recession , and it made changes affecting all federal financial regulatory agencies and almost every ...
Jillian Berman, The Huffington Post Even though last year's financial reform was supposed to make credit cards more transparent, consumers are still complaining about interest rates, billing ...
Senate and House negotiators reached agreement early Friday morning on the most sweeping overhaul of financial regulation since the Great Depression. Consumers came out the big winners, with the ...