As Donald Trump retakes the reins of power, the uncertainty over who occupies the White House is over. Republicans are retaking the Senate, and the House is still up for grabs as of Wednesday morning (Nov. 6). There’s at least some uncertainty removed from the...
U.S. Sen. Dick Durbin of Illinois is supporting an Illinois law that will bar the charging of interchange fees on the tax and tip portions of credit and debit card transactions. Durbin, who is U.S. Senate majority whip and author of the Durbin Amendment, filed...
Credit card issuers reportedly have been raising interest rates on the cards and adding new fees to make up for revenue they may lose from a cap on late fees. These moves have contributed to the average credit card interest rate being near the highest...
The Consumer Financial Protection Bureau (CFPB) sued Horizon Card Services and its CEO Robert Kane Friday (Sept. 13). The CFPB alleged that the company used deceptive marketing, charged illegal and excessive fees, and made it unreasonably difficult for consumers to cancel memberships and obtain refunds,...
June 10, 2024
Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and the House Financial Services Committee Thursday (June 13) to present “The Semi-Annual Report of the Consumer Financial Protection Bureau.” But there’s a chance that the […]
May 09, 2024
The laws of physics dictate that for every action, there is a reaction. As Tuesday (May 14) looms, with a new rule from the Consumer Financial Protection Bureau (CFPB) slated to take effect that...
March 05, 2024
Call it a form of fixed pricing in the banking industry. Financial services are joining the ranks of segments, such as pharma, where there are rules governing what enterprises can...
November 24, 2024
President-elect Donald Trump and congressional Republicans are reportedly considering sweeping changes to the Consumer Financial Protection Bureau (CFPB). The GOP hopes to curtail the powers and funding of the CFPB, the Washington Post reported Sunday (Nov. 25), putting them in the same camp with banks, credit card and mortgage lenders and other big financial companies. […]
October 08, 2024
U.S. Sen. Dick Durbin of Illinois is supporting an Illinois law that will bar the charging of interchange fees on the tax and tip portions of credit and debit card...
October 07, 2024
Credit card issuers reportedly have been raising interest rates on the cards and adding new fees to make up for revenue they may lose from a cap on late fees....
August 25, 2024
The Biden administration’s anti-junk-fee campaign is targeting the restaurant sector. But as CNBC reported Sunday (Aug. 25), restaurateurs are trying to avoid this fight. The report, citing data from the...
