FDIC Says New Banks Pose Greater Risk
August 28, 2009 | Uncategorized | Comments (0)Reuters reports that the FDIC is extending the strict supervision period for new banks because new institutions pose a greater risk.
Over 400 Banks on FDIC “Sick List”
August 28, 2009 | Uncategorized | Comments (0)Wall Street Journal reports.
Consumer Confidence Improves
August 28, 2009 | Uncategorized | Comments (0)MarketWatch reports.
Legislation Introduced in Wisconsin
August 28, 2009 | Wisconsin, local issues, regulation | Comments (3)State Rep. Gordon Hintz has introduced legislation to cap interest rates in Wisconsin at 36%, which would effectively ban payday lending and leave consumers with a need for short-term, small dollar loans out in the cold.
When efforts to regulate hurt consumers
August 27, 2009 | alternatives | Comments (0)The Examiner discusses the unintended consequenses of credit card reform…
New rules signed into law will affect credit card companies, eliminating some practices which used to be legal. The legislation was signed May but does not go into effect until July, 2010. This gives credit card companies a great deal of time to stick it to you, and they are not delaying – they are doing it now.
Frank focused on reshaping US finance
August 26, 2009 | Uncategorized | Comments (1)In today’s Boston Globe
Missouri’s Roger Ray is misguided
August 26, 2009 | Missouri | Comments (0)In his op-ed, Mr. Ray writes, ”I wish that I could write every column I publish, every week, about the long over due reform of Missouri’s laws on payday and title loans.” While we applaud his energy, his efforts would be better spent actually helping consumers, not trying to take away an option that they very much appreciate.
How to avoid the fees draining your bank account
August 25, 2009 | alternatives | Comments (0)
In her column, Jean Chatzky writes,
Banks have already figured out that they stand to lose big bucks in interest and fees because of the federal Credit Card Accountability, Responsibility and Disclosure Act.
Not surprisingly, they’re looking for ways to make up that ground even though much of the law doesn’t take effect until February. Nonetheless, new fees and charges are on the way. Add that to frequent fee increases and it reinforces that you need to be a careful consumer.
Average consumer has a $5,719 credit card balance
August 25, 2009 | alternatives | Comments (0)The Associated Press reports, Data hints consumers handling credit cards better and the average consumer has a balance of $5,719.
The average debt consumers carry on their bank cards rose in the second quarter to $5,719, from $5,621 in the 2008 period. It declined only slightly from the first quarter, when the average stood at $5,776. Becker said that figure presents more evidence that people continue to rely on their credit cards, even as they may manage their payments better.
Teaching teens about credit
August 25, 2009 | alternatives | Comments (0)In today’s Wall Street Journal.
