Credit Cards Archives - Americans for Financial Reform

In The News: How Should Federal Regulators Respond to the Capital One-Discover Deal (American Banker)

Alexa Philo and Patrick Woodall of Americans for Financial Reform: “Picture a new megabank with all the advantages and dangers of a too-big-to-fail institution. Now imagine it had the market power to bully merchants through its ownership of a payment network for debit and credit cards. Finally, throw in a track record of gouging its own customers. That’s exactly what we will have if Capital One succeeds in taking over Discover Financial Services.”

AFR Report: The Same Old Song – Wall Street’s repeatedly discredited but endlessly repeated arguments against common-sense financial regulation

A look back at the financial lobby’s robotic opposition to one proposed reform after another, and how Wall Street’s claims have squared with real-world events. This new AFR report homes in on three pre-financial-crisis case studies, involving credit cards, mortgages, and derivatives.

Statement: CFPB Proposal on Prepaid Cards is an Important Step Forward

With the new rules it proposed this week, the Consumer Financial Protection Bureau (CFPB) has moved to make the rapidly expanding world of prepaid and payroll cards a safer and more straightforward place. The CFPB’S proposal would limit, though not prohibit, overdraft programs that blur

Five Years Down the Road, the CARD Act Is a Success Story

Consumer and civil rights advocates applaud the CARD Act’s success in saving Americans billions of dollars in predatory and excessive fees. By one estimate, the Act has saved consumers $12.6 billion; a recent report from the Consumer Financial Protection Bureau identifies nearly $4 billion annual savings in fees alone.

CFPB Report: Three Years After the CARD Act, Card Holders Have Saved Billions

Late fees down by an average of $6; more people making above-the-minimum payments; far fewer young adults signing up for credit cards in the first place – these are some of the results of a landmark 2009 law, according to a new report issued by the Consumer Financial Protection Bureau.

STACKING THE DEBT: Consumer Rights in the Financial Marketplace

Mandatory arbitration and its impact on the world of consumer finance was the topic of a Capitol Hill briefing sponsored by AFR, Public Citizen & the National Association of Consumer Advocates.

AFR in the News: Consumer Complaint Database Producing Results

Commerce Bank hiked the interest rate on Mira Tanna’s credit card to 20 percent – without telling her. Once she figured out what the bank had done, realized what happened, Tanna decided to make use of the Consumer Financial Protection Bureau’s new online complaint database,

Support Durbin Reasonable Fees And Rules For Payment Card Transactions Amendment #3989

Senator Durbin United States Senate Washington, DC 20510 Dear Senator Durbin: We write on behalf of Americans for Financial Reform, an unprecedented coalition of over 250 national, state and local groups who have come together to reform the financial industry. Members of our coalition include

New Study: Bankers Dead Wrong About Effects of Bankruptcy Reform

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). Consumer advocates strongly opposed this bill, warning that it was designed only to profit credit card companies while harming consumers. A study ordered by Congress when the passed the bill has proven

Consumer Financial Protection Agency Would Build on Credit Card Reform Protections

Comprehensive Reforms Are Only Way to Ensure Stability in the Economy Washington, DC – Americans for Financial Reform released the following statement marking the full implementation the Credit Card Accountability, Responsibility and Disclosure (CARD) Act today. Ed Mierzwinski, Consumer Program Director, U.S. PIRG: “The Credit