Federal Reserve Approves Final CARD Act Rules, Tackles Penalty Fees, Recent Rate Hikes

The Federal Reserve Board June 15 approved a final rule, Regulation Z (Truth in Lending), to complete the third stage of the Fed’s implementation of…

In Reform Bill Compromise, House Financial Services Panel Chair Agrees to Consumer Protection Bureau at Federal Reserve

House Financial Services Committee Chairman Barney Frank (D-Mass.) has proposed to include in financial regulatory reform legislation (H.R. 4173) language that…

House-Senate Conferees Begin Work on Financial Reform Bill; House Financial Services Panel Chair Predicts Interchange Limits Will Stay

Controversial Senate language that would cap interchange fees that retailers pay to payment card companies for use of their debit cards will likely be included in…

Banking, Credit Union, Retail Groups Prepare for Long, Intense Battle over Interchange Fees

While banking and credit union industry associations greeted with dismay the unexpected May 13 Senate passage of limits on interchange fees on debit card purchases, and retail organizations greeted the news with elation…

Administration Lauds New Credit Card Rules under CARD Act

President Obama called new credit card rules that took effect Feb. 22 a “turning point for American consumers.” The new rules marked the effective date of key…

Fed Threatens Broad Ban on Overdraft Fees Unless Fresh Changes in Place by July 1

The Federal Reserve Board Feb. 19 proposed several last-minute changes to rules that limit overdraft charges on transactions at automated teller machine (ATM) and…

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