Credit Card Law

FTC shuts down telemarketers promising balance transfer offers

Government officials announced plans to halt operations that promised balance transfer credit cards, low interest credit cards and other forms of debt relief. According to spokespeople at the Federal Trade Commission, continuing crackdowns on debt relief scams have resulted in at least seven court-ordered shutdowns during November and December. According to FTC spokesman Mitchell J. Katz, [...]

Categories: Credit Card Law
Law professor questions banks' adherence to student credit card rules

Credit card issuers have found loopholes in regulations designed to limit marketing of student credit cards on campus, according to a professor at the University of Houston Law Center. In a new study released this month, professor Jim Hawkins reveals evidence that the Credit CARD Act has done relatively little to restrict aggressive sales tactics [...]

Categories: Credit Card Law, Student Credit
Citibank deems frequent flier miles taxable income

The value of frequent flier miles is coming under fire as Citibank recently issued IRS 1099 tax forms to members who received miles as an incentive to open a checking or savings account. In reporting an assigned dollar value to the miles, the bank is saying those miles represent taxable income. Whether or not the [...]

Categories: Credit Card Law, Citi Bank
Fed: Banks must release credit score when denying credit card application

Credit card applicants can see their credit scores for free if a bank used that score to decline service, according to the Federal Reserve. The Federal Trade Commission and the Federal Reserve Board jointly announced their rules for implementing free credit score notifications under the the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Fair [...]

Categories: Credit Scoring / Reporting, Credit Card Law
CARD Act tweaks offer new consumer protections

The Credit Card Act of 2009 resulted in credit card companies making various changes to their consumer credit application process, promotional rates, and fee structure. A recently approved amendment to the CARD Act attempts to further protect consumers from overextending their credit, changing terms of promotions and being charged excessive fees. On March 18, 2011, the [...]

Categories: Credit Card Law
Vermont Law Encourages Credit Card Minimum Purchases

Vermont lawmakers challenged credit card company rules this month by passing a law designed to reduce retailers' overhead. Along with language targeting identity theft, the bill protects merchants who want to set minimum sale amounts for credit card purchases. Under Vermont's bill--which goes to the governor for signature--merchants cannot be penalized for giving a discount [...]

Categories: Credit Card Law
Discover Card CEO Warns Employees to Brace for Impact of New Credit Card Rules

The head of Discover Card warned employees that credit card reforms backed by Congress could hurt some of their company's best customers. Speaking to a gathering of employees and reporters at the company's Salt Lake City facility, CEO David Nelms admitted that "the ultra-low rates of the past 10 years aren't going to be available anymore." Nelms [...]

Categories: Discover, Credit Card Law
Fed Updates Regulation Z Credit Card Rules Before Deadline

The credit card industry has known about the February 22nd deadline for implementation of the Credit CARD Act's new lending rules since the law was signed last May. This week, the Federal Reserve issued the formal regulations required by Congress, setting new ground rules for card issuers. By amending Regulation Z, the document that regulates American [...]

Categories: Credit Card Law
California Legislation Helps Curb Card Fraud

In the interest of preventing credit card fraud, lawmakers and policy makers throughout the United States are introducing legislation that will make it more difficult for individuals to have their identity stolen from old sales receipts. In the past, federal laws have been enacted to help protect victims of identity theft; one specific example is the [...]

Categories: Credit Card Law, Identity Theft / Credit Card Fraud

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