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Here are the last two sentences of Chairman Bernanke's testimony in Congress yesterday:
"Separately, we are actively reviewing potentially unfair and deceptive practices by issuers of credit cards. Using the Board's authority under the Federal Trade Commission Act, we expect to issue proposed rules regarding these practices this spring."
This is (welcome) news to me.
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Anyone heard of cases where customers of credit card issuers have entered into a settlement agreement (with a release of all claims) and then the credit card issuer sends the account back out for collections?
Posted by: Mass attorney | Friday, March 07, 2008 at 01:45 PM
Its very welcome news. The large credit card companies have been anything but transparent and really need some accountability brought to them - because its clear that they won't do it on their own. They have so many ways that the impose hidden costs on consumers and businesses alike with interchange fees and the like that this is actually one of the few places where government should step in. I've worked with unfaircreditcardfees.com on this and this is something I'm really glad Bernanke is finally talking about.
Posted by: Steven | Thursday, February 28, 2008 at 04:36 PM