New Report from the Center for Responsible Lending on Credit Card Industry Practices

We've blogged many times, including here, about how the new Credit CARD Act -- which instituted a number of changes, such as restrictions on overlimit fees and on marketing to students -- may not be helping consumers' bottom lines. That's because (as would be expected) the credit card companies are finding other ways to make money -- such as rate increases. The Center for Responsible Lending has issued a new report on the topic called "Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate."  It details the credit card companies' new money-making techniques and claims that legislation establishing "The Consumer Financial Protection Agency would address the ongoing problem of issuers’ always-changing industry strategies." Legislation that would establish the Consumer Financial Protection Agency passed the House of Representatives on December 11 and is pending in the Senate.

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[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown law school, where I will be a co-director of the Institute for Public Representation (IPR) and head IPRs Civil Rights Clinic. You can reach me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

reply-3P3ND8VUHUI4_4D5PHL6Z37RF 12/22/09 07:25

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[Home Security Systems]

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