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Companies that claim to settle your debts for less than you owe can no longer charge up-front fees for their services. Instead, they have to wait to collect from consumers until they actually deliver on the promise.
The new rule goes into effect Wednesday and is part of the Federal Trade Commission’s effort to clamp down on deceptive debt-settlement practices. Get the full story »
EBay Inc.’s online payments unit PayPal on Tuesday unveiled new software that will let people to use their phones to make payments, as well as a new platform that will make it easier for consumers to pay for digital media, music and games. Get the full story »
Credit card regulations are making it a little easier to understand what interest and penalty rates banks charge. But a study released Monday says card offers are still far more complicated than a decade ago, which makes it harder for consumers to comparison shop. Get the full story »
Colleges, alumni associations and related groups were paid $83.5 million last year under agreements to issue branded credit cards.
There were about 1,000 agreements between credit card issuers and such groups in 2009, according to a new report from the Federal Reserve. Get the full story »
Fewer Americans fell behind on their credit card payments in September, but the pace of improvement slowed again, accelerating fears that banks will not recover from their consumer loan losses for years.
Shares of several major U.S. credit card lenders, including Bank of America Corp, JPMorgan Chase and Co, and Capital One Financial Corp, fell in morning trading on Friday. Get the full story »
U.S. consumer credit outstanding declined for the seventh straight month in August as credit card debt continued to fall.
The Federal Reserve said Thursday that total outstanding credit, which covers everything from car loans to credit cards, fell by $3.34 billion after dropping $4.09 billion in July. Get the full story »
Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations. Get the full story »
The Justice Department sued American Express on Monday for allegedly violating antitrust law over credit card acceptance rules, and settled with Visa and MasterCard on the same issue.
The Justice Department, in a filing with the U.S. District Court for the Eastern District of New York, said the case was focused on credit card companies’ efforts to stop merchants from steering customers to credit cards with lower fees imposed on the merchant.
In a proposed final judgment, Visa and MasterCard must allow merchants to offer discounts to customers who use cards that charge the stores less. Get the full story »
A Student Loan Corp. shareholder has sued to block the sale of the company by majority owner Citigroup Inc. because it benefits the Wall Street bank at the expense of minority investors, according to a lawsuit.
Citigroup, which owns 80 percent of the Stamford, Connecticut-based student lender, agreed last week to sell it to Discover Financial Services for $600 million. Get the full story »
Discover Financial Services, fresh from a deal to buy Citigroup’s private student loan assets, is also considering ways to enter the mortgage and checking businesses, Chief Executive David Nelms told Reuters on Monday. Get the full story »
Discover Financial Services reported a higher-than-expected quarterly profit on Monday as charge-offs fell and consumers spent more on their credit cards, sending its shares up about 3 percent.
The credit card lender and transaction processing network reported profit of $260.6 million, or 47 cents per share, well above analysts’ average expectations of 38 cents per share. Get the full story »
Credit card company Discover Financial Inc. says third-quarter net income fell, but profits in the year-earlier period received a big boost from a lawsuit settlement.
Net income was $258.2 million, or 47 cents cents per share. That compares with $552.9 million, or $1.07 per share, last year, which included a $287 million settlement of antitrust litigation involving Visa and MasterCard. Get the full story »
Discover Card wrote off balances for nonpayment at a higher rate in August than the prior month, after seeing improvement the two prior months.
WLS-TV News | A study by RPMG shows that 35 percent of corporate credit cards have individual of joint liability agreements. That means employees could be on the hook if the company goes under and won’t pay the balance.
