Fed Set Out to Regulate Unfair & Deceptive Practices

  • Posts: 296

Replied by Brian23 on topic Re: Fed Set Out to Regulate Unfair & Deceptive Practices

This is great. But, the only thing that worries on this is when the Feds start controlling the credit card companies, it will be next to impossible to get credit from any1. But I do strongly agree that someone needs to step in and tell these companies that its not ok what they're doing to customers.
10 years 4 months ago #1

Please Log in or Create an account to join the conversation.

  • Posts: 4523

Replied by Meya on topic Re: Fed Set Out to Regulate Unfair & Deceptive Practices

5/11/2009
10 years 5 months ago #2

Please Log in or Create an account to join the conversation.

  • Posts: 138

Replied by Scribes on topic For some reason, I don't

For some reason, I don't think that the gas prices are going to drop this time. I believe this is the short run. They want to sit back and see how long will it take for us to adjust to the $4.00-up price, and then it will sit like that for the long run. Farwell to the 8 cylinders, I don't know how many is going to be sold in th near future but I bet you it will not be a lot.


Let's HOPE not. Saying farewell to the 8-cylinders takes a HUGE dent out of auto manufacturing -- and Ford and GM already posted RECORD losses this past fiscal year. :( I don't know if I want to see another 20,000-50,000 auto-workers out on the streets. The unions won't stand for it.
11 years 5 months ago #3

Please Log in or Create an account to join the conversation.

  • Posts: 4523

Replied by Meya on topic For some reason, I don't

For some reason, I don't think that the gas prices are going to drop this time. I believe this is the short run. They want to sit back and see how long will it take for us to adjust to the $4.00-up price, and then it will sit like that for the long run. Farwell to the 8 cylinders, I don't know how many is going to be sold in th near future but I bet you it will not be a lot.
11 years 5 months ago #4

Please Log in or Create an account to join the conversation.

  • Posts: 138

Replied by Scribes on topic I don't care who gets

I don't care who gets elected for President as long as they do their job and save this country.

If they can find a way to restore lost jobs, that will support everything as a foundation because without jobs, loan lenders including credit cards will not be paid back when there aren't any jobs. So, if they can restore some jobs back, it will be a huge step up.


I agree. The job market is most important. But the thing is, with gas so high a lot of companies have to cut costs, and that means letting employees go. Our first order of business has got to be lowering oil prices.
11 years 5 months ago #5

Please Log in or Create an account to join the conversation.

  • Posts: 3479

Replied by hjm331 on topic I don't care who gets

I don't care who gets elected for President as long as they do their job and save this country.

If they can find a way to restore lost jobs, that will support everything as a foundation because without jobs, loan lenders including credit cards will not be paid back when there aren't any jobs. So, if they can restore some jobs back, it will be a huge step up.
11 years 5 months ago #6

Please Log in or Create an account to join the conversation.

  • Posts: 138

Replied by Scribes on topic The Fed doesn't like to

The Fed doesn't like to get in a hurry about anything. They've been letting the credit card issuers get away with some really shady things, so it's about time they tightened up. The new rules are expected to be final by the end of the year.


Way too late to save this economy for 2008. It'll be interesting to see what Obama does next year. He's getting a heck of a mess. :D Record deficit, a trillion thrown away in Iraq, gas prices at $4.50/gallon, and unemployment at 7%. Yeah, those are my predictions.
11 years 5 months ago #7

Please Log in or Create an account to join the conversation.

  • Posts: 76

Replied by alpha on topic The Fed doesn't like to

The Fed doesn't like to get in a hurry about anything. They've been letting the credit card issuers get away with some really shady things, so it's about time they tightened up. The new rules are expected to be final by the end of the year.
11 years 5 months ago #8

Please Log in or Create an account to join the conversation.

  • Posts: 3479

Replied by hjm331 on topic I hope they do something

I hope they do something about universal default, that's really a low blow/cheap shot right there.
11 years 5 months ago #9

Please Log in or Create an account to join the conversation.

  • Posts: 532

Replied by Eldarwen on topic They should have thought about

They should have thought about this and taken action sooner than this.
11 years 5 months ago #10

Please Log in or Create an account to join the conversation.

  • Posts: 4523

Replied by Meya on topic Nice info FG! After reading

Nice info FG! After reading the summarized story, it heightens my thoughts of "One day these unfair credit practices will become noticed and the conusmer will get a break." I hope this goes into effect much sooner because people with good credit has been treated so bad lately. I was watching on the news late last week where a gentleman had over $100k credit line with Citibank, and they decreased his limit without noticed. The gentleman wrote a check for $30k that started boucning like crazy, and caused him to owe hundreds worth of overdraft fees.

What was Citibank reason for doing so? They said "We can decrease anyone's limit whenever they feel like it, and when your home value drops" Don't think that the gentleman didn't get a lawyer, they are on Citibanks blood trail.
:worried: :confused: :confused: :scared: :scared:
11 years 5 months ago #11

Please Log in or Create an account to join the conversation.

  • Posts: 138

Replied by Scribes on topic Yeah, good old federal government.

Yeah, good old federal government. Slamming the barn doors after the horses are, like, 500 miles away. Want to explain why they didn't do this, say, ohhh, about FIFTY friggin' years ago?! :D :scared:
11 years 5 months ago #12

Please Log in or Create an account to join the conversation.

  • Finance Globe
  • Finance Globe's Avatar Topic Author
  • Offline
  • Administrator
  • Administrator
  • Posts: 572

was created by Finance Globe

If you haven't heard, the Federal Reserve has set out to stop unfair and deceptive practices for credit cards and banking and credit union overdraft fees. I see this as a very important step to help protect consumers (or the customer from their own bank/CU).

Here is the full proposal: http://www.ots.treas.gov/docs/7/73419.pdf
If you don't want to read the 269 pages :-), USA Today has a article/blog about it that summarizes it up: http://blogs.usatoday.com/ondeadline/2008/05/feds-seek-to-cu.html

It seems that this proposal will not go into effect until late this year, as banks are likely to appeal.
11 years 5 months ago #13

Please Log in or Create an account to join the conversation.