Credit cards

August 13, 2008 -- BOSTON – Today, a Suffolk County Grand Jury returned indictments against a former account manager at a local wealth management company for allegedly stealing more than $70,000 from a client to pay her personal credit card bills. Donna Payne, age 39, of Mattapan, was charged with Larceny over $250 and Making False Entries in Corporate Books.    » read more »

Attorney General Urges Stronger Consumer Protections Amid Housing Crisis

August 5 , 2008 -- Chicago -- Illinois Attorney General Lisa Madigan weighed in Monday on a federal proposal that aims to reform some of the most abusive practices of the credit card industry. In commenting on the proposed federal rule issued by the Federal Reserve Board and two other federal banking agencies, Madigan expressed general support for the proposed reforms but urged the federal regulators to go further to protect consumers in light of the ongoing home foreclosure crisis and economic downturn.

“It is more important than ever that consumers be treated fairly and understand their credit card terms so that they can manage their finances accordingly,” Madigan said.    » read more »

August 4, 2008 -- WASHINGTON – Describing the credit card industry as “rife with unfair, deceptive, and predatory practices,” Senator Carl Levin, D-Mich., today urged the Federal Reserve to strengthen its proposed regulation aimed at unfair or deceptive credit card practices. In a 13-page letter, Levin, chairman of the Senate Permanent Subcommittee on Investigations, detailed several abusive practices used by credit card issuers that need to be ended.    » read more »

Chicago, IL -- June 11, 2008 -- "Before we begin, I just wanted to say a word about the flooding devastating so many communities. We were scheduled to be holding this event in Iowa, but we decided to cancel it because we didn't want to divert state resources from going to help with flood relief.

Barack Obama poster, San Francisco: Photo by january20th2009 (CC)    » read more »

"Credit Card Reform Act" will put the brakes on wild interest rate hikes, changes in terms of agreements and extreme penalties, among other practices

March 12, 2008 -- WASHINGTON – As an increasing number of Americans fall victim to out-of-control credit card costs and as the credit card market begins to resemble the subprime mortgage market from when the foreclosure crisis began, U.S. Senator Robert Menendez (D-NJ) today announced a sweeping plan to put an end to deceptive practices and irresponsible marketing.    » read more »

Legislation requires information on Costs of Paying Only the Monthly Minimum Payment to be listed on monthly statements

January 23, 2008 -- Washington, DC – U.S. Senator Dianne Feinstein (D-Calif.) has introduced legislation that would require credit card companies to warn American consumers of the financial dangers of making only minimum monthly payments on credit card debt.    » read more »

December 07, 2007 -- (ALBUQUERQUE) -- New Mexico Attorney General Gary King’s office today confirmed a $336 million settlement, pending final federal court approval, in a lawsuit against several major credit card companies and their member banks. The antitrust lawsuit is about the price cardholders of Visa, MasterCard, or Diners Club-branded payment cards were charged to make transactions in a foreign currency, or with a foreign merchant.    » read more »