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Released: April 24, 2012
Consumers need more protection, not less
Source: N.Y.Times Editorial (Paid Registration)
The new Consumer Financial Protection Bureau is supposed to shield Americans from abusive banking and lending practices. And in its first nine months, it has been doing a good job. But consumer advocates are rightly alarmed that the bureau might now revoke a Federal Reserve rule that limited the fees credit card issuers can charge new customers. The rule was put in place after some card issuers tried to evade a provision of the Credit Card Act of 2009 that said that companies could not charge more than 25 percent of a customer’s credit limit in upfront fees. The provision was intended to rein in so-called harvesters, which issued cards to poor customers and then charged them so much in fees that they barely had any credit left to spend.Read Full Article: Consumers need more protection, not less
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