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Released: February 25, 2010
Loan-sharking Inc.
Source: New York Times (Free Registration)
The Credit Card Accountability, Responsibility and Disclosure Act, signed into law last spring, was supposed to put an end to many of the deceptive practices that allowed credit card issuers to bleed customers dry. The most important provisions went into effect earlier this week, but credit card companies have already found ways to evade the law. Congress and federal regulators need to do a lot more. For starters, that means creating a strong and flexible Consumer Financial Protection Agency that could react quickly to all-too-common scams and evasions. The bill that would create this agency has passed the House, but it is being stonewalled by Senate Republicans under heavy lobbying from the financial industry.Read Full Article: Loan-sharking Inc.
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