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Credit Cards

California’s New Fair Debt Buying Practices Act

California’s Fair Debt Buying Practices Act is now effective, as of January 1, 2014. It applies to any consumer debt sold or resold on or after January 1, 2014. The Fair Debt Buying Practices Act restricts the written statements debt buyers can make to consumers in attempting to collect a debt, and prohibits a debt…

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FIA Card Services Arbitration Settlement

The San Francisco City Attorney’s Office has settled its case with FIA Card Services, a credit card issuer and subsidiary of Bank of America. The case involved allegations that FIA forced consumers into binding arbitrations with the National Arbitration Forum (NAF), a notoriously anti-consumer forum in which statistics have shown that less than 2/10 of…

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New BofA Credit Card Fee

Banks have been responding to the Credit Card Accountability, Responsibility and Disclosure Act with new fees for consumers to offset any losses. According to David Lazarus of the LA Times, Bank of America will add a $59 annual fee to about 5% of its customers. You can read David Lazarus’ article here.

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Chase Allegedly Fired Exec After Complaints

The article begins: “A former assistant vice president for JPMorgan Chase Bank in San Antonio claims in a lawsuit she was fired after she told her bosses the bank had misrepresented the value of thousands of delinquent credit card accounts slated to be sold.” Read more by clicking here. I will reserve comment since my…

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Don’t Bank On The New Credit Card Regulations

A good editorial appeared in last week’s NY Times about the new credit card regulations. Sad to see the Federal Reserve not stepping up to help consumers, again. I wish I could tell you to talk to your local congressperson. Click here to go to the article.

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