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Credit Card Legislation News

Credit Card Legislation News

Swiss Bank Credit Suisse pleaded guilty on Monday to federal charges levied against them for allowing some U.S. clients to evade their taxes. According to General Eric Holder, the bank “engaged in an extensive and wide-ranging conspiracy to help U.S. taxpayers evade taxes.” For decades up until 2009, the bank operated an illegal cross-border banking business that helped thousands of clients conceal their income from the IRS. Although the bank pleaded guilty, Credit Suisse has yet to release the names of the clients who allegedly used the bank to hide money from the IRS. 
According to meeting minutes from January, Federal Reserve officials have been debating raising interest rates. These minutes, released to the public Wednesday, have sparked concern, since the Fed has kept interest rates close to zero since the end of the financial crisis in 2008. The minutes disclosed that some officials want to increase the federal fund rates soon. 

According to new reports released by the Federal Reserve, banks in the US are beginning to make loans more readily available to consumers. Over the past three months, there was an increased demand from businesses and consumers for lending.

The Consumer Financial Protection Bureau announced Tuesday that General Electric Co.’s credit card division will refund $34.1 million to consumers who were misled about healthcare credit cards. This decision affects more than 1 million people who obtained CareCredit cards from GE Capital Retail Bank since 2009.

Washington already owns the highest state minimum wage in the country at $9.19 an hour, but retail clerks, baristas and food service workers are pushing a movement to get out from underneath the poverty line.

A higher minimum wage eliminates low wage jobs because that's how small businesses cut costs and that ends up hurting the people it was supposed to benefit, according to the U.S. Chamber of Commerce.

In fact, representatives of big-time retailers like Wal-Mart and Target have already said they plan to skip the surcharge, and MasterCard itself told that it predicts very few merchants will add the surcharge.

So, should you freak out about the new 4% surcharge option on credit card purchases? The answer is, 'Probably not.'

As a result of a recent settlement between Capital One Financial and the federal Consumer Financial Protection Bureau, many of the nation's largest lenders are getting rid of credit protection plans, which have been common for years, according to a report from USA Today. Under the recent settlement, the lender had to refund about $150 million it collected from roughly 2.5 million customers past and present, as well as pay $60 million in penalties.

Richard Cordray, the head of the Consumer Financial Protection Bureau, recently spoke before the U.S. Senate's Committee on Banking, Housing, and Urban Affairs, and said that the agency has made significant progress in adding protections for consumers and bringing greater clarity to various types of lending, according to prepared testimony.

U.S. Senators Jeff Merkley of Oregon, Charles Schumer of New York, Robert Menendez of New Jersey and Sherrod Brown of Ohio recently wrote a letter to federal Consumer Financial Protection Bureau director Richard Cordray asking the agency to look into medical debt reporting, according to a report from Menendez's office.