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Bankruptcy

: Credit Slips

Chasing Card Companies

By Katie Porter

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The New York Times did a nice story a few days ago on the compliance issues swirling around the Credit CARD Act. It details the kinds of new fees that consumers are seeing and explores the legality of these practices. The article provides some ideas of things that the Bureau of Consumer Financial Protection might explore in its early days. Several of these practices seem legal under the new law but perhaps would fare less well under an unfair, deceptive, or abusive practices analysis. If nothing else, the Bureau would presumably be a one-stop repository for collecting and tracking the changing practices of card companies, a task now that the federal government largely delegates to news reporters!

Full post as published by Credit Slips on August 02, 2010 (boomark / email).

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