Credit Newsline -- Latest Headlines

Friday, December 30, 2011

Treasury announces rule to make banks pay for new regulatory offices

Large banks may have to start paying the Treasury Department in order to help it cover the costs of two new offices charged with measuring threats to financial markets. In a proposal released on Thursday, Treasury officials announced their intent … Read More

Friday, December 30, 2011

Credit unions did not make out as well as initially reported in October

Credit unions did not open nearly as many new accounts during the month of October as they initially claimed they did. In early November, the Credit Union National Association announced that 650,000 consumers opened new accounts at credit unions and … Read More

Friday, December 30, 2011

Verizon to charge $2 card pay convenience fee

The nation’s largest wireless service provider has announced that it will start charging a $2 “convenience fee” for every one-time bill payment made with a credit or debit card online or over the telephone. Verizon was hit with customer blowback … Read More

Friday, December 30, 2011

Ryanair to ignore card fee ban

Ryanair, an Irish low-cost airline, said it plans on defying a decision made in the U.K. Treasury to ban excessive debit and credit card charges. The rule will go into effect by the end of 2012 in every area of … Read More

Thursday, December 29, 2011

Chamber of Commerce wants CFPB flaws addressed before director put in place

Tom Donohue

Tom Donohue, the president and CEO of the Chamber of Commerce, recently voiced his strong opposition to President Obama’s reported efforts to circumvent the Senate confirmation process for Richard Cordray to direct the Consumer Financial Protection Bureau. The CFPB, according … Read More

Thursday, December 29, 2011

Obama taps Republican and Democrat for Fed posts

Jeremy Stein

President Barack Obama nominated one Republican and one Democrat on Tuesday to economic policy positions at the Federal Reserve. The move is considered by some political analysts as an attempt to break the political gridlock that has stymied the White … Read More

Thursday, December 29, 2011

Gingrich says Dodd-Frank repeal would alleviate homelessness

Newt Gingrich

The solution for families who are becoming homeless is a repeal of the Dodd-Frank Act, according to Republican presidential primary frontrunner Newt Gingrich. During a gathering in Iowa days before the Iowa caucuses, Mechelle Williams spoke with Gingrich in front … Read More

Thursday, December 29, 2011

Durbin Amendment to cause drop in debit card growth

The Durbin Amendment is expected to cause debit cards to drop up to three percentage points off of their annual growth rate over the next five years, according to new research from First Annapolis Consulting Inc. Consumers will either switch … Read More

Wednesday, December 28, 2011

MetLife sheds banking business because of Durbin Amendment

In order to escape tough new federal regulations from the Dodd-Frank Act, MetLife Inc. is selling $7.5 billion of its banking business to Norwalk-based GE Capital Financial Inc. At the end of the third quarter, MetLife Bank had close to … Read More

Wednesday, December 28, 2011

More merchants accepting debit in wake of Durbin Amendment

Merchants have new incentives to accept debit card payments as new legislation has lowered the cost of debit card swipes. In the past, merchants have been reluctant to accept debit and credit cards, especially those who sell small-ticket items. The … Read More

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