InfoAnda - Obama vows reform of credit card market

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Sony to shut Blu-ray player factory in Hungary | 3 June 2010
Israel bombs Hamas base in Gaza, no one hurt | | 7 October 2010
Pakistan says Obama pressure on militants hurts Afghanistan | | 7 October 2011

2 saved from rubble after China quake kills 2,000 | 19 April 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Obama vows reform of credit card market

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Obama vows reform of credit card market AFP - Friday, April 24 WASHINGTON (AFP) - - President Barack Obama met top credit card executives Thursday and vowed reforms to purge their industry of abusive rate hikes and fees and to restore "strong" protections for consumers. ADVERTISEMENT As millions of card holders struggle with high balances amid a deep recession, Obama said the under-fire sector played a crucial role but warned its relationship with customers was "out of balance." "We want to preserve the credit card market, but we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with," Obama said. "I think that there has to be strong and reliable protections for consumers, protections that ban unfair rate increases and forbid abusive fees and penalties," Obama said after meeting 14 executives from companies including American Express, Visa and MasterCard and a representative of the American Bankers Association (ABA). Taking the side of consumers against unpopular banks, the president said credit card agreements should be "written in plain language" and warned against hidden conditions which trap customers with sudden rate increases or costs. White House plans would force firms to ensure contract terms were easily accessible and provide consumers with information they need to go online to compare various services. Officials said the industry will faced beefed-up penalties for deceptive practices and called for greater punishments for those who break the law. ABA president and chief executive Edward Yingling issued a statement after the meeting arguing that new rules for the industry already established by US regulators would address many issues raised by US officials and Congress. "The card issuers are currently hard at work implementing these new rules, although the Federal Reserve itself has indicated these rules are likely to shrink credit availability and result in increased rates for some consumers. "The goal of any additional efforts should be to achieve the right balance between enhancing consumer protections and ensuring that credit remains available to consumers and small businesses at a reasonable cost," he said. On Wednesday, Democrats in Congress widened their crackdown on the industry, which is accused of offering easy credit in good times and clamping down hard with high rates and reduced credit lines when the economy went sour. The House of Representatives Financial Services committee voted to send a bill tightening rules on the industry to the full chamber. New York Democratic Congresswoman Carolyn Maloney, who wrote the Credit Cardholders' Bill of Rights, said the legislation would level the playing field between cardholders and card companies. "For too long the relationship has been one-sided; but markets function best when all sides know what they're getting into -- and these deceptive practices need to be stopped," she said. "The Credit Cardholders' Bill of Rights brings more transparency to the contractual relationship and give consumers the tools they need to responsibly manage their own credit," Maloney said. The legislation protects cardholders against arbitrary rate increases, ensures those who pay bills on time are not unfairly penalized and shields them from misleading terms and conditions in the small print of card contracts. It also empowers cardholders to set their own credit limits and forces card companies to fairly allocate payments. Prospects for similar legislation in the Senate are more uncertain, but two key Democrats, Senator Chuck Schumer and Senator Christopher Dodd, Thursday called on federal regulators to implement an emergency freeze on interest rates tied to existing balances on credit cards. "Over the past year, the Federal Reserve has cited the financial crisis as one of the reasons for acting quickly to implement new lending facilities and programs to protect financial institutions," the senators said in a letter to Federal Reserve Chairman Ben Bernanke. "It is long past time for the regulatory agencies to act with the same sense of urgency to protect consumers from the behavior of those same financial companies," the senators wrote. Obama's meeting included executives from HSBC, USAA Savings Bank, Citi, US Bancorp, MasterCard, Wells Fargo, Capital One, American Express, Visa, JPMorgan Chase, Bank of America, Barclaycard, and the ABA. Email Story IM Story Printable View Blog This Recommend this article 1 user recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency US to lead in ending malaria deaths by 2015AP - Friday, April 24 Obama vows reform of credit card marketAFP - Friday, April 24 US adviser says cybersecurity must be joint effortAP - Thursday, April 23 US to spend $6 billion on Cold War weapons cleanupAP - Thursday, April 23 Enlarge Photo Pedestrians walk past credit cards signs on a deli doorway in New York. President Barack Obama met top credit card executives Thursday and vowed reforms to purge their industry of abusive rate hikes and fees and to restore "strong" protections for consumers. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – Top Stories Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Fertility doctor on brink of cloning human: report Credit Suisse ends losing streak in first quarter Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Friday, 24 April 2009
Heavy army presence chafes in Mexico drug war city | International |
Iran warns U.N.'s Ban against double standards | International |
Somalia wins funds, opposition leader vows unity | International |
Italy police nab Germans who left kids at pizzeria | International |
Microsoft profit falls, sees more weakness | Technology |
IBM plans cloud computing services for 2009 | Technology |
Yahoo pulls the plug on GeoCities | Technology |
German GEMA in talks with YouTube on video dispute | Technology |
Beyonce says definitely wants Broadway role | Entertainment |
Woody Allen returns to NY to open Tribeca festival | Entertainment |
Idol Anoop Desai ditches grad school for music | Entertainment |
Heart, Bedingfield perform at ASCAP pop awards | Entertainment |
Tribeca film examines Cuba's lost son of baseball | Entertainment |
ELO rocker Jeff Lynne working slowly on solo album | Entertainment |
South Africans celebrate as Zuma, ANC lead poll | International |
Suicide attacks kill 76 in Iraq
Pakistani Taliban says withdrawing from Buner | International |
Blasts kill 78 in Iraq's bloodiest day in a year
Suicide attacks kill 76 as Iraq reports arrest | International |
AP IMPACT: Secret tally has 87,215 Iraqis dead
Venezuela says Interpol has warrant for Chavez foe | International |
Gas summit in Sofia despite Putin boycott
Iraq says Qaeda boss captured as dozens killed
Page Not Found |
Tigers resisting calls to surrender: S.Lanka military
Page Not Found |
US shares 'common purpose' at G8 climate talks
France to close squatter camp for migrants
Thailand lifts emergency, seeks charter revamp | International |
Obama vows reform of credit card market
Real estate downturn boosts Morocco slum clearance | International |
IOC says London 2012 venues 'on right track'
China confirms Japan summit, downplays shrine row | International |
Credit Suisse ends losing streak in first quarter
Peru's Fujimori appeals human rights conviction | International |
Fiat posts losses, rules out Chrysler investment
US home sales drop 3%
US shares 'common purpose' at G8 climate talks
US delivers message of urgency on climate change
Blagojevich comes to L.A. to plug reality show
Boom times ahead for mobile Web access
Ashley Judd urges Congress to fight global warming
Mom accused of killing child after fake kidnapping
YouTube lets users see what friends are watching
Microsoft cuts costs, says Windows 7 on track | Technology |
Ex-Nazi guard fit to be deported: US officials
Taiwan says to spend $1.33 bln on green energy
Microsoft profits dive 32 pct to $3 bln dollars
3 small quakes rattle California's Orange County
Cost cuts help tech giants ride out weak economy
ACLU: Pentagon to release images of prisoner abuse
Cost cuts help tech giants ride out weak economy | Technology |
Amazon net profit up, Kindle sales praised
Turkmenistan defends right to diversify gas exports
Apple apologizes for iPhone 'Baby Shaker' game
Recent Justice Dept. videos show Demjanjuk walking
abandoning GeoCities
Donors raise $213 mln for Somalia: communique
Israel risks losing Arab support against Iran: Clinton
Yahoo pulls the plug on GeoCities
Russia ready to slash nuclear arsenal: general
Mich. men charged with burning buttocks of boy, 6
More red ink for McClatchy
Boy suspect's family blames 7-year-old in death
German GEMA in talks with YouTube on video dispute
Calif. approves nation's 1st low-carbon fuel rules
Nokia CEO: too early to call bottom of phone demand
Bomb in Afghan capital kills police officer
Japan pop star freed after arrest over indecency
Taiwan's president upbeat ahead of China talks
Taiwan and China to increase economic cooperation
2 US journalists set to stand trial in N. Korea
An Error has occured |
'No need' for nuke talks, NKorea tells Russia
Beyonce thriller Obsessed leads new releases | Entertainment |
Thai prime minister lifts state of emergency
US Marine leaves Philippines after rape acquittal
Land mine blast kills 5 polling officials in India
Elton John, McCartney hit by economic crisis: rich list | Entertainment |
JAL, ANA say may scrap fuel surcharges
Pressure grows on S.Lanka for ceasefire with rebels
Twilight role at stake in German reality show | Entertainment |
Samsung says first quarter profit plummets
Battle of the Bulge director Annakin dies at 94 | Entertainment |
Oz Minerals sells Indonesian gold, silver project
HSBC closes equity business in Japan
Tarantino back in Cannes with Almodovar, Campion | Entertainment |
Seoul shares retreat as Samsung Elec, Hynix fall
South Korea stimulus puts recession on hold
Pakistani c.bank sells 15 bln rupees of T-bills
Toyota's incoming president to race Lexus
G7, G20 meet to 'follow-up' on London summit
"Twilight" role at stake in German reality show
Kia Motors reports $73 mln net profit for Q1
Reggaeton star Flex wins 8 Latin Billboards
List of key winners at 40th Annual Dove Awards
Chapman wins artist of the year at gospel awards
Beyonce thriller "Obsessed" leads new releases
Miss Calif. receives strong support at Dove Awards
Jay Leno misses first "Tonight Show" in 17 years
3rd 'Twilight' film director selected
Indian police end probe of 'Slumdog' star's dad
"Battle of the Bulge" director Annakin dies at 94
Twin suicide attacks kill 55 near Baghdad shrine
North Korea to boycott nuclear talks: Russia | International |
Russia's Medvedev sacks military spy chief | International |
Toll from bombs at Baghdad shrine reaches 60 dead
Downturn hits Elton John, Paul McCartney
Left to win vote in crisis-hit Iceland | International |
Baghdad shrine blast kills 30
UK economy shrinks at fastest rate since 1979
US seeking Chrysler bankruptcy plan: reports
India presses for Sri Lanka truce as casualties rise | International |
No talks unless peacekeepers quit Somalia: opposition | International |
Pillay blasts disinformation around U.N. race meeting | International |
Former VP Gore endorses House global-warming bill
Microsoft still sees potential in Yahoo partnership | Technology |
Former VP Gore endorses House global-warming bill
Rocky start for fledgling online news ventures
SC wildfire may accelerate after overnight calm
NY adviser indicted in $413 million Ponzi scheme
Deadly outbreak of swine flu in US, Mexico
Stocks open higher as Ford results top view
Thieves steal Mass. Little League's equipment
Russia sacks military intelligence chief
US worried about recent Taliban moves in Pakistan
Ford posts $1.4 billion 1Q loss, burns less cash
World Bank: Globe bracing for more poverty
Home Depot garden center becomes young owl's home
Elton John, McCartney hit by economic crisis: rich list | Entertainment |
Japan pop star free after naked arrest
Paintings attributed to Hitler fetch $143,000 | Entertainment |
North Korea to boycott nuclear talks
No concessions to Pakistan militants: army chief
Malaysia vows action on Myanmar human trafficking
Thais who rioted last week call for new protests
Land mine blast kills 5 during India's elections
Thai PM lifts emergency rule ahead of new protest
NZ climate scientist fired for unapproved comments
Group says China's new postal law restricts market
Thailand lifts state of emergency
Pakistani stocks rally, heartened by Taliban retreat
Macau casino operator Galaxy posts $1.5 bln loss
Japan's Nomura posts record $7.3 bln loss
Taiwan's AU plans T$0.3/share cash dividend
'Madden NFL 10' to cover Polamalu, Fitzgerald
Cathay: 70 pct of staff join unpaid leave scheme
Scottish singing sensation gets dye job, makeover
China reports 76 percent increase in gold reserves
Paintings attributed to Hitler fetch $143,000
Leonard Nimoy open to more 'Star Trek'
Seoul court accepts KIKO suspension suits vs banks
Latin America in spotlight at Cannes Critics' Week
Taiwan dlr at 2-wk high on fund inflows, U.S. pressure
BBC sends `Ethical Man' on global warming quest
Grammy for 'Big Bad John' survives Dean home fire
Hong Kong architect gets 24 rooms into one tiny flat
Indonesian volcano spews lava and ash into the sky
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01