The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Citi ThankYou Preferred MasterCard.
MasterCard is participating in the World Retail Congress 2011 in Berlin from 25 to 28 September 2011, as part of its wider commitment to the global retail industry. At the Congress, MasterCard will talk about some of its latest insight into consumer spending trends, the very latest and emerging payment technologies (such as contactless and mobile) and what they mean for retailers and consumers, as well as insight and advice for retailers on the challenging youth market. In addition all Congress delegates will receive a ‘Mobile Tag’ at the registration desk which they can place next to their mobile phone to make mobile payments at the Congress and experience the ease and convenience that this payment method can bring.
CO-based University Parent Media has teamed with StorValue, the
industry leader of co-branded and rewards-based prepaid cards, and
issuer MetaBank, to issue the “Campus Dough DebitSmart Visa Prepaid Card”.
The reloadable card is a first in several ways for students and parents:
It offers clarity with transparently disclosed fees that are less than
virtually any other similar card; it provides outstanding, 5 to 60%
discounts at thousands of collegiansâ favorite places and it arms students and their families with online and
mobile money management tools and online banking for better control of
their finances. University Parent Media recently conducted an informal, qualitative
online survey revealing that half of the respondents were not aware that
the 2010 Credit CARD Act increased the difficulty for those under 21 to
get a credit card without a parent or guardian co-signer. More than one
half of the respondents were hopeful that a debit card could help them
to better manage their finances than a credit card.
The nationâs largest credit union service organization is going green with the help of Fiserv. PSCU Financial Services’ new “Go Paperless, Go Green” campaign will sponsor the planting of one tree for every bill paid online by a new bill-pay subscriber at the financial institutionâs website from Jan. 19 through Feb. 28, 2009. This year, the two companies have set a goal of planting at least 7,000 trees in the John M. Bethea State Forest in Glen St. Mary, FL. PSCU’s “PayLynx” online bill payment platform is powered by Fiservâs “CheckFree Web RXP” electronic billing and payment service. This is the third year that Fiserv has teamed up with its customers and the Arbor Day Foundation to plant trees for new e-bills and online bill payments made by consumers. Co-sponsored by Fiserv and six of its financial institution customers, the 2008 campaigns resulted in the planting of almost 80,000 trees and thousands of new e-bill enrollments.
The National Retail Federation has welcomed the support offered by Missouri Senator Christopher “Kit” Bond as a co-sponsor of the “Credit Card Fair Fee Act of 2008” which focuses on interchange fees. Bond became the lead co-sponsor of S. 3086, which was introduced two weeks ago by Senate Majority Whip Richard J. Durbin, D-Ill. The legislation is a companion measure to H.R. 5546, also named the “Credit Card Fair Fee Act of 2008”, introduced by House Judiciary Committee Chairman John Conyers, D-Mich., and Representative Christopher Cannon, R-Utah. At issue is credit card âinterchange,â a non-negotiable fee averaging close to 2% that Visa and MasterCard banks charge merchants every time a credit card or signature debit card is used to pay for a transaction. Visa and MasterCard effectively force merchants to pass the fees on to consumers by requiring them to be included in the advertised price of items and making cash discounts difficult. Interchange is largely unknown to most consumers because Visa and MasterCard keep merchants from disclosing it on receipts and donât disclose the fee on monthly statements. According to NRF estimates, the average U.S. family will pay $427 in hidden credit card interchange fees in 2008, up from $378 in 2007.
Congresswoman Carolyn Maloney (D-NY), Chair of the Financial Institutions and Consumer Credit Subcommittee, announced that she has secured the 100th co-sponsor for her “Credit Cardholders Bill of Rights” (H.R. 5244), she introduced in February to reform major credit card industry abuses and improve consumer protections. Rep. Maloney also held the second of two planned legislative hearings on the bill in her Subcommittee. The “Credit Cardholders’ Bill of Rights” requires card companies to give cardholders advance notice of any interest rate hike; gives cardholders the right to say “no” to borrowing money at a higher interest rate than they originally agreed to; stops tricks and traps that make cardholders incur rate hikes and pricey fees; empowers cardholders to set limits on their credit; shields cardholders from misleading terms; protects vulnerable consumers from fee-heavy subprime cards; and requires Congress to provide better oversight of the credit card industry.
American Express will sponsor the seventh annual Tribeca Film Festival in New York April 23-May 4 and will unveil its new American Express Insider Center. The Center offers Cardmembers exclusive access to special events including âmasterclasses’ spotlighting cinematic themes, roundtable discussions with directors, casts and crew, and private short film screenings. The Insider Center will also transform into an après-theatre lounge in the evening where filmmakers, industry insiders and Cardmembers can mingle after an exciting day at the Festival. The Insider Center will be open April 24 through May 2 from 10:00 am until 5:00 pm and 10:00 pm until midnight for American Express Cardholders with ticket stubs. Additionally, private programming will take place from 2:30 pm to 10:00 pm. Cardmembers can find tickets to Insider Center programming at www.americanexpress.com/tribeca. Robert De Niro, Jane Rosenthal and Craig Hatkoff founded the Tribeca Film Festival in 2001 following the attacks on the World Trade Center to spur the economic and cultural revitalization of lower Manhattan. The Festival has attracted more than two million attendees from the US and abroad and has generated more than $425 million in economic activity for New York City.
Southwest Airlines and Chase are co-sponsoring Lenny Kravitz’s upcoming “Love Revolution Tour,” offering special give-aways and experiences to “Rapid Rewards VISA Signature” cardholders. Southwest and Chase will offer a select number of tickets for the Denver, Philadelphia and San Francisco concerts for Southwest Rapid Rewards Visa cardmembers, will sponsor special lounge access for Southwest Rapid Rewards Visa cardmembers, who show their card, and provide an “in-lounge” sweepstakes for roundtrip air tickets.
According to a recent survey by Credit Canada for its “Credit Education
Week Canada”, 90% of Canadians “feel” more in debt than 5 years ago,
yet 53% have no household budget for debt alleviation. What is even more
surprising is that 80% are unaware of what their credit score is and 26%
ignore the effect of interest rate fluctuation when granted a loan or
credit.
These alarming statistics reflect a great need for consumer education in
the
school of debt management and planning for the future. In response, Credit
Canada and Capital One Financial Corporation are teaming up to co-sponsor
the “Credit Education Week Canada” to build awareness on personal finance.
In doing so, representatives of the companies will tour schools to empower
people with the tools and knowledge to address the country’s fast growing
debt issues. This tour will consist of University Campus fairs in the
Toronto
area with presentations and essay contests. Specific topics will address
issues
of youth and money, identity theft/fraud, retirement planning and
savings and
investment.
The Anti-Phishing Working Group and the National Center for Forensic Science have scheduled an “eCrime Researchers Summit” in Orlando on November 16th and 17th. During the two-day conference on Nov. 16 and 17, leading researchers from around the world will converge on Orlando to present their findings on: phishing, the criminal art of stealing consumers’ online credentials; techniques for detecting and visualizing Internet servers that have been commandeered by criminals; automated systems for investigating online scams; and digital forensics tools. The Anti-Phishing Working Group (APWG) is an industry association focused on eliminating the identity theft and fraud that result from the growing problem of phishing, email spoofing and crimeware. The National Center for Forensic Science provides research, education, training, tools and technology to meet the current and future needs of the forensic science, investigative and criminal justice communities.
Chase Card Services is co-sponsoring the “Army Concert Tour,” a series of live country, rock and hip hop concerts spanning four months and a good part of the U.S. American Idol winner Carrie Underwood and former contestant Bo Bice are among the performers featured during the tour, along with country artists Josh Turner, Jamie Johnson, Dierks Bentley, and Trent Willmon. Rock fans will enjoy the legendary Lynyrd Skynyrd, 3 Doors Down, Cowboy Mouth, and more. Among hip hop and R&B artists performing are Dem Franchize Boyz, Young Dro, LeToya, and Cherish. JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries.