BankThink

The rise of the prepaid card is sure to be one of the Durbin Amendment's biggest legacies. It also suggests any savings merchants derive from the law will be short-lived.

Breaking News This Morning Settlement: As speculated, JPMorgan Chase has reached a settlement with the Securities and Exchange Commission related to Bear Stearns' mortgage backed securities sales practices, Bloomberg reports. Details on the terms of the settlement are scarce, but JPMorgan did say in the filing "the agreement in principle is subject to approval by the SEC, as well as court approval." Receiving Wide Coverage ... ...

Proposed legislation that encourages utility companies to report positive payment data is just one way to improve underserved consumers' access to high-quality credit products they can truly afford.

Receiving Wide Coverage: Well, that's that. Despite a few seats changing hands, both the executive and legislative branches are going to look the same as they did before the election, plus one Elizabeth Warren. How we got there involves a feisty Republican primary, plenty of vitriol over basic facts and statistics, and a broad win for the president that was shallower than the one four years ago. ...

Complex rules can be bent to special interests, and invite gaming and unfairness. An example is the exclusion of credit cards that don't impose "finance charges" from a great many requirements.