News Topic: Credit & Debit Cards

Yesterday, I wrote about the "squeaky wheel system," or "SWS" for ease of reference, which I explored in my article, Access to Consumer Remedies in the Squeaky Wheel System .   The research shows that consumers who have and take the ... Read full article

I was really hoping that I would be able to go at least a year without having to call Todd Zywicki out for his comments on some consumer finance issue.  But it's not to be. Zywicki has weighed in on the interchange settlement , proclaiming it to be ... Read full article

JPMorgan Chase and Class Counsel have received preliminary approval of a $100 million class settlement in  In re Chase Bank USA, NA "Check Loan" Contract Litigation (MDL 2032) , a case involving Chase's increases in minimum payment amounts ... Read full article

The CFPB released a beta version of its complaint database on June 19th. Right now, one can only search credit card complaints, which the CFPB began taking on the first birthday of its creation, July 21, 2011. My takeaway is that this is major step ... Read full article

I've held my tongue for a while on the proposed class settlement in the multidistrict credit card interchange fee litigation (MDL 1720).  I'm weighing in on it now.  I've written up an analysis of the proposed settlement.  It's  ... Read full article

The number one agenda item for small banks is to repeal the physical, on-machine disclosure requirement for ATMs.  Yes, I'm serious, that, that is the top agenda item for small banks. And they wonder why they're not doing so well... ... Read full article

The Tennessee Court of Appeals has issued a decision that highlights the problems facing credit card debt collectors in a post-robosigning world (see here and here ). ... Read full article

The Fed released some data on debit interchange fees since the Durbin Amendment went into effect ( here  in spreadsheet and here  as a memo with more data). It's all still very early numbers, and things may well change. But so far a few noteworthy ... Read full article

Here's a plug for a conference on mobile payments that the FTC is hosting next week.  It will be webcast live.  The agenda is  here .  I'm one of the speakers.   ... Read full article

While we’ve been blogging, Stevie has begun his dissertation fieldwork in Korea. He emailed Bill the other day: “Yesterday I opened a bank account here in Seoul, and conducted the entire interaction in Korean. For some reason, I don't get an ATM ... Read full article

Sticker in San Francisco: "Of course it's cash-only, it's the Mission." Overheard: "Oooh, yeah, no, we don't take cards. Because the coffee is, like, local?" (both items courtesy Lana Swartz ) ... Read full article

Much has been written about the inherent riskiness of cash. It is dangerous because it can be lost, stolen, eaten, destroyed, etc. It is dangerous because it is difficult to track, thereby helping to facilitate crime. Many a potboiler plot hinges on a ... Read full article

Jeff Horwitz at the American Banker has been doing some great reporting on abusive debt collection practices in the credit card industry. Joe Nocera's column took up the subject today. Robo-signing and other abuses have been a problem for a while ... Read full article

One of my students came across a humorous blog post from February, 2012. Titled, “ What your payment method reveals about you ,” the author listed a series of unlikely payment actions and a line on the presumed personal characteristics of the payer. The ... Read full article

Wall Street Journal Reporter Jessica Silver-Greenberg casts a spotlight on the market for fertility treatment loans - including loans that enable the purchase of other women's eggs  - in the article "In Vitro a Fertile Niche for Lenders."  ... Read full article

We have not talked a lot about payment protection plans, those great deals where the bank agrees to pay your credit card balance in the event of disability or death in exchange for premiums. They are great for the banks. ... Read full article

Yesterday, the American Banker reported that Chase has stopped filing lawsuits to collect consumer debtors. Moreover, they did it quietly and quickly. ... Read full article

Previously I mentioned this new paper on homeowners in bankruptcy  in the American Bankruptcy Law Journal. The central goal of the paper was to investigate what makes homeowners more or less likely to have mortgage troubles as they head into ... Read full article