News Topic: Credit & Debit Cards

Bully for you, Bank of America.  Bank of America's starting charging monthly fees for debit card usage to some customers. This is being taken as an "I told you so" by opponents of the Durbin Amendment, who argued that it would only result ... Read full article

I have a new paper on credit card securitization and what it teaches us about the likely effectiveness of the Dodd-Frank Act's skin-in-the-game risk retention requirements. Credit card securitization has long required 4%-7% credit risk retention (cf. ... Read full article

Why do financial reporters insist on reporting interest rates on complex consumer financial products as if they were meaningful in isolation? To wit, anotherwise good New York Times story ... Read full article

I have an op-ed on the Durbin Amendment rulemaking in the American Banker .   ... Read full article

It goes without saying that I think the Fed did a real jerk move on the Durbin Amendment rulemaking. But the more interesting issue is why?   ... Read full article

If anyone doubted who set the marching tune for the Federal Reserve Board, it was sure clear today. The Fed announced its final rule under the Durbin Interchange Amendment, and it was quite the handout to the big banks.   ... Read full article

I've previously posted about my frustrations at being stranded abroad without a functioning credit card -- particularly at t rain stations -- and the refusal of American credit cards to adopt a technology that has been in my building laundry room for ... Read full article

The other shoe drops: allegations of robo-signing in credit card collections (courtesy of the AP and CNBC). If it is happening in assembly-line mortgage foreclosures, there is no reason to think it is not happening in other assembly-line debt collections. ... Read full article