About the Author

Richard Cochrane is trained in chemistry and metallurgy but is far more interested and practiced as a political and fund raising consultant, writer and amateur historian. He grew up in a Navy family and with his two younger brothers carried on its 500+ year tradition of naval service to Great Britain and the USA then enjoyed a career with one of the largest advertising and public relations agencies working with numerous Fortune 500 companies and many of America's premier educational institutions. He maintains friendships and acquaintanceships around the world. He lives in Santa Barbara, California.

See All Posts by This Author

Crack Down On Credit Card Issuers.

May 2nd, 2008 • Richard Cochrane

Is it too late?The Federal Reserve and banking regulators are cracking down on the credit card industry, prohibiting practices such as arbitrarily raising interest rates on outstanding balances.

The so-called crack down is said to be in an effort to ban an array of unfair and even predatory practices. Some card issuers have jacked up rates on credit cards to over 30% to cover their losses in other areas such as non-performing subprime mortgages.

Critics say the whole effort is political as regulators and banks engage in a CYA campaign and in any case it is too little too late to help struggling consumers. Observers say there are simply too many banking industry sponsored loopholes to allow the reform to be effective, and only a flood of lawsuits and class actions by outraged consumers can punish an industry running amuck.

Last 5 posts by

Post a Response

*
To prove you're a person (not a spam script), type the security word shown in the picture.
Anti-Spam Image

Back To Hypocrisy.com    Communities: