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Financial Product Disclosures Need a Design Overhaul
Most people don't like reading the fine print. That's a problem when there is important information and money on the line. That is precisely why the financial services industry must change the way that product disclosures are designed.
Odysseas Papadimitriou, a former senior director in Capital One's credit card division, is CEO of the personal finance websites CardHub & WalletHub.
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The latest TransUnion Industry Insights Report found that total outstanding credit card balances increased by 4.3% in Q3 2014 from Q3 2013. It signals the second consecutive quarter of significant annual growth and it constitutes the highest growth rate observed since Q4 2008. more »
Michael Levitis, the owner of a New York debt settlement company, was sentenced to nine years in prison Wednesday after pleading guilty in a fraud scheme that law enforcement officials said victimized 1,200 people with false promises of relief from credit card companies and banks. more »
ONLINE ENROLLMENT SURGE: Capital One Financial CEO Richard Fairbank (left) recently described direct mail as "the Pony Express," while American Express President Ed Gilligan declared: "We are now predominantly a digital company."
Back in the early 2000s, it was considered risky for credit-card companies to lean heavily on their websites to sign up new customers. The perception was that people who were scouring the Web for credit offers tended to be desperate and unreliable. more »
A Georgia-based collection agency and seven employees are facing fraud charges after a federal investigation revealed tactics that prosecutors believe convinced more than 6,000 people to pay the firm an estimated $4.1 million in purported debts, according to a criminal complaint filed Tuesday. more »
Blair Jeffrey, senior vice president of sales and business development for PreCash's Evolve Money
A week after making Discover the first credit card offered in its mobile bill-pay service, PreCash Inc. has already seen a spike in the use of Evolve Money, which previously accepted only debit cards. more »
"Our proposal would close the loopholes in this market and ensure prepaid consumers are protected whether they are swiping a card, scanning their smartphone, or sending a payment," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards. more »
Consumer borrowing jumped to $3.28 trillion in September, up approximately $15.9 billion, according to the Federal Reserve’s monthly report on auto and student loans and credit card debt. more »
JPMorgan Chase said it's on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit card divisions. more »
A company that sold credit and debit card payment processing services has agreed to settle Federal Trade Commission charges that it used deception and unsubstantiated claims. more »
The Pennsylvania Attorney General's office has charged three people allegedly involved in a counterfeit credit card operation that stole tens of thousands of dollars by using fake credit cards with matching driver's licenses to make purchases and cash advances across the state. more »
Consumer credit default ranks showed an uptick in September, according to the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults. more »
Staples Inc., the world’s largest office-supply chain, is investigating a potential breach of customer credit-card data, becoming the latest retailer to confront a threat from hackers in recent months. more »

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