Banks get OCC to do their dirty work. Posted by money mom at 08/21/08 03:30 PM

Despite the unprecedented support for the recent proposed rule on unfair and deceptive credit card practices a federal banking agency is publicly opposing the rule.

Despite the unprecedented support for the recent proposed rule on unfair and deceptive credit card practices, a federal banking agency, the Office of Comptroller of the Currency (OCC) is urging the Federal Reserve Board and other federal regulators to water down the rule.

The OCC regulates national banks and claims that one of its objectives is to ensure fair and equal access to financial services for all Americans. But John Dugan, the head of the OCC sent a letter to the three agencies who proposed the rule, which lays out the same arguments being made by the credit card companies. He maintains that restricting these unfair practices would hamper the ability of banks to offer credit to consumers and recommends that the proposed rules be scaled back dramatically.

The OCC’s argument is basically saying that if banks can’t trick or cheat consumers they won’t be able to offer them credit. This sounds eerily similar to the arguments made by the mortgage industry right before the current foreclosure crisis. The agencies should recognize the importance of ending abusive lending practices when warning signs arise.

Instead of restricting their practices, Dugan says that federal regulators should simply require banks to provide better disclosure about their practices. Consumers Union is not alone is thinking that more disclosure of unfair practices falls far short of the protection consumers need. The Government Accounting Office and the Federal Reserve Board have both concluded that enhanced credit card disclosures don’t provide adequate protection for consumers.

Consumers should have the confidence of knowing that their interest rates won’t skyrocket if their payment gets lost in the mail or arrives a few days late. We urge the Federal Reserve Board to disregard this opposition and adopt these critical protections against unfair and deceptive credit card practices.

Check out our website to learn more about current credit card issues that affect your wallet.

comments (254)

1 Posted by William Jones at 08/27/08 03:51 PM

Reform to protect consumers is much needed. The proposed rules are a step in the right direction.

2 Posted by Gregory Gauthier at 08/27/08 04:28 PM

This is so typical of this, and the previous administration's, pro-business/ anti-consumer attitude. No, I am not a democrat. I am just sick and tired of consmers being abused by the banks, insurance industry, wireless industry, etc. Thanks God for Consumer's Union.

3 Posted by Richard W. Firth at 08/27/08 05:14 PM

I am outraged the OCC will do nothing to curb the outrageous lending practices of the these predatory lending companies who are doing nothing but encouraging more debt by offering tempting offers and putting more and more small print in their contracts that jack up interest rates and amounts paid.

There has been an unprecedented support for the changes from the public and you need to listen to them than the OCC.

Please approve the changes.

4 Posted by Ralph Jungheim at 08/27/08 05:22 PM

I'd like to know more about current credit card issues.

5 Posted by Mary Kreiter at 08/27/08 07:41 PM

The government must also go back to making usury illegal. Credit card companies and pay day loan companies must be tightly regulated. Credit card companies that charge 29.9% interest are wrong. Pay day check loans have rates as high as 400%!
Where is our government protection and oversight?

6 Posted by Stephen B Lake at 08/27/08 08:15 PM

Hope congress does not water down credit card that the Senate approved.

7 Posted by Clarence Smith at 08/27/08 09:56 PM

The credit card companies Should be stopped,and made to answer for their unfair and unethical treatment of the American consumer.

8 Posted by Richard Fisher at 08/27/08 10:10 PM

You might want to check out how Banks with the help of OCC tried to allow Banks to sell real estate a few years back.

9 Posted by John Guenst at 08/27/08 10:20 PM

It is so important to adopt these critical protections against unfair and deceptive credit card practices. It is not only protection that is morally and ethical correct but good public policy. Risky practices in mortgages have placed our society on shaking grounds.

10 Posted by Fay Russell at 08/27/08 10:38 PM

I support the Consumers Union stand on this issue.

11 Posted by Henry Hyde at 08/28/08 01:17 AM

The OCC and John Dugan must immediately be fired for incompetency, bribery, fraud and abuse of their position to protect the American public from unscrupulous scams peretuated by the banking industry. Cases in point are the mortgage meltdown and credit fraud that negatively and forever impacts millions of 401K retirement nest eggs and quality of lifes'.

Where was OCC when the financial sector was screwing the American public? Lost in credit chaos? Who's supposed to be protecting me and millions of mid-class Americans just like me?

The answer..OCC is in the pocket of the corrupt banks, financial giants and investment firms motivated by greed and delusion that have screwed millions of hard working Amricans like me. Banks, like Car Dealers and many others are not your friends!!

How dare this arrogant scumbag lowlife John Dugan turn his back on the will of the American public and Congress. Fire this sorry greaseball lowlife now and put OCC on notice for dissolution!! This incompetence is outrageous!!

12 Posted by Jon Morgan at 08/28/08 03:24 AM

If real consumer protections would preclude credit card companies from being able to offer cards and do business, then how come their more regulated counterparts in Canada, Europe, Japan, Australia, etc. are able to run profitable businesses? CU should ask this.

Furthermore, if a business or industry needs to deceive or destroy people to make a profit, is that really a business or industry we should allow to exist in America (e.g. payday loans, predatory mortgages, much of the insurance industry)? Progressive and consumer principles would've precluded subprime mortgages in the first place; our crisis with them is an international embarrassment because no other developed nation would allow such outrageous things to happen in the first place (e.g. stated income loans). In the long run, consumer protections don't just benefit us as consumers; they help the whole economy.

13 Posted by Sean at 08/28/08 07:17 AM

The Banks were greedy on the mortgages now they want to get everyone else to pay for there greed. The middle class and below are getting squeezed to pay for those above.

14 Posted by Paul at 08/28/08 07:18 AM

If there was ever a movement underfoot to eliminate or downsize government agency's, this would have to be # 1. The OCC mission and function is from all accounts is "cerimonial". The banks and credit card industry have nurtured this agency to run interference for there benefit.
They don't belong in this fight...........

15 Posted by john fillar at 08/28/08 07:51 AM

The federal government needs to promote greater fiscal responsibility among credit card holders. The first steps should be to limit the load that a cardholder can maintain and to increase the size of the monthly payment.

Let’s encourage people to live within their means – to spend only what they earn.

16 Posted by Peter L. Everts at 08/28/08 10:34 AM

The despicable practices of usury by credit card issuers is nothing short of criminal and should be addressed as such by legislators. Corporate executives who have profited by such practices should be fined and jailed.

17 Posted by Digital47 at 08/28/08 10:40 AM

I do hope the entire banking system collapses. I hope no one pays them another red cent back.

18 Posted by Robb at 08/28/08 10:42 AM

One might consider getting rid of the Federal Reserve? Might eliminate part of the problem as they are a foreign owned organization...or didn't anyone realize what their job really is!!!!!!

19 Posted by Michael Riley at 08/28/08 10:44 AM

Disclosure is totally inadequate, because the average person does not read it, and generally would not understand it.

Often even the people pointing out the disclosure do not understand it enough to explain it in common language.

Additionally just because they are disclosing a warning does not make it right to act deter mentally to the consumer.

20 Posted by Kay Warren at 08/28/08 10:50 AM

I try to be environmentally responsible. I pay my credit card bills online. When you opt for electronic billing, you lose a lot. They really don't want to switch you back either. You see with electronic billing, you're less informed. You don't get to see your interest rate, and you don't get to see your total finance charge for the period either. I think this should be required.

After all, they can post your credit score, new purchases etc., posting your interest rate is not a technical issue, regardless of what they claim. Any changes to the interest rate should require 45 day written notice. All important notices should show as a red flag on your screen, click the flag, and find out they're raising your rates, or that there has been, or will be some other chage to the terms of the agreement. This business of changing terms at any time for any or no reason gives them complete control and makes you hostage to their whims.

21 Posted by Peter Christiansen at 08/28/08 10:52 AM

Keep on top of this please. It's a big part of "The Bankrupting of America."

22 Posted by Maxsmart at 08/28/08 10:53 AM

It is very simple. These excessive credit card charges and penalties amount to loan sharking, they should be chased out of the temple! This is a case of taking advantage of the people who are already in the midst of economic hardship and giving them an extra shove over the cliff. If you cannot see the ammorality in this then shame on you. Them make it harder to get bankrupcy protection, don't throw them a rope either! When the free market has no morality then our society get fleeced plain and simple. When respect for these institutions disappears then society devolves into criminality and the fabric of the society lies in shreds. Then we become a banana republic.

23 Posted by Albert Diamond at 08/28/08 10:56 AM

Please let the current legislation pass without modification. If there is any industry who needs reigning in it's the credit issuing companies.

Thank You,

Al Diamond

24 Posted by William Cheney at 08/28/08 10:56 AM

I think that the credit card interest rates should be controlled. If you get a card at 9 percent that the credit company should not be able to raise the rate more than 5 points above prime. this would stop some of the unjust practices that these companies use.

25 Posted by Pam Culpepper at 08/28/08 10:57 AM

The banks just got bailed out by the tax payer for their mortgage credit mess. Now they want to eat that cake too!

I say, just go ahead -- raise gas prices, raise our utility rates, send our jobs to where ever. But when I don't buy anything, don't cry "shame, shame."

26 Posted by Kathy at 08/28/08 11:01 AM

I hate credit card companies. Credit cards are a necessary evil especially because the continued high prices in gas, groceries, etc. The credit card companies are making a killing off people with the high and going higher interest rates.
We're paying ours off and cutting them up.

27 Posted by Diana Eldridge at 08/28/08 11:06 AM

I find it scary that credit cards can do virtually anything they want, whenever they want. It's time to rein them in! The greed of the banks is partly responsible for the abysmal condition of our economy!

28 Posted by Carolyn Faulkner at 08/28/08 11:07 AM

So, what can we do now? We write our congress, we write the Office of the President, we complain on blogs. It seems we, the people, are powerless against these large financial institutions whose lobby dollars find their way into the pockets of the congress! Do we have any rights to effect legislation?

29 Posted by lynn ennis at 08/28/08 11:09 AM

Why do we keep expecting politicians to do the
right thing? They make more money under the table
with every decision.

30 Posted by marlene at 08/28/08 11:10 AM

Credit card companies are a fraud. They need to be abolished.

31 Posted by Gary Stine at 08/28/08 11:16 AM

.....only thought right off the bat is who's influencing the OCC to take this position...and how many under the table favors, gifts, etc are being exchanged for this stance of the OCC.... This is just flat wrong and another example of 'not for the people' politics...

32 Posted by m. m. medlock at 08/28/08 11:17 AM

Restrict credit to two(2) cards with a monthly total no more than $2000. I do not appreciate paying for others bad credit practics.

33 Posted by Leo Pau May at 08/28/08 11:18 AM

Experience with "disclosure statements" indicates that they have become the largest part of all credit agreements. The longer they become, the smaller the type face used.
Also, the requirements for consumer redress are so extensive and burdensome that the likelihood of any consumer ever obtaining satisfaction is very small, even for those with an attorney on their team. Individuals least able to bear the burden of the unethical practices are those most likely to be faced with them.
Why not just require fair and honest and ethical practices from the credit card issuers?
When the consumer credit card industry is faced with the same fate now destroying the mortgage and brokerage industry, what will be left but to tax the citizens more to "bail out" this industry also?

34 Posted by N. C. Lotvedt at 08/28/08 11:21 AM

I had a Discover card that had high interest rates, so I just did not use it. I had gotten divrced, my ex-wife wanted the card as it had a low rate, I signed a form to take my name of, leave wife's name on, they offered me a new card, I accepted, it was about a 6% higher rate.
They kept sending me "checks" and offers to transfer other balances, I did call them one time, told them to cancel my card, interst was way higher than original card,they said do it in writing, I did, they still did not cancel, I just quit dealing with them, still getting offers from them to use checks, etc, I gave up trying to cancel....

35 Posted by Eugene Schulte at 08/28/08 11:21 AM

I agree credit companies are robbers.

36 Posted by G. Hoster at 08/28/08 11:27 AM

The credit system is too loose. Banks should cease soliciting customers by mail. Each person seeking credit (cards) should be required to have an interview with a credit officer. Additionally, that individual should be a proven citizen of their country. Each credit card should have the user's picture and proper ID.

I am tired of losing money on bank stocks. Banks should not necessarilly be bailed out by the govt., but rather should be allowed to fail.

Many of our credit problems are caused by very poor bank and govt. management.

37 Posted by Donald Scherrer at 08/28/08 11:43 AM

Don't water down any of the proposed rules!! I'm tired of the way credit card companies do business and am ready for drastic changes. My own company is misapplying my payment every month and they tell me it's the law. If true, than the law needs a major overhaul!!

38 Posted by Juan Herrera at 08/28/08 11:43 AM

Financial corporations and banks are blood suckers, We the People are the suckees, down with them!, Up with the People of America! NO MORE CORPOCRACY!

39 Posted by Charles Cohn at 08/28/08 11:45 AM

I use my credit cards a lot, but I always pay them off currently and never carry a balance. Therefore, I always use a rewards card and am always looking for the card that has the best rewards. I am concerned that, if your reforms are successful and credit-card income is curtailed, the cards might not be able to afford the level of rewards they have been giving. Because of that, I am impelled to oppose your reforms unless I can be reassured that they won't impair my rewards.

40 Posted by Dean at 08/28/08 11:45 AM

Why is John Dugan, the head of the Office of Comptroller of the Currency (OCC) urging federal regulators to allow banks and credit card companies to extort bigger profits through trickery, deception and lies trhough supporting impossible to understand "disclosures" for consumers?

41 Posted by vickie at 08/28/08 11:46 AM

We need to think of the future and stop credit cards companies from unfair and deceptive credit cards practices

42 Posted by Greg McCarthy at 08/28/08 11:46 AM

perhaps if we poor individuals, consumers, form a pac and kick money into the politicians they will start to do what they're elected to do...represent US instead of the special intersts....by the way, any truth that joe biden was a promoter of laws stregenthening the credit card interests?

43 Posted by Forrest Lewis at 08/28/08 11:50 AM

This is another demonstration of how "big money" rules our government! When government allows banks and other corporations to get rich off consumers by questionable practices because of their "fear" of these corporations then the corporations become our "ruling body" and however you look at it our "representatives" in government no longer rule for the people.
Flewis

44 Posted by Mary Whitmore at 08/28/08 11:52 AM

We need more regulation, not less. It is wrong for financial institutions to use deceptive business practices and get by with just explaining the deception somewhere in the fine print written in legaleese that the average consumer cannot understand. There is way to much of this kind of trickery foisted on the public.

45 Posted by M L Fanning at 08/28/08 11:53 AM

How in good conscience can the OCC so lopsidedly side with the Banking industry on this issue? For most of the last twenty seven and one-half years consumers have increasingly been the victims of bad legislation and anti-regulation propaganda. The National Banking industry has for all practical purposes become a legalized criminal organization in regards to credit card abuses. The OCC has become the puppet guardian of this behavior instead of the protector against it. Also, it may be that the OCC is a governmental agency but individual(s) within the organization are making these bad decisions. I guess to "them" not being caught in lies or deceit is the same thing as telling people the truth. The phrase "Do the Right Thing" has no meaning to these types. Major changes need to be made in the OCC.

46 Posted by Barbara Falkowski at 08/28/08 11:57 AM

I can remember when there was a control on credit and the Credit companies were limited to the amount of interest they could charge regardless of late payments, etc. There is a START and END date and you must pay within a certain time or you are charged an outrageous late fee.......EVEN IF you made you payment a few days ahead of time. This reminds me of what I used to read and hear about the mafia years ago. The banking industry is one of the select groups which are coddled by the federal government.

47 Posted by Anne-Lise Ekland at 08/28/08 11:58 AM

When we first signed up for credit cards, the interest rates were around 8.99%. Then, when George W. Bush took office, he gave the green light to all businesses to conduct themselves in a laissez-faire manner. The results have been APR's up as high as
34.99%. It has been my personal experience, no matter how well the consumer managed their financial affairs, these companies used any excuse they could think of to fault the consumer and
run the rates us. Ask yourselves how it is that so many credit cards could have suddenly shot up to over usury rates en masse without some kind of complicitous, conspiratorial. and overtly predatory conduct on the part of the credit card/banking/insurance industry? The answer is patently obvious: res ipsa loquitur.

48 Posted by Dedra Smith at 08/28/08 11:59 AM

Chase commits every sin in the book, charging both late penalties and interest on your entire balance, (not just what's due) if you pay on the correct day but not at the correct time, AND they've just added charging $9.95 for using their AUTOMATED phone payment system. They are herding customers to their website, where I suspect the terms for signing up are again all about THEM. I will be canceling my airline card with them as a result.

49 Posted by alvin schmertzler at 08/28/08 12:01 PM

The House must follow the lead of the Senate and pass the proposed rules for reducing the unfair credit card practices. Follow the path laid out by the Consumers Union

50 Posted by T. Meade at 08/28/08 12:01 PM

If anything the new rules do not go far enough. The interest rate should remain the same as the date of the purchase; billing periods should be a cycle of 29 to 30 days not a short cycle of 20 to 25 days (depending on the credit card company). The shorter and shorter billing cycles are just a way to gain more money and cheat their customer. Also, the interest rate should not be calculated on the average monthly balance BUT ON the account balance at the time of sending the next bill. These are the tricks of loan sharks and credit card companies are supposed to be an honest LEGAL company. It's getting so numerous companies are just out to cheat the consumer. I'm outraged that it has taken so long to rein in these loan sharks for their deceptive practices.

Thank you.

51 Posted by Tim Olive at 08/28/08 12:03 PM

I recently had a run-in with VISA, who wanted me to sign a ridiculous agreement (by phone) in order to get a small cash advance. First of all, I have never missed a payment.

They put tremendous pressure on me to agree to a 31% finance charge if my payments were over 30 days late. But, of course, they could offer me payment insurance in case I was disabled to protect me from the dangers of a 31%. rate. It only costs an additional half of my monthly payment, every month. Gee, thanks but no thanks.

Banks are out of control just like they were with subprime mortgages. The usury laws we once had that limited loansharking need to be re-instated.

This is another financial catastrophe in the making. Mark my words.

TimØ

52 Posted by CPO Willis Greene USN Retired at 08/28/08 12:04 PM

HOW DARE YOU to try and let BANKS be MORE like CROOKS than they already are... QUIT trying to tell the Federal Reserve what to do...!!

53 Posted by Rosalie Pelch at 08/28/08 12:05 PM

Credit card companies have deceived consumers for far too long. Even if you pay your balance in full, they can still come after you due to the "2-cycle" billing of which they are so fond. Consumers need to be protected from this and other greedy practices. The credit card companies have too much control over consumers. They can ruin a credit rating which would cause consumers to have to in turn pay more for housing, insurance and other goods. Right now the credit card companies are doing the same thing the mortgage lenders did and just look at the mess that has made of our economy. It's time to rein in the credit card companies before the same thing happens to them.

54 Posted by Frank Ackerman at 08/28/08 12:05 PM

Your job is to PROTECT US

NOT the profits of the credit card companies.

55 Posted by Walter Marlin at 08/28/08 12:07 PM

Please hold Credit Card Companies liable for legal theft practices and usuary interest rates that are CHOKING the middle class .

56 Posted by Beverly McCormick at 08/28/08 12:10 PM

It is past time the consumer to get some protection from deceptive practices used by the credit card companies. Level the field!

57 Posted by Nearous Sizemore at 08/28/08 12:11 PM

I am a retired banker. I know a bit about how banks work. I vividly remember a time in the 70's when I proposed that we market ourselves as consumer friendly and back that up by writing all our consumer loan and deposit agreements in easily understandable language.

Upon hearing this proposal, the director of marketing is said to have responded, " What is he? Some kind of communist or something?" Kinda shows how they think doesn't it? I was in bank operations, not marketing.

58 Posted by Kelly Warner at 08/28/08 12:15 PM

Will anything ever be done about the abusses of the credit card companies. I agree these critical protections agains unfair and deceptive credit card practices need to be adopted!!!

59 Posted by John Bultena at 08/28/08 12:16 PM

I think the proposed rule to end the credit card companies license to deceive is badly needed and if anything, should be made tougher. The OCC is 'hand in glove' aligned with the credit card houses and should be ignored on this issue. If the new rules would "hamper" the ability to offer credit, GREAT! Easy credit offers without any backing required are no small part of the current financial issues plaguing countless households across the country at all income levels.

60 Posted by Shira Nahari at 08/28/08 12:19 PM

Nip the OCC's moves in the bud! Don't let them do the dirty work of the Credit Card agencies!

61 Posted by Sara at 08/28/08 12:20 PM

This is outrageous!

62 Posted by Dorothy Decker at 08/28/08 12:22 PM

The OCC's goal should be ending abusive lending practics -- NOT further enabling them!

63 Posted by Ann Chapman at 08/28/08 12:25 PM

Legislation should include language against the exobitant interest fees. 25%/month is usury.

64 Posted by Norman Levine at 08/28/08 12:25 PM

The closely printed and difficult to understand legalese that comes with credit cards is often impossible to clearly understand. Shades of the mortgage meltdown! We need understandable, non usury like legislation, not a watered down version that plays to the credit card banks and companys.

65 Posted by Patrick Hutchings at 08/28/08 12:25 PM

I support the rules proposed under the Unfair and Deceptive Credit Cards and Overdraft Practices. I oppose efforts by the Office of Comptroller of the Currency to block the implementation of these rules. The citizens know that regulating financial institutions will never prevent them from offering their services. We know that regulation ensures that we are offered services that are fair and responsible to us, the consumer and funder of these services.

66 Posted by Rosa Trou at 08/28/08 12:27 PM

I'M FED UP WITH THE PREDATORY ACTIONS OF THE FINANCIAL COMMUNITY.

CREDIT CARD INTEREST SHOULD NOT BE MORE THAN 10% OF PRIME AT THE WORST, AND CONSIDERABLY LOWER FOR BETTER CREDIT.

AS A REALTOR I'M HEARING FROM SELLERS WHO WERE HAVING PROBLEMS WITH PREDATORY MORTAGES, WHO CALLED THEIR LENDER WHO INTURN INFORMED THEIR CREDIT CARD COMPANIES WHO RAISED THEIR RATES, AND CANCELLED OR CUT BACK THEIR LINE OF CREDIT.

67 Posted by William Bodwell at 08/28/08 12:29 PM

Disclosure of how a credit card company might service the consumer is insufficient. There must be a determination of what are reasonable methods by which credit card companies may charge consumers for their services and prohibition of those charges that are unfair to the consumer and exist just to provide additional avenues of generating revenue.

68 Posted by John Hepner at 08/28/08 12:31 PM

Given the low level of savings in the country, perhaps credit should be a bit more difficult to obtain. But then, given the low level interest banks are PAYING, perhaps there is good reason for the low level of savings.
Banks have a lot to answer for, in their present banking practices. There should be better disclosure, and there should NOT be changes in interest charges without due warning. There should be a full 30 days billing cycle between bill and receipt of payment....less is simply hoping the postoffice will be late delivering.

69 Posted by maxine nichols at 08/28/08 12:31 PM

credit card interest are to high. some one need to watch them.

70 Posted by Georgia Wever at 08/28/08 12:32 PM

Disclosure is inadequate. Who has time to read all the warning statements, i.e., disclosures, that we receive with every product we purchase, every site we enter. The government has the responsibility to
protect consumers, not warn them!

71 Posted by Juli Hennessee at 08/28/08 12:38 PM

The unfair and deceptive practices that banks use to confuse or simply not report to credit card holders should be exposed and eliminated. Period. Last year one of our two credit cards that used to be with MBNA before Bank of America obtained them several years ago, the one that has the most usage, had an increase in the rate that they charge. I have an excellent reputation with the cards, always pay them off when the bill comes, except for Christmas shopping, which is paid within three months. I am not simply saying this; the representative from the bank that I called told me this herself. I complained abut the rate change, and asked her why they had increased mine, since I have such a good record of paying on time. Her answer amazed me. She said that the rate has nothing to do with whether or not the account is handled well or badly. She said that they can just arbitrarily increase every-or any person's rate if they decide to. She then offered to reduce the rate two percent, which did not get it back to the previous rate, and I told her that didn't satisfy me, but she said that was all she is allowed to do. This was not a card that I had gotten from then at one of the promotional rates. It wss a card that I had had for over twenty years with MBNA, and its rate changed both when it was taken over by Bank of America and the second time last year. Consumers have no real choice when it comes to credit cards. I could accept one of the many offers I recieve in the mail every week, but none of them tell what the rate will be when the introductory time is over, and even if you talk to them, they dance around telling you a specific number, so they are not any better than the ones I now have.
I am afraid the banks have gotten out of hand in many areas. The mortgage mess is only the first that has been exposed, and the rest is as corrupt and mismanaged and greedy. The department of our government that is supposed to regulate how banks work has fallen down on its responsibility. Banks have tried to dominate fields such as real estate which would be totally wrong for consumers. For one industry to control every aspect of a buyer making a purchase from finding a home or business to buy, to making a loan, gives too much control to the banks and too little choice to the buyer. This is just one aspect that banks should never enter, and their practices need to be controlled and monitored constantly for the benefit of the public.

72 Posted by Charles Tahaney at 08/28/08 12:40 PM

It is imperative that the Federal Reserve Board not allow the O.C.C. to sway them them away from their current position. If the banking and credit firms have no conscious as to the business practicies that they use on the general public, aka, their customers, then unfortunately they must be ruled against by the Federal Reserve Board.
This does not mean that the general public should not take the time and effort to research and learn, read the "fine" print, and use the "product" of these lenders in a prudent, judicious and astute manner.
It is indeed sad to realize that the Corporate world has no regard for the public at all. It's all about the "bottom line." An example is Exxon/Mobil. They know there are people who have to choose between fuel and food, people who have to have fuel to get to their employment, etc. Does their heirarchy seem to care that the price of fuel is hurting so many in different ways. They certainly could have been a front runner in showing that they did care by lowering the price of their product. They instead chose to "rub it in" to the public that they earned $11 point whatever billion dollars for that quarter.
The Feds should not back down and to hell with the O.C.C. whose main objective obviously is to once again "make a buck" off of the "hurting little guy."

73 Posted by Paul Matonis at 08/28/08 12:41 PM

Banks and Credit Card Companies need to play fair and I feel it is the government's job to make sure that they not only tell consumers the truth but that it be agaist the law to use deceptive practices by being able to increase the interest rate on their products for one minor infraction like a check lost in the mail or only one late payment. They should only be able to increase the rate for delinquent accounts after a couple of late payments when it is determined that the consumer is being irresponsible with they responsibilities.

74 Posted by Larry Siglin at 08/28/08 12:45 PM

Credit card companies change the rules daily. Lending is a speculative practice and a very lucrative practice; however, these credit card companies are beginnng to look more like the loan sharks you find on the street corner. Every week something changes, but instead of a physical beating they intimidate, cajole and harass their customers through bogus fees, charges and rate increases. Further, they make it impossible to reduce an outstanding balance with their add on fees, rate changes, and ridiculoulsly low monthly payments. The terms should state these are 50 year loans as the minimum payment is geared to never amortize.

Serious change is due. To "water down" any regulations on credit card companies is criminal and aids and abets the "near criminal activity" these companies are currently allowed to get away with.

75 Posted by Pam Niedermayer at 08/28/08 12:45 PM

I think credit card companies, banks of all sorts, financial instrument brokers, indeed the entire financial industry, have been allowed to act like the Mafia for far too long. Simply revealing that they do this does not solve any problems we have today since it will take quite a while to wean Americans from their dependency on credit.

Of course, if you want to speed up this process, let them continue as they do. It's so bad that now everyone merely wants to rid themselves of debt; but if allowed to continue, perhaps even get worse, Americans will decide it's imperative that they rid themselves of debt yesterday.

76 Posted by Sharon Russick at 08/28/08 12:46 PM

The interest rates on my credit cards are obscenely high!

77 Posted by Mark at 08/28/08 12:48 PM

It is absolutely amazing how much fine print there is on a credit card disclosure. If one was to blow that up to standard size, it would probably take up 10-15 full size pages. This is more legal mumbo jumbo than is included in a standard mortgage note and deed of trust. Something has to be done to simplify the process & protect the consumer.

78 Posted by Joe at 08/28/08 12:53 PM

Fraudulent and deceptive practices are criminal. Disclosure is just another part of fraudulent and deceptive. Eliminate the deception and destructive methods. People will still use credit. That is how the culture has brainwashed them.

79 Posted by Anne Marie Martinez at 08/28/08 12:58 PM

The OCC is a federal agency? Than it needs to work for the taxpayer and not the private banks/credit card companies who are stealing from us, with deceptive mailings, empty promises, and little to none customer service. If the OCC is taking the side of private institutions, they need to be dismantled, all jobs abolished, and have another agency take their place.

80 Posted by tom smith at 08/28/08 12:59 PM

slow the credit card co.'s down

81 Posted by Holly Davis at 08/28/08 01:00 PM

These credit card companies are out of control so say the least.
I have court orders from 3 different states requiring my ex-husband to pay a credit card debt. The card company advised that they do not have to honor any court orders! What have we come to when the courts do not have any power over these companies?

This company also harassed me day and night concerning this matter. They called me at work, and I didn't even give them a work phone number! They almost got me in trouble at work for their calls.

These companies are allowed to run-amuck and take advantage of people at will.

82 Posted by Catherine at 08/28/08 01:01 PM

The PREDATORY LENDING PRACTICES OF CREDIT CARD COMPANIES is one of the MOST NEGLECTED ISSUES related to the economy. Wake up, voters! Correct me if I'm wrong, but wasn't MBNA as a corporation, and the owners of MBNA as individuals, major contributors to George W. Bush? Most people I ask don't even know the interest rates on their various credit cards. They still think that they are paying the original rates. And even if they have noticed the change, with large balances incurred at lower rates, most are unable to pay off those balances when the rates are suddenly increased as they most often are. At least with subprime loans, the borrower had guidelines as to the timing and percentage changes of interest rates. No one should have to go blindly into a loan agreement. This is highway robbery. As consumers, we need to watch closely the campaign contributions made this election cycle. That should give a clue as to who in Congress might not be a help on this issue.

83 Posted by Linda at 08/28/08 01:01 PM

I had a credit card that continued to charge me a fee after the service/bill was paid in full, and when I called, they said I was supposed to call THEM to say that I was no longer using the money/service the NEXT month -- and it was in their fine print (she said). We had not transferred money from checking to saving to pay a bill, it turned into a loan and we paid about 95 dollars for this "service". Now they would take the disputed monthly fee off, but they claimed it was theirs to collect. How is that for arrogance?!!

84 Posted by rudolf vanderhulst at 08/28/08 01:02 PM

i am totally convinced that the federal government and its agencies will always decide in favour of the banks,credit card companiies etc.
How many lobbyists are running around Washington D.C.?I do not trust them to make any decisions that really are in favour of the cosumers.
I have seen it time and again,watered down laws by congress.Complete disaster in the mortgage world.Where were Greenspan and Bernanke.
I USE CREDIT CARDS.i PAY THEM OFF FULLY EVERY MONTH.I pay loans of fast.I do not buy every device invented.I do not stand in line for an I-phone.I would like to run into an honest politicianif that is possible.
THE GOVERNMENT IS RUN BY POLITCIANS AND LO
BBYISTS,JUST WATCH THE CONVENTIONS.
Basically I have given up on the charade that is called government.
I hope that things will get better but i am not holding my breath.
good luck

85 Posted by Wonder Jensen at 08/28/08 01:03 PM

Yes, I agree with your comments and am willing to send off more letters to all the Representatives to Congress.
I really appreciate what you people are doing.
Thank you.

Wonder

86 Posted by Ron Wroblewski at 08/28/08 01:07 PM

Please don't water down the proposed Federal Reserve Bill new rules for credit cards. Am tired of banks trying to make money for doing nothing. Interest rates should be determined by combining rates on all balances and not on paying off low interest rate purchases before being allowed to pay on high interest rate purchases. I would also love to see you eliminate that 3% upfront fee on balance transfers that most charge. And many are elimanating the max limit on those.

87 Posted by Arleen Hynes at 08/28/08 01:10 PM

Please adopt critical protections against unfair and deceptive credit card practices. Also, banks should be providing better disclosure about their practices. Can you help consumers?

88 Posted by Fotios Padazopulos at 08/28/08 01:30 PM

Most of them have their rules even on simple arithmetic and calculations and in doing so they have had the freedom and support of elected and appointed officials. Only if we unite can we change the financial slavery.

89 Posted by David - Oxon Hill MD. at 08/28/08 01:32 PM

The Credit card companies have for too long had thier rules complicated and difficult to understand, I spend the time to read those little updates they send and they force you to go back to the original terms and conditions IF you are fortunate to keep them which I do. Even when I read the original terms & conditions i had to read it a few times and look for very specific working to get the change to my account. The point is it should be clear and concise and EASY to understand, if they can't or won't do it then don't offer Credit. They make allot of money and should spead some of that money to make sure all of us understand the pro's and Con's of a Credit card.

90 Posted by Juanita Driggs at 08/28/08 01:34 PM

Time for regulators at the federal and state levels to get really serious the way they've never been before and crack down hard on wayward banks and credit card companies as far as the law will allow.

Lenders(banks and credit card issuers)should be required to provide nothing less than full disclosure in big print and in terms anyone can understand. And it should be backed up with stiff sanctions including prison time if necessary. Until that starts happening nothing of any consequence is going to be done.

As for Congress, lawmakers who can't or won't start legislating on the public's behalf should be voted out of office.

This is not rocket science!

91 Posted by james roche at 08/28/08 01:39 PM

Please! This crisis has been enough of a lesson to us all that straight, honest financial practices work our well for both business and consumer. I teach financial literacy to low-income families. I know - they know from experience - that deceptive credit practices are uncalled for, expensive, defeating and bad for long term business relationships. A federal government exists for regulating just such business practices that are nationwide, beyond the reach of state gov'ts, and reluctant to establish rules & limits on their outreach. Let's do right by our people and this part of their daily living.

92 Posted by Randall Bennett at 08/28/08 01:42 PM

The credit card companies in this country are totally out of control and they are killing average Americans who are just trying to make ends meet. It seems that having a credit card issued to you is akin to being accepted in the Mafia...or maybe even worse. At least when a person dies they are finally finished with the Mafia but credit card companies continue to hound your estate long after you are gone.

93 Posted by m00d02s04 at 08/28/08 01:43 PM

Wrong! The OCC works for the people of the United States, not the banks!The OCC erred in its assessment of the banks'situation. It has no business in representing banking interests.Who provide them their their annual budget? Taxpayers via the Federal Government! That's who the OCC ought to be representing.

94 Posted by Lana Keeler at 08/28/08 01:49 PM

I think the Federal Reserve Board should adopt protections against unfair and deceptive credit card practices!

95 Posted by R.A. Hairgrove at 08/28/08 01:49 PM

I dont understand why congress,The Senate and the court system has not gotten the messege:
1. You may get a late payment notice.
2. You pay the bill plus a late fee.
3. You are knocked down with addition fines in your credit rating because the credit card company has collected more money than they anticipted, then the credit card mob can screw up your credit raiting even after you have paid the extortion fee.
4. Cant congress get their preverbile heads out of you know where.
This is out and out extortion,
5. Credit card company's do not have to provide any proof that your check may have been recived prior to the due date and has been going around the system day's before you have the payment credited to your account, what you sent the payment in 3 weeks early, I am sorry our records indicate that the payment was credited two days ago, pay the late fee also and then we can place another glitch on your credit.
Congress needs to understand that it is an unspoken word in the finance industry to destroy your credit raitng. as you can read between the liness its a win win situation with extra charges, higher intrst rates and the finance company'ss do not have to submit any proof that payment was recived before it was credited to your accoutnt..
its time to get the brainless fools out of this good ol boy club, any congress member or Senate member that has been caught working aginst the people and only for his contributors and the good ol boy club (you know what corner I am talking about unless you need a compass) of should be held in contempt and placed in prison. " Not federal prison" state prison where they are supposed to represent the people...... maybe after a while when half of these bastards and crooks that are ripping this country off get some real justice this crap will stop.
P.S. sorry for the spelling error's, my spell check is not configured to your comment system.
Pls I just spent over 160.000.00 Just to get some
arogant credit union to remove a bogus charge off, when They new they were wrong.
I was so glad after the 10 day trial in Superior Court that the Judge saw how the lawyers were milking the system and how the credit system is bleeding the people that it refers to as it customers.He gave them a legal version of the riot act for 2-3 hours.

96 Posted by spencer sargent at 08/28/08 01:52 PM

Banks and their Credit Card Companies perpetuate consumer debit by high interest charges on balances. I would be infavor of a cap on all bank interest rates of say 8%, as was the law some 20 years ago. Also, these same companies act as agents for off shore gambling interests who hook unsuspecting individuals, on line. Individuals can only use Credit Cards to pay for their gambling, which is, of course an addiction. Thus they build up more debt and, in some cases wind up with even greater problems. The Banks and their Credit Card companies are very willing participants in this system of perpetuating debit and misery. Only the house and the Credit Card companies win. Everybody else looses.

97 Posted by jeffrey kilgariff at 08/28/08 01:53 PM

I feel the points raised are completely bogus. These companies will continue to flood peoples mailboxes with credit offers even if these rules are put into effect. The banks are too addicted to new customers to stop. This is just one more example of the regulators being too close to the regulated. They seem to forget that in the end it is the people not the companies of the UnitedStates that they are to protect.

98 Posted by C. L. Jersey at 08/28/08 01:58 PM

The credit card companies excuses are in the same league with the Russians' for invading Georgia. Translation: "We CAN get away with it, therefore we will. And nobody can stop us because we have bought off everybody we need to."

99 Posted by Gerardo Villanueva at 08/28/08 02:00 PM

Who do we have to bombard with emails to make sure that OCC does not win?.

100 Posted by Bill Gilbert at 08/28/08 02:04 PM

most credit card co. are overpriced. if one makes 1 false move, they can find them selves paying 35 - 45% APR, or as high as laws allow. also minimum payments can be as high as 50% or what is maximum legal. this, I beleive has forced some borrowers into bankruptcy.
if a creditor works responsibly with the borrower, they may get paid back better. the ones not intending to pay will be cought. they should have the accounts closed, then.
don't make credit impossible for a safe risk borrower. the dead beats should be locked out, but lets make it easy for the good borrowers. I do not consider a person that pays off the balance in full every month a dead beat, as do some lenders.

101 Posted by Jim Moore at 08/28/08 02:04 PM

So called "reward" cards have become very popular. Most consumers assume the credit card companies pay the user a bonus for using their card. However the merchant is usually charged an extra processing fee when he accepts a reward card. This results in higher prices for everyone and the consumer in reality pays for his own "reward". This is just another example of the deceptive practices used by credit card companies.

102 Posted by Gene at 08/28/08 02:06 PM

SCREW THE BANKS AND CREDIT CARD COMPANIES. THEY HAVE BEEN RIPPING US OFF FOR YEARS. WE NEED MORE AND BETTER REGULATION, NOT A BUNCH OF MEANINGLESS RULES WHICH HAVE MORE HOLES IN THEM THAN SWISS CHEESE.

THE CREDIT CARD COMPANIES ARE A BUNCH OF GREEDY BAST$%$DS AND NEED TO BE CONTROLLED OR THEY WILL NOT STOP UNTIL THEY HAVE OUR LAST NICKEL.

103 Posted by Doyle King at 08/28/08 02:09 PM

The credit card consumers in this country have been misled, and so ill treated by the Credit card companies that it is difficult for us to believe that our leaders would allow the banks and CC companies to "put it to us" in this manner. Now is the time to protect the consumers. Please act in a manner that will give us the most protection.

104 Posted by Doug Walters at 08/28/08 02:11 PM

Consumers should have the confidence of knowing that their interest rates won’t skyrocket if their payment gets lost in the mail or arrives a few days late. We urge the Federal Reserve Board to disregard this opposition and adopt these critical protections against unfair and deceptive credit card practices.
I am already being gouged by my bank on overdraft fees at $5.00 per day + a $32.00 charge for the overdraft until it is covered. Enough is enough!!!

105 Posted by George Fragos at 08/28/08 02:16 PM

Bad credit has become big business. Just watch the TV ads. Car dealers target people with bad credit -- "no credit, bad credit we don't care." How about debt settlement companies. They want you if you have thousands in credit card debt. Let's not forget the IRS settlement companies. The OCC stand also shows bad credit is big business.

106 Posted by Charles Welch at 08/28/08 02:22 PM

The major emphasis should be making sure that loans and other credit is NOT extended to people who have NO CHANCE of ever living up to the agreements. Building credit requires more time making sure that you are able to pay your bills and not waiting for BIG BROTHER to pass laws or rules that require NON-DISCRIMINATION against DEAD BEATS. What is so wrong with the way it used to be done that can't be corrected under existing rules and laws without all this damnable POLITICAL CORRECTNESS.

107 Posted by Joe Bachofen at 08/28/08 02:26 PM

The current credit crisis that threatens to undermine our financial system is a direct result of deceptive practices on the part of lenders. The fact that the lenders are going bankrupt along with the people they deceived simply illustrates that no one profits from deceit.

Simple and clear transactions in which all parties truly understand the terms and conditions are the only sure way for all to profit.

It is not in the interest of financial institutions to allow them to deceive their clients. Keep It Simple.

108 Posted by Marti at 08/28/08 02:29 PM

I'm involved in an issue with VISA right now. My card was fraudulently charged for an airfare for $199 in the U.S.,and on the following day an international charge for $1782.(even though I had no previous airline charges) It was converted from Euros to dollars.
Even though I contacted the company via phone in time, because they didn't receive the WRITTEN form within their designated time limit, they are refusing to take it off my card.
I believe they approved the charges too quickly and a red flag should have been raised. These charges were completely contrary to my past charges. I feel a charge out of the country for such a huge amount should have raised some questions!
My Credit Union who issued the card can't help me because of the time constraint.
Can anyone give me any advice as to where to go from here??

109 Posted by Wendell Stevens at 08/28/08 02:35 PM

This is yet another case of big business and our government being bed fellows. Money, money, money! That is the name of the game. So what it new? Does anyone in either of these organizations pay any attention to the public? I think NOT! 9565071

110 Posted by Amy Wing at 08/28/08 02:46 PM

This is long overdue. Credit has become a way of life for Americans, which may or may not be a good thing, but it's a fact. The credit card companies seem set up to trick customers in order to get their money. I have a stellar credit rating and had one business credit card jump from 0% to 26.99% because of a payment that was delayed by less than a week. It's ridiculous.

111 Posted by Eugene Brusin at 08/28/08 02:52 PM

Sounds like a Bush thought process against the consumers, Mr Dugan should remember that consumers have been lied to, re adjusted at a moments notice by the credit card companies and the banks to keep their profits fat. It is time that the free profit ride is over, let honesty prevail and Mr Dugan find another job.

112 Posted by Jack Tinsley at 08/28/08 02:53 PM

Continue your efforts to rid consumers of the deceptive practices of banks with regard to credit. As you noted, this is exactly how we got in the mortgage mess. The greed and deceit of banks must be stopped.

113 Posted by Kathy Gilroy at 08/28/08 02:54 PM

My CitiBank bill says that payment must be received by 5 p.m. local time. I live in the Central Time Zone. The address to mail bills to is in the Central Time Zone. The customer service address is in Mountain Time Zone. I paid my bill on-line at 4:15 p.m. CT. When I was charged a late fee and interest, I called to complain and was told I would get a credit for both, but that local time is Eastern Time. I got a credit for only the interest and was charged more interest, since I had already deducted those charges from my payment, which was taken over the phone by the lady who promised to give me the credits. How would anyone know what "local time" refers to? I think it's a trick to collect late fees and interest.

114 Posted by Samuel Johnson at 08/28/08 02:55 PM

It is time that the credit card companies stop gouging the card holders. Lets do something positive for the customers for a change!

115 Posted by Mark Bragdon at 08/28/08 02:56 PM

Trickle down effect.
The only place this really does happen is in people's attitudes. When the people at the top, rule makes, decide to take the easy road. Or do something that will benefit themselves and their rich friends, most people down the line seem to think this is now acceptable behavior and follow suite. You know, monkey see monkey do. In doing so we slide further and further from the American Dream where we all have a better chance of achieving success. It now becomes dog eat dog. We are not a team anymore. I'll get mine while I can, after all this is just this one instance, it's not going to kill anybody for me to change this rule or bend this law, and I'll make a pile of cash. Problem is, there are many many who are thinking the same thing. Trying to justify their greed. Examples, Allowing speculators to run amuck or allow people to hire persons in our country illegally. Short term gains for the few, long term problems for the many.
A wise man once said. Live simply so others may simply live. This isn't to say let's give up all we've earned to someone who doesn't deserve it. It's to say, how much is enough.
It is said, "There's enough for everyone." Yet the more the one percent at the top gets, it seems there is less for everyone else.
Greed 101: 1. Make more. 2. Make what you have worth more by making others poorer. Example - Control a market or makes rules that will help make you richer or others poorer, as with rules governing credit cards.
10 Million isn't so wonderful when there are many earning a Million. However, 10 Million is great when most are earning less than $75.000. Helps to keep prices down and your 10 Million will buy more.
Yes, I'm sure that's probably simplistic, however, I'm also sure there are some at the top who would agree and put that behavior into practice every day.
Come on people; let's take some personal responsibility for our actions. If you are at the top people look up to you. They watch your moves then they emulate them. Just like with Sports figures and rock stars.
Do the right thing, even if it means you won't make as much. Generations to come will be able to "Simply Live".

116 Posted by Evelyn O'Connell at 08/28/08 02:56 PM

Please adopt the critical protections against unfair and deceptive credit card practices.

117 Posted by Sue Fabian at 08/28/08 03:00 PM

"The OCC’s argument is basically saying that if banks can’t trick or cheat consumers they won’t be able to offer them credit. ...Instead of restricting their practices, Dugan says that federal regulators should simply require banks to provide better disclosure about their [ABUSIVE] practices. "

I hardly need to say more, other than I, along w/millions of others have been subjected to this unconscionable corporate raping of the American consumer, and government has yet to do anything despite more than 13 hearings. Each party blames the other. I blame ALL of you for not cooperating on legislation that every one of you should obviously see is killing the very hand that feeds you--the American consumer.

A disgusted and disillusioned voter.

118 Posted by Donald Kline at 08/28/08 03:02 PM

Please keep up or accelerate efforts to provide protection from the abusive and deceptive tactics of credit card companies

119 Posted by Robert H Bryant at 08/28/08 03:08 PM

I fully agree with your criticism re: this action by the head of the OCC. I think it is deplorable that he should be taking the side of the banks and credit card companies rather than that of the consumers/credit card hoders.

I hope you will continue loudly to protest and other wise lobby against this OCC decision and the onerous, dishonest practices of the banks and credit card companies.

The so-called disclosure statements which I receive from such lenders are always mailed in very small print, difficult to read, in language which is confusing, designed to deceive and obviously slanted to protect the profits of the lenders, not the interests of the consummers.

Thanks for your vigilant, good work.

120 Posted by Louis A Spain at 08/28/08 03:09 PM

Credit Card companies and banks will have a fierce accounting once their protector, the Bush Administration, is run out of office and, hopefully, put in jail.

The behavior of nearly all financial institutions has risen to and above the level of major felony criminals. I think it would be entirely appropriate for the chief executives of these organizations to be tried, convicted and sentenced to extended jail sentences in real jail. Not those country club estates. Their crimes have impacts far beyond the common mugger or bank robber!

121 Posted by myron at 08/28/08 03:11 PM

It's about time some is putting curbs on credit cards to keep their grubby hands out of our pockets. They have far to much power to take money from us for non-legitimate reasons.

122 Posted by Althea Travis at 08/28/08 03:15 PM

Bravo! Keep up your essential advocacy on behalf of all consumers. It is about time that someone reined in the banks from their abusive practices. It would be unfair to condemn all banks across the board as some banks, mainly credit unions and community banks, are treated their clientele like respected members of the community. Let's continue the movement toward reducing the number of banks who are preying on the public. The only way for us to move past this unprecedented period in time is for every, the public as well as the financial institutions, to listen and respect to each other, with each one working toward the middle road to resolve any disputes. Indeed, we need to be a team, working together until the economy is back on course. Yet, never, in the future, should we return to abusive practices such as we have now.

123 Posted by Calvin Marble at 08/28/08 03:35 PM

Tell the OCC to butt out. We need regulations to prevent credit card companies from getting off the hook by merely issuing disclosures. They all always in fine print, in elaborately worded lengthy lawyer language that, even if people read them, are nearly unintelligible. If you read them closely, it is sort of like the pharmacuetical ads that tell you how wonderful their product is, except for the fact that it causes headachles, diarea, skin blotching, heart palpitations and stomach disorders.

124 Posted by Charles Sloan at 08/28/08 03:36 PM

The banks and credit card companies charge interest rate that are usury if a private individual did it.

125 Posted by David Bard at 08/28/08 03:37 PM

Credit Card companies have already had their way in corrupting existing bankruptcy laws, where their harsh terms (usurious?)unfairly imposed on the borrower can be enforeced for the rest of the borrowers' lives, with precedence even over mortgage payments. This is a travesty that will be repeated if strictures on these companies are further weakened!

126 Posted by John Hall at 08/28/08 03:39 PM

I feel that the proposed rule on unfair and deceptive credit card practices should be enacted into law. Even this proposed change does not go far enough but it is sure better than the current situation.

As I remember the proposal there is a provision for at least a 21 days grace period to allow sufficient time for payments to arrive by mail. An even better provision would require use of the "mail box rule" accepted by the IRS where the postmark date is the date of payment. Postal service transit time and credit card company daily cutoff times create a problem for timely payment.

Another unfair practice in this electronic age is being charged a fee to pay online or by phone on the day payment is due or the day before payment is due. Most other companies want you to pay in this manner and do not charge a fee when you do. When a check is received in a timely manner on the payment due date the credit card company doesn't get the funds any sooner than if they accepted an online payment on that date so why charge a fee that implies that they will have to wait longer to receive this online payment.

It is only common sense that any business should be required to abide by the agreement between it and it's customer. The interest rate should only change on new transactions and with prior notice so the consumer can decide if he/she wants to continue as a customer or seek a new credit card company.

I agree that a company should be able to price its' services in a manner that has the element of risk as part of that pricing model but I do not believe that my CURRENT payment activity with any other company should be the basis for changing the interest rate I am charged. If the credit card companies did proper "due diligence" before a card is issued they could consider other payment history before setting an interest rate. It is rare that I am late with a payment, but things happen - I overlook it for a day, I forget to mail the payment, the mail system is slow - and I am punished with a late fee by that provider. I am no greater credit risk than before but that company and other companies put that label on me as a way to earn more fee income. I know that some situations are far more serious and may be an indication of increased risk and this is where the agreement to provide credit could be stopped and the credit card company be permitted to say: if you want to continue, any new credit will be a higher interest rate and if that is unacceptable the current balance will continue at the current interest rate until paid off.

Referring to the above paragraph, I feel that the practice of using my CURRENT payment history with one company as an indicator of risk by another company should also be prohibited for other businesses, such as insurance companies, that somehow feel that if I make a late payment that my risk of having an accident is going to increase and therefor my premium should increase.

I have problem with the credit card company late payment fees and with the NSF/Overdraft fees charged by banks. If these are considered as interest for the use of funds the amounts are much too large and sometimes greater than the amount of the payment that wasn't made. If it wasn't for the fact that these companies have come to depend on these fees as a very large portion of their income and create rules to increase the chances that you will pay these fees; I would suggest that they have set the level of these fees to reduce the frequency of late payments because that is what they would prefer.

It seems that the credit card companies are saying that if the proposed rule is enacted it will be harder for them to provide credit. That may be a correct assessment but I believe that is exactly the way it should be. If they need to increase the interest rates to make money than do that up front instead of using the fee approach. If credit were harder to obtain maybe there wouldn't be so many people with credit card balances they can't pay off no matter how long they make payments. They could still make a profit but do it with a smaller customer base of credit worthy customers. The savings alone from far fewer mailings, repetitive mailings, and fewer transactions would be a big plus to their bottom line. They might even make more money this way and in the process ruin the lives of fewer people who would now not get into to debt beyond their capacity to pay and not suffer the stigma of filing for bankruptcy.

127 Posted by Elaine at 08/28/08 03:39 PM

Amen! I have long believed that the credit card companies were getting away with murder -- or at least, loan sharking. I have been a victim of these unfair practices and wholeheartedly support your efforts to put an end to this game. So what if it hampers the banks ability to give consumers credit. That's not necessarily a bad thing. I think credit if far too easy to get and too easily abused by both the consumer and the lender. There is no reason why paying a few days late on one card should impact the rate on another card. That's outrageously unfair.

128 Posted by nonplussed at 08/28/08 03:46 PM

We certainly wouldn't want to impede the banker's efforts to recoup their losses on the subprime market would we? /s

129 Posted by Steve Bauman at 08/28/08 03:48 PM

The federal government (lower case) instead of being "of the people, by the people, for the people" has more and more become "of the people, by the people, f**k the people."

The statements that our government is a democracy are total lies - democracy is the majority, not just a few wealthy people running everything.

History always repeats itself - obviously the credit card industry has learned absolutely nothing from the housing and banking industries.

It's still GREED OVER ALL.

130 Posted by George Flach at 08/28/08 03:56 PM

Requiring "more and better" disclosure by the banks is a joke. No one reads the reams of small print that come with your credit card. No one. And believe me, that's no accident. The only way to stop unfair practices on the part of the banks is to outlaw them. Period.

131 Posted by robert morgan at 08/28/08 03:58 PM

WHY NOT BRING BACK THE LAWS AGAINST USUARY?

132 Posted by robert strodel at 08/28/08 03:59 PM

I had used this agency in the past and had a very satisfactory result, it would be a shame to see another government agency "BOUGHT AND PAID FOR".
I think the opinion expressed by the director of the OCC adds to the civil frustration of the electorate of government agencies and individuals and some day the tide might turn and many of these poor excuses of government overview might be prosecuted for operating beyond and in disregard of their office.
It appears a government job is a license to steal with a get out of jail card attached. The smell starts at the top of the pond.

133 Posted by Kathy Smith at 08/28/08 04:02 PM

Banks are getting OCC to do their dirty work.

The OCC’s argument is basically saying that if banks can’t trick or cheat consumers they won’t be able to offer them credit.

This sounds eerily similar to the arguments made by the mortgage industry right before the current foreclosure crisis.

The agencies should recognize the importance of ending abusive lending practices when warning signs arise.

I urge the Federal Reserve Board to disregard this opposition and adopt these critical protections against unfair and deceptive credit card practices.

134 Posted by Thomas Jenkins at 08/28/08 04:04 PM

Credit card reform is long over due. Consumers need to know they will be treated fairly in the market place. The banks themselves have contributed to recesession and credit mess the total economy finds itself in today. Legislation such as this will stabilize the ctedit card portion of the economy any way with its alreay near userous interest rates and elimin some of the more onerous practices.

135 Posted by Joanne at 08/28/08 04:07 PM

The credit card companies get away with far too many unethical practices. We need more protection from these scumbags.

136 Posted by S. Green at 08/28/08 04:16 PM

Congress does not listen to the people regarding important things. One of these is the power of the credit card companies. They have unilateral right to change the rules of the agreement. That is ridiculous. They charge usurious interest. Congress members have not found it in THEIR interests to take into consideration the damage these credit card companies do. There should be legislation creating a cap on interest, defining "usurious" interest.

Congress members have perqs and wages and defined benefit retirement benefits, not to mention very generou medical benefits. The rest of Americans do not share in such needed benefits.

They need to think of the people. Politics will never be the same with the internet. People will take the power when they realize their voice counts.

137 Posted by Reba Jennings at 08/28/08 04:25 PM

Yes, these credit card companies and anyone else that does this to anyone should be controlled. I just had the same thing done to me by a bank that I have had dealings with for more than 30 years and never been late until this year when they said they did not receive a payment that I had sent and then insisted that I either take a loan at a higher rate than my account and limit my account to zero ,but relented on the zero to 5000.oo when I told them I had emergencies going on with family illnesses, but left the interest rate that they increased it to to just points below 30%. Not only do we need controls on this , but we need to stop these foriegn owned companies from being allowed to oiperate this type of business in this country. This is a French owned business and there is another French owned business in this country that won't hire our military or their families.

138 Posted by Joann Adkinson at 08/28/08 04:29 PM

When usary no longer was illegal it became common practice within the credit card industy. Usary was condemned in the Bible; and for good reason. Why is it ok today? Credit card companies used to be prudent in giving out credit. If they are careless they shouldn't punish those who exercise good fiscal practices.

139 Posted by Joan M. Mandel at 08/28/08 04:37 PM

It is no wonder that the people do not believe the people running for government offices as to what they will do when they only back away from what should be their job working for the rights of the people who voted them in. Unfortunately the government only wants to deal with the people who can hand over more money for the favorite few. This Country has gone down so drastically with people losing their jobs, homes and hopes. We are being sold out to other Countries by borrowing money from Communists to give to other Countries. When is the Government going to care about the American People?

140 Posted by Carol Butler at 08/28/08 04:40 PM

I think the OCC should stay out of it! There are very unfair and deceptive practices out there. I would like to see the bill passed to regulate these charges. I don't like the fact that my payments are always applied to the lowest interest rate first. These payments should be divided between all balances.

141 Posted by patricia martin at 08/28/08 04:40 PM

I believe that the credit companies,the banks are making money thru trickery or sneaky methods, ///////It won't help if they still write the rules or terms in small print or in legal babble that the avrage consumer can't understand. Many of take for granted that our banks are honest and the laws will protect the consumer. NOT EXACTLY!
I think it is wrong to charge me a late fee when my monthy payment is late even when it is on a automatic system, but the bank does not take into consideration one month may differ because of a holiday versus a business day or one month has 30 days or 28 days or 31 days. JEUZZ! I signed up for automatic payments that aren't really automatic adjusted for the time changes. Shouldn't the bank do something besides catching me for one day late.
Why should the bank have the right to c hange the terms whenever they feel the need and leave the customer the choice of paying off immediately or before they had signed on for or agree to be robbed by higher rate increases ,perhaps on a large balance. Where is the fairness in that??
It is buyer beware for millions of Americans who have been convinced by those same people and elite rich owners of corporations that tell us and our children to buy buy buy and pay later , and then thru the banks rules we can not pay our bills properly and must sink into bankruptcy, lower our lifestyle, our dreams,our trust in Americas business and economy leaders.

SHAME on them who get an education in phychology to help people,but make their money in the advertising business that harm more people then it helps.

142 Posted by Jerome Morrison at 08/28/08 04:41 PM

Well done CR. There has to be a limit on the banks and credit card companies ability to exploit the American consumer.

143 Posted by Dick Widmaier at 08/28/08 04:54 PM

Maybe a criminal investigation of the occ should be looked into. Their viewpoint looks like a payoff or something.

144 Posted by Wm Quilhot at 08/28/08 05:03 PM

The last 7 years business has had the government (FDA, FTC, FCC, FAA & etc.)in thier hip pocket. Now it looks like they are getting the OCC.

Is the citizens ever gong to be in control as promised by our Constitution? How has business gotten such a strangle hold on our (?) government.

145 Posted by elaine at 08/28/08 05:15 PM

it is time for the government to look out for consumers, instead of clearing the way for big business to rip us off. the behavior of government and business in recent years has damaged their reputations and the faith the citizens have in them. Government must start prohibiting such unfair practices, as practiced by banks/credit card companies. Businesses clearly will not do this on their own, government must start doing what they were meant to do and protect the consumers. Mere disclosure is NOT sufficient. I urge the Federal Reserve Board to disregard the OCC's opposition to meaningful reform, and adopt these critical protections against unfair and deceptive credit card practices. Americans need to have confidence in the government and in businesses.
Elaine

146 Posted by John Pavoni at 08/28/08 05:15 PM

Also remember that THEY, the cc companies, can change the rules after the game has begun and WE can do nothing about it.
That would be comperable to a prostitute asking for more money for the work performed after the job was over.
They are jsut a bunch of Pimps and the OCC is Whore and we are the Johns

147 Posted by 4Heavenssake at 08/28/08 05:24 PM

Are we going to formally protest these practices?

Ya know the one I love the most (NOT!) is when you pay a partial balance in January because you spent a bit more than usual for Xmas, so you can't really pay your entire balance, as you always do at other times, and keep everything else going properly too (as in not robbing Peter to pay Paul). So then, okay they charge you a finance fee (huge!). I can get over that, but I cannot get over the fact that the fee is not just on the remaining balance: it's for the entire balance you had at the beginning of the month! What law/rule/regulation made that allowable and who sponsored it and/or what agency allowed it? I paid them (much more than they said was the minimum owed) for heavens sake!

148 Posted by Carol Maghakian at 08/28/08 05:25 PM

Stop the abuse of credit card charges.

The Federal Reserve Board is correct that enhanced credit card disclosures do not provide adequate protection for consumers.

I strongly appeal to the Federal Reserve Board to ignore the Office of Comptroller of the Currency (OCC) opposition to these critical protections against unfair and deceptive credit card practices.

149 Posted by Charles Sturtz at 08/28/08 05:27 PM

I pay all of my credit card bills online and am concerned as to what happens when my computer crashes and needs replacement. It normally takes two to four weeks for me to buy and recieve a new PC. Credit card companies are constantly urging me to go paperless and recieve no postal mail billing. I always refuse to do this for fear that when my PC crashes I'll be forced into making late payments and suffer the penalties for doing so.

Online billing and paying should be given major consideration in all legislation on credit control.

150 Posted by Doug Carroll at 08/28/08 05:35 PM

The bank gives me 1.5% interest on my savings account but charges 14.99 on the credit card...........That's fair?

151 Posted by Roberta at 08/28/08 05:35 PM

I think what the banks and the credit card company are doing is wrong.
Three Years ago I had my purse stoling off Of my couch in my own home I report to the polices and made a report Now I have chase bank saying that my husband and I owe them over 1000.00 to them stating that we took the card out with them.
I hope some one can help us.

152 Posted by Vicki Le Gare at 08/28/08 05:48 PM

Whatever can be done to protect the consumer eventually is watered down and the spin doctors make sure the deep pockets are lined!
America has much to be sorry for...............

153 Posted by Karin Huffer at 08/28/08 05:52 PM

The strongest message needs to go to every member of Congress.
The exploitation, bullying, and taking American Citizens hostage as indentured servants to creditors must stop. They are unfair, the contract they claim is no contract, it is a dictator's order to the subjugated. If Congress cannot make OCC do its job then it needs to be dissolved and replaced by a regulatory agency that does the job of protecting citizens who are forced to be debtors and then abused. I stand by to support any action on this issue and to provide clear proof if needed.

154 Posted by Dean Howe at 08/28/08 06:04 PM

Enforce the regulations and require credit card companies and banks to stop with the high interest rates and fees.

155 Posted by Terrance Norris at 08/28/08 06:10 PM

Yes! I whole heartedly agree that no lending institution should be able to take advantage of a credit user/consumer because a payment was late or lost due to the mail medium. Too often, these socalled lenders are waiting to pounce on he unfortunate user/consumer for things that many time are beyound the consumers/users control. Higher interest rates is the pot O'gold at the end of their one-sided rainbow. This is the very reason I would NEVER use a debit card. The 35 dollar over draw fee is ludicrous and abusive. Even when a poor soul goes over 1 cent. I know, I have been shown the statement from the local state bank in my little town. The person ripped off by the bank is dropping the card at my suggestion. What a rip-off! Thank you for the opportunity to vent..Terrance Norris...

156 Posted by Cornelia Van Zandt at 08/28/08 06:18 PM

Well, once again our Government and big business are in bed together. It seems as if Washington no longer cares about the average Joe and is only concerned with helping pad the pockets of the fat cats.

157 Posted by Wm . A, / Janet M. Corkran at 08/28/08 06:30 PM

The Credit Card Industry is the only entity given a liscense to steal, charge up to 30% Usurous Interest, and Congressional watering down of Bankruptcy protection to consumers. They blindly dump their lying applications (to get trapped) into the mail system by the millions, offering $15,000 lines of credit to recipients of Social Security. Now, who the hell needs protection? Banks are big boys. Allow them to take the same risk that they subject their cardholders to. And outlaw the joke that is ARBITRATION, another rape of consumers. THe Office of Controller of the Currency evidently has been infected with Bush/Cheney Disease. Cure it, along with EPA, Justice Dep't(Mukasey is a sick joke), Interior Dep't, HHS, DOD, and every other infected Government Agency.

158 Posted by Ann at 08/28/08 06:44 PM

I urge the Federal Reserve Board to disregard this opposition and adopt these critical protections against unfair and deceptive credit card practices.

159 Posted by Chris Sykes at 08/28/08 07:01 PM

Please stop the banks from profiting at our expense!

160 Posted by Dan Jackson at 08/28/08 07:01 PM

Please do something right for the consumer!!

161 Posted by brian t carey at 08/28/08 07:04 PM

People should have the confidence of knowing that their interest rates won’t skyrocket if their payment gets lost in the mail or arrives a few days late.
I urge the Federal Reserve Board to disregard this opposition and adopt these critical protections against unfair and deceptive credit card practices.

162 Posted by Glenn Whiteside at 08/28/08 07:24 PM

These deceptive and unfair credit card practices must end! It's destroying the very fabric of our society! The banks are way too greedy and unethical!

163 Posted by Merwin M. Hayes at 08/28/08 07:35 PM

Ordinarily I am against too much regulation, but in the case of credit card companies and similar loan institutions they have been given way too much abusive power over the people. If new regulations "hamper the ability of banks to offer credit to consumers," then so-be-it. I think that is preferable to their current carte blanche ability to change the rules at every little whim, while hiding the changes in legal mumbo-jumbo in unreadable fine print. Disclosure of unfair practices is little solace - we need to close the door on unfair practices.

164 Posted by Nancy Johnson at 08/28/08 07:39 PM

What the banks don't tell consumers on the top page in large enough print to read without a magnifying lens is that credit card rates are astronomical and the late penalties are enormous and the payback period is less than one month. The credit card companies/banks brought their problems onto themselves because of greed.

165 Posted by John Whitmer at 08/28/08 08:03 PM

There cannnot be too much regulation of the banks that issue credit cards. We have only two cards we now use regularly for 30 day float because all the other banks have consistently and continually changed the rules of use - of course, tho their advantage

166 Posted by James Gilbert at 08/28/08 08:10 PM

Have to learn how to blog any suggestions?

167 Posted by Howard Steeley at 08/28/08 08:32 PM

The OCC is just another of our President's agencies that are there to represent business instead of citizens. Consider the source, and negate their comments.
The unfair practices of banks need to be regulated.

168 Posted by Richard Aitken at 08/28/08 08:34 PM

Same old story different day. When are we going to stop believing that the banks are beyond reproach. They never where and they never will be.
Was not the S&L debacle enough? Now its happening again and we let it happen as usual. They do not protect the consumer or themselves. Its truly shamful and they need to prosicute these people and stop slapping there wrists. And who the hell ever heard of the OCC anyway.

169 Posted by Lois Schill at 08/28/08 08:45 PM

I'm in complete agreement with the suggestions made by CU. With all the lousy mortgages given to people who did not really qualify, one would think the banks and credit card companies would have learned something. Obviously not.

170 Posted by Cliff Locks at 08/28/08 08:59 PM

It's very sad that America's banking institutions continue to aggressively market credit cards, to consumers who are under water with debit. Many of these consumers are addicted to debit just to pay for their family's daily life needs.

You think the mortgage debacle was big, wait for the credit card debit and vehicle financing to blow-up. This will add additional pain to our economy and prolong the suffering.

I don't know how our seniors on fixed income are surviving, with interest rates at historical lows. When I grew up a simple savings book had minimum interest rate of 5%. I think it's a crime that rates are so low.

Hopefully the Feds, will act soon to arrest inflation. Yes, America is going to need to get use to a lower standard of living.

Have you ever asked yourself what is going to happen if the Asian Central Banks decide to stop buying our Federal debit? It's not going to be a pretty picture for our economy. As the US dollar looses value, those central banks are taking a financial bath. How long are they going to continue to loose money, just to keep employment rates high in their countries? It's a very high price for the central banks.

Keep smiling and thinking positive...try to reduce your family's debit load the best you can.

171 Posted by Michelle Doherty at 08/28/08 09:13 PM

This legalized LOAN SHARKING must be stopped. Interests rates of 20-40% are outrageous & should not be allowed.

172 Posted by C. Sheairs at 08/28/08 09:36 PM

If you don't want people to know what you are trying to put over on them, just give them a long winded explaination. The OCC only wants more verbage (rhymes with garbage) to baffle us with bullshi_!
Do not try it.
We are not stupid, just very, very angry.

173 Posted by MICHAEL E WOOLDRIDGE at 08/28/08 10:40 PM

Something need to be done about crooked credit companies. They give you a contract and give themselves a out to change the rules. The OCC is controled by crooked Republicans and Democrats. I am upset With Joseph Biden, a Democarat and his support for the dishonest credit card companies. Why are some many credit card company in Delaware of South Dakota, These states protect dishonest compaANIES. I have wrote the OCC and they said companies like Chase,Capital or within the laws by misleading and tricking customers.We did to rid our self of self serving politians who support these unethical laws. If a politician takes money from a credit card company I will not vote for them

174 Posted by tony at 08/28/08 11:09 PM

I hate getting blank checks before my statement and with my statement! I can't believe that the credit card companies send you blank checks with the rampant identity theft going on. I like many other people have bought shredders due to the credit card companies non-schalont (sp) attitude to consumers identity getting stolen and getting screwed into paying what for waht wasn't really their fault.
Credit card companies should send out blank checks i.e. transfers, etc IF requested, also if identity theft has occured to a consumer via the blank checks sent through the mail the credit card companies should pay that out of the CEO's bonus!

175 Posted by kevin irwin at 08/28/08 11:39 PM

Dear Sir or Madam,
The banks and credit card companies are raking the citizens of this country over the coals. Please do not water down any legislation that holds them more accountable. The way it is now the average person in debt can never dig themselves out due to the practices and outrageous interest rates of the banks and credit card companies. If I did it I would be prosecuted for usuary.

176 Posted by Susan Hesse at 08/28/08 11:57 PM

Most credit card companies in the U.S. have been given the LEGAL right to pillage and plunder the financial status of Americans. Changes in the laws governing credit cards in 2004 and then again several years later meant that the credit card companies could charge higher fees, more aggressive late fees and higher and higher interest fees. I thought I was safe because I always paid my bills completely each month and paid before the due dates.

Nope! Turns out they have tricks to make your payments "late!" One company was counting my payments as late even tho I mailed the payments plenty early each month by the company CHOOSING TO DELAY PAYMENTS THAT WERE RECEIVED IN ENVELOPES OTHER THAN THE ONES THEY SENT OUT with THE BILLS!

ALSO, MY CREDIT CARD COMPANIES SIGNIFICANTLY SHORTENED THE PERIOD OF TIME BETWEEN WHEN THEY SEND A BILL OUT & WHEN IT IS DUE--making it more likely (especially with those UNannounced changes) for customers to not have noticed that they had less time to get their payments in the mail for the moved due dates.

Then there is CHASE bank. What a sleazy outfit they are! Switched us from VISA to Mastercard a few years ago w/out much notice. MORE IMPORTANTLY, THEY BEGAN CHARGING ME FOR A "SECURITY PROTECTION" PLAN I HAD NEVER SIGNED UP FOR. I HAD A LOT GOING ON IN MY LIFE--INCLUDING MULTIPLE DISABILITIES--AND SO THEY WERE ONLY WILLING TO RETURN THE CURRENT CHARGE AND REFUSED TO TAKE OFF THE CHARGES (~$150) FOR THREE OTHER TIMES THEY HAD CHARGED IT DURING THE PRECEDING YEAR. THIS IS CRIMINAL BEHAVIOR!!!

New legislation is desperately needed to rein in these abusive credit card companies. There is need for a whole agency to handle disputes against credit card companies. It's the CUSTOMERS who need advocates--not these overly powerful abusive credit card companies!

177 Posted by George Harris at 08/29/08 12:27 AM

It seems like our own government is working against us.

In my opinion this is a unit of government (OCC) that needs to be really checked out for graft, kickbacks and other illegal activities.

178 Posted by Jesse at 08/29/08 12:44 AM

The banking industry's deceptive practices are out of control. Better disclosure is not nearly enough. Making a rule that only required better disclosure is akin to approving the practice of an entire industry deceiving it's customers as common practice! I already wrote my representative an email about this nonsense. I hope you do too!

179 Posted by anthony terranova at 08/29/08 12:47 AM

if you ask me,the feds don't go far enough.they also need to check out where they apply the finance charges.when a consumer makes a monthly payment on a loan or credit card,only a small amount is a credit and the rest is charged as a purchase and is added to the balance.the finance charges should not be treated as a purchase,because nothing was purchase.

180 Posted by Auden L. Grumet, Esq. at 08/29/08 01:18 AM

The OCC is one of the most unhelpful and consumer unfriendly organizations with which I have ever dealt [both personally and as a Consumer Law attorney and advocate].

Rather than working to assist consumers by, at the first step, ensuring the complaint-making process is receptive, straightforward, simple and fair, it utilizes its best efforts to thwart the complaint-making process at every opportunity and implements procedures and policies that make it virtually impossible for the "average consumer" - let alone a sophisticated attorney - to actually receive any worthwhile assistance [I'm referring specifically to the Consumer "(Non) Assistance" Group].

To be sure, a study by the GAO concluded that it's procedures and "assistance" left much to be desired and could be greatly improved.

In every one of the numerous instances in which I sought the OCC's help or intervention, I was either met with an alleged technical deficiency [e.g. "letter not signed"] proffered as a reason it could or would not help, or received an opinion/response that was simply legally inaccurate/erroneous.

In any event, I am vehemently opposed to any "watering down" of any proposed consumer-favorable legislation/Rules. To the contrary, the Truth in Lending and Fair Credit Billing Acts, for example, while a good start, are insufficient to protect consumers and in ensuring a level playing field in banking and credit transactions. For example, certain applicable provisions of TILA/FCBA do not provide for a private right of action for violations of same, which is absurd, for it is by far precisely that type of remedy which has the greatest deterrent effect on the banking industry and is usually the only means for those who have been injured/damaged by such wrongs to be compensated.

Auden L. Grumet, Esq.

181 Posted by Grace Striz at 08/29/08 01:27 AM

Due to the present practice by credit card companies I stopped using them for a very long time Three years ago I started working in Iraq and needed one to use to purchase needed items overseas. I then got ONE from my credit union, which had the best practices I could find. I still pay it off at the end of each month, but at least I know that if I did have to use the credit at least I am not at the mercy of "Bank America an Company"

182 Posted by Penny Robinson at 08/29/08 01:53 AM

I have heard that a large percentage of the sub-prime mortgage loans contain violations. Is this true? IF so, is anyone going to be held accountable?

183 Posted by michele bordeaux at 08/29/08 02:31 AM

This is the fault of the present government, that now the OCC will cover for the criminals calling themselves credit card companies. I am appalled!
How ever not surprised. Bush is an idiot and he is a self centered, papa's boy that just wants his way and his greed to continue raking in private money for he and his pals. Its time for change. Replublican government has failed us miserably. Maybe John MCain is a bit different but he is old, and he is a Bush lover so how different can he be? Obama is quite a change. He is a new face on America, a fresh face. He is a man who is believable not only to Americans but to foreign powers. He can make a difference to other world leaders for the USA. Once again we could be well respected and liked for being a great country. There is too much promise in Obama to take a chance on the old and tired ways of another republican.

184 Posted by Roger Yandell at 08/29/08 04:22 AM

One more reason why I can not afford to charge much on my credit cards.

185 Posted by Glenn Allen Scott at 08/29/08 04:32 AM

The dispensers of credit cards have a fiduciary duty to maximize profits. I have a fiduciary duty to hold down my household living expenses, epecially because I am a retiree living on fixed income. I customarily paymy credit-card bills in full each month. I have missed payments on perhaps a handful of occasions and have been socked with heavy charges. That didnj't seem right to me. The duty of Congress and appropriate federal regulatory agencies is clear: Protect the public. And Congress should reinstate the usury ban.

186 Posted by Jack David Marcus at 08/29/08 06:29 AM

I urge the Federal Reserve Board to disregard the opposition by the Office of Comptroller of the Currency (OCC)and adopt these critical protections below against unfair and deceptive credit card practices.

They would:

* Prohibit "universal default" - when companies raise interest rates on cardholders because of behavior related to their other bills, even though they are in good standing with the card in question.
* Require cardholders to be given 45-day no