Notas | Notas Abril - 2009 | Senators Examine Credit Card Rule Changes

I2CREDIT Nº 4

Senators Examine Credit Card Rule Changes

Senators Examine Credit Card Rule Changes Sen. Sheldon Whitehouse, D-RI, during a hearing yesterday to explore whether the bankruptcy code should be changed to give borrowers leverage in negotiations with creditors, said banks are more often mistreating credit cardholders.

Por: www.creditcollectionsworld.com

"The standard credit card agreement gives the lender the power to bleed their customers through evolving and ever more crafty tricks and traps," says Whitehouse, who chairs the Senate's subcommittee on administrative oversight and courts.The hearing comes as Democratic lawmakers push to tighten consumer protections on many financial products such as payday loans, overdraft protection and mortgages. Whitehouse in January introduced the Consumer Credit Fairness Act, aimed at banning lenders from making claims on consumers in bankruptcy if interest rates are excessive. The bill would set the base rate at 15% plus the current yield on the 30-year Treasury bond, a rate that would include all penalty fees and charges. The legislation also is designed to give consumers seeking bankruptcy protection the ability to negotiate terms with lenders. It would exempt consumers from being required to take a means test to qualify for bankruptcy protection, a provision that was included in the 2005 bankruptcy law that critics charge was too generous to lenders. The House of Representatives Financial Services Committee is expected to consider a credit card bill as soon as next week.As more individuals lose their jobs and homes, credit card practices have become a focus in Congress as lawmakers draft plans to revamp the regulation of financial institutions partially blamed for causing the current crisis.

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I2CREDIT Nº 4

Banks Intensify Credit Card Debt Collection Efforts

Banks Intensify Credit Card Debt Collection Efforts Yes, it's more "good news" for consumers... with the credit crunch in full swing and the U.S. economy teetering madly, the banks are stepping up efforts to collect debt from you! Not that they aren't owed, and I know they are all bleeding profusely over writeoffs concerning all things mortgage lately, but aren't we ALL struggling to make ends meet these days?

Por: www.creditinfocenter.com

Handle with care

Handle with care China suggests an end to the dollar era

IN FUTURE, changes to the international financial system are likely to be shaped by Beijing as well as Washington. That is the message of an article by Zhou Xiaochuan, the governor of the People’s Bank of China. Mr Zhou calls for a radical reform of the international monetary system in which the dollar would be replaced as the main reserve currency by a global currency. It is a delicate issue, however. When Tim Geithner, America’s treasury secretary, discussed the proposal in New York on March 25th, his remarks sent the dollar tumbling before he made clear that, naturally, he thought the greenback should remain the dominant reserve currency.

Por: The Economist print edition

Why Small Companies Will Win in This Economy

Why Small Companies Will Win in This Economy Peter Bregman is CEO of Bregman Partners, Inc., a global leadership development and change management firm.

Por: Washingtonpost | http://voices.washingtonpost.com

The nuts and bolts come apart

The nuts and bolts come apart

As global demand contracts, trade is slumping and protectionism rising

COMPARISONS to the Depression feature in almost every discussion of the global economic crisis. In world trade, such parallels are especially chilling. Trade declined alarmingly in the early 1930s as global demand imploded, prices collapsed and governments embarked on a destructive, protectionist spiral of higher tariffs and retaliation.

Por: The Economist print edition

Sharing the pain

Sharing the pain EVEN as America’s politicians harangue the bankers, the bankers are sniping back. On March 13th the chairman of Wells Fargo, America’s fourth-biggest bank, called the Treasury’s ongoing stress test for banks, with its glacial timetable, “asinine”. Amid the ranting, the rot from bad debts is creeping up banks’ capital structures, imperilling any recovery. Initially common shareholders, who bear the “first loss” on assets, were crushed, along with preferred shareholders, who get supposedly safer dividends. Now owners of bank debt, which bears losses once equity is wiped out, live in fear. Junior subordinated debt, which ranks next in the queue, trades at 15-45 cents on the dollar and senior subordinated debt at 65-70 cents. Even senior debt, holders of which rank second only to depositors in America and typically alongside them in Europe, is at 85-90 cents.

Por: The Economist print edition

The Federal Reserve acts boldly to ease credit conditions

The Federal Reserve acts boldly to ease credit conditions The Federal Reserve's trillion dollar move to expand money available for lending is a known technique, but the scale is historic.

Por: The Seattle Times | http://seattletimes.nwsource.com

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