Targeting Credit Card Fees, Obama to Meet CEOs

i heard our elite military units where kidnapping and interigating elite bankers..even hiding them on subs...maybe alex jones can't remember..anyone else heard that???or have more to add..i hope this is true..my dad is 5th S.F.and MACVSOG vietnam vet..i know first hand how brutal and vicious these patriotic professionals are..accomplish the mission is primary goal...my dad is a body snatch expert..he loved every minute of action KILL'EM ALL LET GOD SORT"EM OUT

Looks like the meeting is over, but I have yet to find any major event coming out of the meeting.

Could this have been a reassurance to the credit card companies that the administration is not out to get them?

"We want to preserve the credit card market but we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with," Obama told reporters after a White House meeting with 13 executives from top banks and companies that issue the cards.

Banks say the tighter rules for card issuers would hurt fee income when they are trying to climb out of a financial hole created by the collapse of the housing boom.

www.reuters.com...

reply to post by jam321

I applaud Obama on this one even though I feel he should have acted more quickly. Americans are getting milked in fees by some of the same companies that are receiving government aid. Double dipping seems to be the game of the day.

Jam, I have to respectfully disagree with you on this one. Yes, credit card fees are excessive. However, this act Obama is playing is a diversion from the fact that he let banksters steal TRILLIONS of dollars from us, and now he's trying to make it look like he is helping us, by standing up against the penny-ante fees of credit cards.

The bigger issue is that Obama and the Banksters stole Trillions of dollars from Americans' retirement, homes and savings, and now he's negotiating to get pennies back.

Awfully big of him.

Yeah..working real hard....




There are hard working families without enough to eat or pay bills and this guy falls asleep? NO Excuse. This is a prime example of how Washington way out of touch and should be removed. If this was in the Bush Administration it would already be on CNN.....freaking pathetic. Rich old bastards rule the world....

reply to post by esdad71


Holy crap. That's completely unF-ing believable. I guess that can probably confirm that Obama was reassuring them, that guy was so comfy he had himself a wittle nappy.

How much more will it take???

reply to post by ProfEmeritus


I can see where you are coming from. I guess the wording of the bill will shed more light on whether he was serious about this or just tried to pull a fast one. For some reason, I still feel it will be business as usual and the companies will get their way.

I accept that you disagree. I applaud him for making it an issue. I have yet to applaud him for getting it done towards the consumer's favor. That there remains to be seen.

reply to post by esdad71


Must have been from the jet lag of those new companies planes they have been buying with taxpayers money.

Wouldn't it be easier to teach people to read, so that they know what in the heck they are signing and getting into? I couldn't give a rats ass about this, credit is a suckers games and my advise is to never use credit except in dire extreme emergencies.

I used them cards once, for business travel when it was necessary, before debt cards were accepted like credit cards everywhere, and I've not used them since 1982 (or was it 1983, I can't recall for sure) now. I get them in the mail now, unsolicited, with instructions on how to activate them at any ATM, and I cut them up and toss them in the trash.

Just get a debt card people, and live within your means. If you can't afford to pay cash for something, why pay more by adding interest payments and all these damn fees to your burden. Consumer credit should be outlawed, or only permitted in unexpected dire emergencies (i.e. you've got to bury grandpa this week but you can't wait until next month paycheck to buy that needed coffin, etc.).

Credit really is a chump suckers game. Why pay more for something you can't afford to pay cash for right now in the first place? Sure, some of ya may think you can afford those payments today, and enjoy paying more for stuff than I do when I use cash, but what happens tomorrow if you should loose your job and can't make payments for that junk you bought last year?

I have little to no sympathy for those that get themselves all screwed up and buried playing with borrowed money. People need to learn to control themselves and their spending habits. Credit should be for emergencies only. That is also what I taught my children. And now I'm teaching my grandchildren the same too.

Do not become a consumption monkey and slave to those you're indebted to. Have some self respect and pride, people, and live free and unencumbered and within your own means and worth. I couldn't sleep at night if I knew my finances were all screwed up and I was in debt to others. I would be as embarrassed to apply for credit as I would be applying for welfare. Credit is like begging for something. Get up off your knees people and flip these credit companies the bird and tell them no thanks, go suck an egg!

Originally posted by Divinorumus
Get up off your knees people and flip these credit companies the bird and tell them no thanks, go suck an egg!

I couldn't agree more. I no longer have credit cards and like you never want another. But these institutions are predatory, and extremely excessive. When they send you those cards, they are trying to bait you in, so they can rape you financially, with a smile on their faces. That doesn't make you even a little angry? There are some otherwise good people who make bad financial decisions, just because they are not as disciplined as you may be, doesn't make them any less human and not deserving of being raped when they are already struggling. The idea of credit, with a fixed rate that is EASY to understand up front, is not a bad one. But they intentionally hide the truth in hard to read legal jargon that some just can't understand.

These are the rules the federal reserved passed about credit cards and are scheduled to take effect on July 1, 2010.

* Protect consumers from unexpected interest charges, including increases in the rate during the first year after account opening and increases in the rate charged on pre-existing credit card balances.
* Forbid banks from imposing interest charges using the "two-cycle" billing method.
* Require that consumers receive a reasonable amount of time to make their credit card payments.
* Prohibit the use of payment allocation methods that unfairly maximize interest charges.
* Address subprime credit cards by limiting the fees that reduce the amount of available credit.

The Board is also adopting final rules to revise the disclosures consumers receive in connection with credit card accounts and other revolving credit plans to ensure that information is provided in a timely manner and in a form that is readily understandable. These rules amend Regulation Z (Truth in Lending) and conclude a comprehensive review of the open-end credit rules. The final rules under Regulation Z require changes to the format, timing, and content requirements for credit card applications and solicitations and for the disclosures that consumers receive throughout the life of an open-end account. Many of the changes reflect the result of consumer testing conducted on behalf of the Board during its review.

www.federalreserve.gov...

This was approved in Dec 2008. Don't understand why they would wait till 2010 to implement the changes. However, Senator Dodd sent them a letter today asking them to implement the changes ASAP.

On Thursday, Sen. Chris Dodd, D-Conn., chairman of the Banking Committee, and another panel member, Sen. Chuck Schumer, D-N.Y., wrote a letter asking the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration to enforce those rules immediately.

news.yahoo.com...

Notice any similarities between what the Fed approved and what Congress is suggesting?