New Rules; 2010!!!!

[Mr. Shaman]

This one's HUGE!!!!!​

"The nation's banks will be bombarding customers with new fees and products in 2010 as they try to replace more than $50 billion in revenue wiped out by new rules that clamp down on certain business practices.

So far, the changes are mostly concentrated in checking accounts and credit cards. In addition to attaching new fees to old products, banks are introducing new types of accounts that they hope will reel in new customers and reduce their funding costs.

For plastic, the new rules go into effect in February as part of the Credit Card Act of 2009http://www.whitehouse.gov/blog/A-New-Era-for-Credit-Cards. The rules will limit some interest-rate increases, require more disclosure to customers and prohibit banks from raising interest rates on current balances unless a customer is at least 60 days behind in a payment.

Credit-card issuers collected $22.9 billion in penalty fees—such as those assessed for late payments—in 2009, up from $19 billion in 2008, said , who runs a credit-card consulting firm in Thousand Oaks, Calif."

THANKS, BARACK!!!!!!!!!!!!!!!!​

 

[ASPCA4EVER]

SWEET SMELL OF PROGRESS...yes, indeed

 

[top gun]

You just have to love that President Obama!

I guess it's true what they say. Progressives produce progress!

As for the rest here's an idea...

 

[ASPCA4EVER]

Maybe we need to turn this into a " I HATE SOMETHING REALLY STUPID" before the 'screeching monkeys' will come around and say something/anything, nice/positive and hopeful about the new administration and the progress that they are making...

but funny all I hear on this topic is that 'cricket chirping' away

 

[dogtowner]

This one's HUGE!!!!!



THANKS, BARACK!!!!!!!!!!!!!!!!​

You have a link for this post ? I am quite familiar with the new laws but people might want to hear about the bank side.

Pay attention down the road, there may just be unintended consequences. Actually you already suffered some as the plastic company went on an increase spree over the last some odd months.

Please note that there was a good long period before the new legialation went into effect allowing business to accomodate it.

Thanks indeed (says the credit industry).

 

[ASPCA4EVER]

You have a link for this post ? I am quite familiar with the new laws but people might want to hear about the bank side.

Pay attention down the road, there may just be unintended consequences. Actually you already suffered some as the plastic company went on an increase spree over the last some odd months.

Please note that there was a good long period before the new legialation went into effect allowing business to accomodate it.

Thanks indeed (says the credit industry).

NEWS FLASH...go back and read the post and then slide your wee little mouse over the colored fonts and WAAA LAAA {amazing how that link is just right there the entire time} so go back there and do the work that should have been obvious and you'll be in the KNOW TOO

 

[dogtowner]

NEWS FLASH...go back and read the post and then slide your wee little mouse over the colored fonts and WAAA LAAA {amazing how that link is just right there the entire time} so go back there and do the work that should have been obvious and you'll be in the KNOW TOO

I saw one related to the credit card law. I suppose there might have been something about banking in there but Shaman's prose style is difficult enough to glean information from without having to do that work too.

 

[ASPCA4EVER]

I saw one related to the credit card law. I suppose there might have been something about banking in there but Shaman's prose style is difficult enough to glean information from without having to do that work too.

JEEZ LOUISE...so we should all write/speak/type the same...what joy of the written word would that be. It is hardly any EXTRA work to slide the mouse and read along...believe me when I say, "if more of the obnoxious limited reading comprehension ones around here would practise that then we wouldn't have to do so much repetitive/redundant/continual explaining of what was SAID

 

[dogtowner]

JEEZ LOUISE...so we should all write/speak/type the same...what joy of the written word would that be. It is hardly any EXTRA work to slide the mouse and read along...believe me when I say, "if more of the obnoxious limited reading comprehension ones around here would practise that then we wouldn't have to do so much repetitive/redundant/continual explaining of what was SAID

He can write however he wishes. He only suffers the risk of people not understanding what he's trying to say.

 

[pocketfullofshells]

one I like is that now when you have a line of credit...with more then one interest rate on it, your payments pay of the higher one first not the low like they use to ...so if you got a 3.99 balance tranfer rate for the card..yay! bu then you buy anything on it at there 23% rate...all your payments payed off the 3.99 first so they could keep collecting on the 23% unlill you payed off the thing...

also if they decided to jack your rates..its on purchase made after the rate change...not what you already owed before...no more...you owe 10,000 at 9.99%....sorry you missed one payment by 2 days ( damn mail) so we are going take that hole thing and charge you 35% on it now....they can jack your rate up, but you can choose not to buy anything else now.


as for the banks side...they can stick it someone where the sun don't shine, they have raped the people for so long...if they find it unfair...I could care less.

 

[Mr. Shaman]

SWEET SMELL OF PROGRESS...yes, indeed

Better, YET.....watch those Big, Bad, Corporate-Boys....runnin'-from a WOMAN!!!!!​

"Soon after she became the nation's labor secretary, Hilda Solis warned corporate America there was "a new sheriff in town." Less than a year into her tenure, that figurative badge of authority is unmistakable.

Her aggressive moves to boost enforcement and crack down on businesses that violate workplace safety rules have sent employers scrambling to make sure they are following the rules."

(John Wayne must be SPINNIN'-in-his-grave!!!!)​

 

[dogtowner]

Better, YET.....watch those Big, Bad, Corporate-Boys....runnin'-from a WOMAN!!!!!

(John Wayne must be SPINNIN'-in-his-grave!!!!)​

from your article

Some business groups say they prefer a more cooperative approach between government and businesses — what the Bush administration called "compliance assistance."


"Our members are concerned that the department is shifting its focus from compliance assistance back to more of the 'gotcha' or aggressive enforcement first approach," said Karen Harned, executive director of the National Federation of Independent Business' small business legal center.


Other business leaders point out that the rate of workplace deaths and injuries actually fell to record lows in the previous administration, while the agency also helped employees collect a record amount of back pay for overtime and minimum wage violations. Chao has claimed that success was the result of cooperating with businesses to help them understand the myriad regulations.


Keith Smith, a spokesman for the National Association of Manufacturers, said his members "want to build upon that progress and recognize what's working."