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Credit unions did not make out as well as initially reported in October

Credit unions did not open nearly as many new accounts during the month of October as they initially claimed they did. In early November, the Credit Union National Association announced that 650,000 consumers opened new accounts at credit unions and deposited $4.5 billion during the month of October. The windfall was considered to be a... Read More...

Verizon to charge $2 card pay convenience fee

The nation’s largest wireless service provider has announced that it will start charging a $2 “convenience fee” for every one-time bill payment made with a credit or debit card online or over the telephone. Verizon was hit with customer blowback right after the announcement was made, according to ECreditDaily.com. Its... Read More...

Ryanair to ignore card fee ban

Ryanair, an Irish low-cost airline, said it plans on defying a decision made in the U.K. Treasury to ban excessive debit and credit card charges. The rule will go into effect by the end of 2012 in every area of retail. Once it does, firms will only be allowed to add fees to cover the cost of the transaction, ImpactPub.com... Read More...

Chamber of Commerce wants CFPB flaws addressed before director put in place

Tom Donohue, the president and CEO of the Chamber of Commerce, recently voiced his strong opposition to President Obama’s reported efforts to circumvent the Senate confirmation process for Richard Cordray to direct the Consumer Financial Protection Bureau. The CFPB, according to Donohue, is fundamentally flawed and in need of... Read More...

Obama taps Republican and Democrat for Fed posts

President Barack Obama nominated one Republican and one Democrat on Tuesday to economic policy positions at the Federal Reserve. The move is considered by some political analysts as an attempt to break the political gridlock that has stymied the White House’s nominees to appointed positions, according to Ology.com. Due to lack... Read More...

Gingrich says Dodd-Frank repeal would alleviate homelessness

The solution for families who are becoming homeless is a repeal of the Dodd-Frank Act, according to Republican presidential primary frontrunner Newt Gingrich. During a gathering in Iowa days before the Iowa caucuses, Mechelle Williams spoke with Gingrich in front of a crowd about her family’s crisis. “On Feb. 21st the kids... Read More...

Durbin Amendment to cause drop in debit card growth

The Durbin Amendment is expected to cause debit cards to drop up to three percentage points off of their annual growth rate over the next five years, according to new research from First Annapolis Consulting Inc. Consumers will either switch to credit cards or drop their cards all together, DigitalTransactions.net reports. Despite the... Read More...

MetLife sheds banking business because of Durbin Amendment

In order to escape tough new federal regulations from the Dodd-Frank Act, MetLife Inc. is selling $7.5 billion of its banking business to Norwalk-based GE Capital Financial Inc. At the end of the third quarter, MetLife Bank had close to $10.7 billion in deposits. Once the deal closes sometime between April and June 2012, GE Capital will... Read More...

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