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☆ New rule may make it easier to switch banks and transfer your financial data
▼ + stars: | 2024-10-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

A new regulatory rule finalized this month by the Consumer Financial Protection Bureau aims to reduce that hassle and make it easier, more secure and always free for customers to switch accounts or to simply transfer or share their financial data from their banks, credit card issuers and other financial service providers upon request. “The problem the CFPB (rule) is addressing is the paperwork required of consumers to change accounts. Financial providers must make this information available without charging fees.”The rule will also restrict how third parties may use and retain the data consumers request be shared. Banks push backThe banking industry wasted no time in expressing its displeasure with the new rule — known as the personal financial data rights rule. “Dodd-Frank only requires banks to provide financial data to consumers.

Persons: it’s, ”, Adam Rust, Rohit Chopra, ” Rust, “, That’s, ” Chopra, Banks, Rob Nichols, —, ” Jaret, “ Dodd, Frank, ” Seiberg, Chopra, they’ve Organizations: CNN, Consumer Federation of America, Consumer Financial, Federal Reserve Bank of Philadelphia, American Bankers Association, Bank Policy Institute, Kentucky Bankers Association and, Cowen Washington Research Group Locations: Kentucky Bankers Association and Kentucky, Las Vegas

☆ High Credit Card Interest Rates Are Loading Americans With Debt
▼ + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +11 min

The average credit-card interest rate is now just over 21%, up from about 15% a decade ago. Additionally, as credit-card companies continue to charge high interest rates, more cardholders in debt become delinquent — and that could push the US economy closer to recession. Advertisement'The highest credit-card rates we've ever seen'Until 1978, most states had laws capping interest rates for credit cards and consumer products. Lowering the current high interest rates, and the profits that come with them, has become a priority across the aisle. Ted Rossman, a senior industry analyst at Bankrate, described the feedback loop of high prices and high interest rates as "a tough cycle to break."

Persons: Lana Linge, it's, Linge, isn't, Adam Rust, Bruce McClary, TransUnion, Austan Goolsbee, Rust, You've, you've, Antoinette Schoar, Schoar, David Silberman, GOP Sen, Josh Hawley, Hawley, Democratic Sen, Elizabeth Warren, Michele Raneri, Ranieri, Ted Rossman Organizations: Consumer Federation of America, Federal Reserve, National Foundation, Credit, Federal Reserve Bank of New, New York Fed, Federal Reserve Bank of Chicago, Louis Federal Reserve, Federal, Financial, MIT, Center for Responsible Lending, Lawmakers, GOP, Democratic, Reserve, TransUnion Locations: overspending, Federal Reserve Bank of New York, South Dakota, Delaware

☆ Trump's 10% credit card interest cap could hurt borrowers, experts say: 'Access to credit would dry up'
▼ + stars: | 2024-09-24 | by ( Annie Nova | Annie Nova Is A Reporter On The Personal Finance Team | Covering Education. Prior To Cnbc | ) www.nbcnews.com time to read: +7 min

A national interest rate cap requires CongressUnder current federal law, nationwide limits on credit card interest rates are scarce, consumer advocates say. Likewise, federal credit unions are typically restricted to an 18% interest rate on their credit cards. “A president cannot set a cap on credit card interest rates,” said Rust. A 10% interest rate cap could backfireFinancial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers in various ways. “Otherwise, it is a game of whack-a-mole.”In 2022, credit card issuers charged $14 billion in late fees, he noted.

Persons: Donald Trump, Trump, ”, Kamala Harris, It’s, Trump’s, Ted Rossman, ” Rossman, Karoline Leavitt, ” Harris hasn’t, Biden, Adam Rust, Rust, “, ” Rust, Lauren Saunders, Nicholas Anthony, they’re, ” Anthony, Rossman, Saunders, “ Banks Organizations: Social Security, Republican, Democratic, Federal, Bankrate, CNBC, Consumer Financial, Consumer Federation of America, Bank Act, Consumer Financial Protection Bureau, Consumer Financial Protection, National Consumer Law, Cato Institute’s Center, Monetary, Bureau, U.S . Chamber of Commerce Locations: New York, South Dakota, Delaware, Utah, U.S, Bankrate

☆ Banks are threatening to end free checking. Don’t panic
▼ + stars: | 2024-07-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The majority of people with checking accounts (73%) take advantage of the option, according to a 2023 Bankrate.com survey. But if regulatory costs go up for banks, free services like checking may go away, at least if they follow Chase’s lead. Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services. “Consumer banking is predicated on banks providing services for free to consumers such as checking accounts, debit cards and electronic bill paying. Or, if those costs do rise, maybe some banks might decide for various reasons not to eliminate free checking.

Persons: Marianne Lake, Chase, Jaret, ”, Adam Rust, Rust, Bankrate, “, ” Rust Organizations: New, New York CNN, Chase Bank, Wall, Consumer, TD Securities, Consumer Financial Protection, Federal Reserve, Consumer Federation of America, Fed Locations: New York

CNN —A major Supreme Court ruling Friday that shifted power from the executive branch to the judiciary stands to transform how the federal government works. By overturning a 1984 precedent, the court’s conservative majority has made countless regulations vulnerable to legal challenge. The Supreme Court ruling could boost efforts by conservatives who have taken aim at the Biden Environmental Protection Agency’s rules limiting planet-warming pollution from vehicles, oil and gas wells and pipelines, and power plants. The ruling has injected legal uncertainty into regulations of all types, including those on technology, labor, the environment and health care. But the Supreme Court has yet to decide a case heard this term that might gut that limitation.

Persons: ”, Kent Barnett, —, Thomas Berry, John Roberts, Roberts, Elena Kagan, Sonia Sotomayor, Joe Biden, Shawn ThewPool, Adam Rust, ” Rust, Andrew Schwartzman, Alexander MacDonald, ” MacDonald, Sharon Block, ” Block, Biden, Andrew Twinamatsiko, ” Twinamatsiko, “, Paul Gallant, TD Cowen, David Vladeck, Chevron —, Ann Carlson, Carlson, David Doniger Organizations: CNN, Biden, University of Georgia School of Law, Chevron, Natural Resources Defense, Republican, Democratic, Cato Institute . Chief, State of, Consumer, Consumer Financial Protection Bureau, Federal Trade Commission, Consumer Federation of America, “, Supreme, Securities, Exchange Commission, Benton Institute for Broadband & Society, Department of Labor, National Labor Relations Board, Opportunity Commission, Harvard Law School, Center, Labor, American Cancer Society, US Food and Drug Administration, US Department of Health, Human Services, Medicare, Services, Medicaid, Human Services Department, HHS, O’Neill Institute for National, Global Health Law, Georgetown University, FDA, Federal Communications Commission, EPA, National, Traffic Safety Administration, University of California, Natural Resources Defense Council Locations: Obamacare, Chevron, State, Washington , DC, Texas, Littler, Los Angeles

☆ I was charged $150 for missing a doctor's appointment. Turns out these fees are on the rise
▼ + stars: | 2024-03-28 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Eric Audras | Onoky | Getty ImagesIf you miss a doctor's appointment these days, you could get hit with a "no-show" fee of up to $100 — or more. But, she said, "to solve this problem is not to charge patients more fees, which many can't afford." For my appointment, I did get a call the day before from the doctor's office. Fees shouldn't hurt credit, still may be worth disputingWhen you make a doctor's appointment, ask about the office's policy around late cancellations and missed appointments, Donovan said. "Ultimately, these fees are discretionary and I would be reluctant to work with any office that inflexibly charged them," Donovan said.

Persons: Eric Audras, Caitlin Donovan, Janna, didn't, I'd, Adam Rust, Rust, Isabel Pavia, Donovan, you'll, inflexibly Organizations: Onoky, Patient Advocate Foundation, Consumer Federation of America Locations: Camden , New Jersey

☆ Home Equity Loan Alternative Could Revolutionize the Housing Market
▼ + stars: | 2024-02-28 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Like a lot of homeowners, Schummer was keen to convert some of his theoretical wealth into real cash. These kinds of deals, often referred to as home-equity-sharing agreements or home-equity investments, have existed on the fringes of housing finance for decades. The success or failure of home-equity investments could shape the future of homeownership in America. If the home's value has gone up, everyone wins; sell it for a loss, and the investor might share in that downside. "Over time for us, the customer becomes everybody," Eoin Matthews, the chief business officer and a cofounder of Point, told me recently.

Persons: Kennis Schummer, Schummer, Laurie Goodman, Goodman, he'd, Eoin Matthews, —, Hometap, Jim Riccitelli, Riccitelli, Adam Rust, Rust, Rust wasn't, I'm, Jordan Gilberti, Holly Bunting, Mayer Brown, Edwin Remsberg, Matthews, they'd, Jeffrey Glass, Glass, I've, he's Organizations: Consumer, Urban Institute, Federal Reserve, Bain Capital, Palisades Group, Redwood Trust, Getty, Consumer Federation of America Locations: Pensacola , Florida, California, homeownership, America, Connecticut, Maryland, Florida

☆ Biden wants to kill junk fees — here's what could change and how you can minimize fees right now
▼ + stars: | 2023-03-08 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +9 min

But you don't have to wait for the government to take action to reduce your exposure to junk fees. Comparison shop (as well as you can) Ferreting out junk fees can be tricky and different products and services have their own red flags. The CFPB wants to limit credit card late fees and the Biden Administration is pushing for Congress to pass the Junk Fee Prevention Act, which addresses four types of junk fees. Credit card late fees The CFPB has proposed a new rule to limit credit card late fees to $8. While it doesn't come with a welcome bonus or a 0% intro APR period, it also doesn't charge any fees — including late fees.

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