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Credit Cards Increased Complexity In Rates Fees Heightens Need For More Effective Disclosures To Consumers
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Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976350856 Total Pages :114 pages Book Rating :4.3/5 (58 download)
Book Synopsis Credit Cards by : United States Government Accountability Office
Download or read book Credit Cards written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-13 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: With credit card penalty rates and fees now common, the Federal Reserve has begun efforts to revise disclosures to better inform consumers of these costs. Questions have also been raised about the relationship among penalty charges, consumer bankruptcies, and issuer profits. GAO examined (1) how card fees and other practices have evolved and how cardholders have been affected, (2) how effectively these pricing practices are disclosed to cardholders, (3) the extent to which penalty charges contribute to cardholder bankruptcies, and (4) card issuers' revenues and profitability. Among other things, GAO analyzed disclosures from popular cards; obtained data on rates and fees paid on cardholder accounts from 6 large issuers; employed a usability consultant to analyze and test disclosures; interviewed a sample of consumers selected to represent a range of education and income levels; and analyzed academic and regulatory studies on bankruptcy and card issuer revenues.
Book Synopsis Credit Cards: Increased Complexity in Rates & Fees Heightens Need for More Effective Disclosures to Consumers by :
Download or read book Credit Cards: Increased Complexity in Rates & Fees Heightens Need for More Effective Disclosures to Consumers written by and published by DIANE Publishing. This book was released on 2006 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781984942548 Total Pages :114 pages Book Rating :4.9/5 (425 download)
Book Synopsis Gao-06-929 Credit Cards by : United States Government Accountability Office
Download or read book Gao-06-929 Credit Cards written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-02 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO-06-929 Credit Cards: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers
Book Synopsis Credit Cards by : United States. Government Accountability Office
Download or read book Credit Cards written by United States. Government Accountability Office and published by . This book was released on 2006 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Cards by : United States. Government Accountability Office
Download or read book Credit Cards written by United States. Government Accountability Office and published by . This book was released on 2006 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulating Consumer Financial Products by : Sumit Agarwal
Download or read book Regulating Consumer Financial Products written by Sumit Agarwal and published by . This book was released on 2018 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act in the United States. Using a difference-in- differences research design and a unique panel data set covering over 160 million credit card accounts, we find that regulatory limits on credit card fees reduced overall borrowing costs to consumers by an annualized 1.7% of average daily balances, with a decline of more than 5.5% for consumers with FICO scores below 660. Consistent with a model of low fee salience and limited market competition, we find no evidence of an offsetting increase in interest charges or a reduction in volume of credit, although we are unable to analyze longer-run effects on investments or industry structure. Taken together, we estimate that the CARD Act fee reductions have saved U.S. consumers $12.6 billion per year. We also analyze the CARD Act requirement to disclose the interest savings from paying off balances in 36 months rather than only making minimum payments. We find that this "nudge" increased the number of account holders making the 36-month payment value by 0.5 percentage points on a base of 5.7%.
Book Synopsis Credit Card Pricing by : Oren Bar-Gill
Download or read book Credit Card Pricing written by Oren Bar-Gill and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We take a fresh look at the concerns about credit card pricing and empirically investigate whether the Credit CARD Act of 2009 has been successful in addressing those concerns. The rational choice theory of credit card pricing, which posits that issuers use back-end fees to adjust the price of credit to reflect new information about borrowers' credit risk, predicts that issuers will respond to the Act by using alternative ways to price risk. In contrast, the behavioral economics theory, which posits that issuers use back-end fees because they are not salient to consumers, predicts that issuers will respond by increasing unregulated non-salient prices. If the market is competitive, we argue that the CARD Act should also result in increases in some salient, up-front prices. But we show that if issuers have market power, reductions in non-salient fees may not result in concomitant increases in salient charges. We test these predictions using two datasets on credit card contract terms before and after the CARD Act rules went into effect. We find that the rules have substantially reduced the back-end fees directly regulated by the Act, including late fees and over-the-limit fees. However, unregulated contract terms, such as annual fees and purchase interest rates, have changed little. Post-CARD Act, consumers continue to face high long-term prices and low short-term prices, and imperfectly rational consumers still find it difficult to understand the cost of credit card borrowing. We thus consider potential improvements to the regulatory framework. We argue that improved disclosures that present to consumers the aggregate cost of credit under the contract, based on information about the borrower's likely use of credit, would improve consumer outcomes. Furthermore, we suggest that regulators, rather than focusing on prices that are “too high,” should consider limiting the ability of issuers to charge introductory teaser interest rates that are in a sense “too low.”
Book Synopsis Oversight Concerns Regarding Treasury Department Conduct of the Troubled Assets [sic] Relief Program by : United States. Congress. House. Committee on Financial Services
Download or read book Oversight Concerns Regarding Treasury Department Conduct of the Troubled Assets [sic] Relief Program written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Card Fair Fee Act of 2008 by : United States. Congress. House. Committee on the Judiciary
Download or read book Credit Card Fair Fee Act of 2008 written by United States. Congress. House. Committee on the Judiciary and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulating Consumer Financial Products by : Sumit Agarwal
Download or read book Regulating Consumer Financial Products written by Sumit Agarwal and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act in the United States. Using a unique panel data set covering over 150 million credit card accounts, we find that regulatory limits on credit card fees reduced overall borrowing costs to consumers by an annualized 2.8% of average daily balances, with a decline of more than 10% for consumers with the lowest FICO scores. Consistent with a model of low fee salience and limited market competition, we find no evidence of an offsetting increase in interest charges or a reduction in access to credit. Taken together, we estimate that the CARD Act fee reductions have saved U.S. consumers $20.8 billion per year. We also analyze the CARD Act requirement to disclose the interest savings from paying off balances in 36 months rather than only making minimum payments. We find that this "nudge" increased the number of account holders making the 36-month payment value by 0.5 percentage points, with a similarly sized decrease in the number of account holders paying less than this amount.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :184 pages Book Rating :4.0/5 ( download)
Book Synopsis Credit Card Practices by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book Credit Card Practices written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :320 pages Book Rating :4.0/5 ( download)
Book Synopsis Improving Credit Card Consumer Protection by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book Improving Credit Card Consumer Protection written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :228 pages Book Rating :4.3/5 (91 download)
Book Synopsis Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :240 pages Book Rating :4.3/5 (91 download)
Book Synopsis Modernizing Consumer Protection in the Financial Regulatory System by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Modernizing Consumer Protection in the Financial Regulatory System written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :334 pages Book Rating :4.:/5 (327 download)
Book Synopsis The Credit Cardholders' Bill of Rights by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book The Credit Cardholders' Bill of Rights written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2008 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Cards by : Alicia Puente Cackley
Download or read book Credit Cards written by Alicia Puente Cackley and published by DIANE Publishing. This book was released on 2010-03 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: When a consumer uses a credit card to make a purchase, the merchant does not receive the full purchase amount because a certain portion of the sale is deducted to compensate the merchant¿s bank, the bank that issued the card, and the card network that processes the transaction. The level and growth of these rates have become increasingly controversial. This report reviews: (1) how the fees merchants pay have changed over time and the factors affecting the competitiveness of the credit card market; (2) how credit card competition has affected consumers; (3) the benefits and costs to merchants of accepting cards and their ability to negotiate those costs; and (4) the potential impact of various options intended to lower merchant costs. Illustrations.
Book Synopsis Government and Markets by : Edward J. Balleisen
Download or read book Government and Markets written by Edward J. Balleisen and published by Cambridge University Press. This book was released on 2010 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
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