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The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
Citibank (South Dakota), N. A. Smiley v. Citibank, 517 U.S. 735 (1996), is a U.S. Supreme Court decision upholding a regulation of the Comptroller of Currency which included credit card late fees and other penalties within the definition of interest and thus prevented individual states from limiting them when charged by nationally-chartered banks.
The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the ...
That same year, Harris also secured a $60 million settlement with JPMorgan Chase to resolve allegations of illegal debt collection with respect to credit card customers, with the bank also agreeing to change practices that violated California consumer protection laws by collecting incorrect amounts, selling bad credit card debt, and running a ...
The Consumer Financial Protection Bureau finalized a rule limiting credit card late fees to $8. The move could save 45 million people an average $220 per year on late fees.
California Gov. Gavin Newsom on Friday signed a bipartisan package of 10 bills that aims to crack down on smash-and-grab robberies and property crimes, making it easier to go after repeat ...
Businesses in New York are now required to clearly post exactly how much their products will cost if customers pay with a credit card, under a new state law that took effect Sunday. The consumer ...
The United California Bank burglary took place on 24 March 1972, when the safe deposit vault at United California Bank in Laguna Niguel, California, was broken into and $9 million ($66 million adjusted for inflation) in cash and valuables were looted by professional burglars led by Amil Dinsio. [ 1]