With another holiday shopping season kicking into high gear, it’s not just retailers who will benefit: Credit card companies will collect billions of dollars in fees for processing all those purchases made with plastic.
A Congressional committee plans to launch an investigation into a new rule to protect car buyers proposed by the Federal Trade Commission (FTC) on the grounds that it could be harmful to consumers and small businesses.
The Department of Attorney General’s Consumer Protection Team has launched a new standalone website to make it easier than ever for Michigan residents to access common scam alerts, research charities, learn about renter’s rights, and more.
Card loans are still growing, on average rising 1.6% in October over September across five big U.S. card lenders, versus a seasonally typical 0.7% increase, according to tracking of the latest monthly data by analysts at Goldman Sachs. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.
The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions. The CFPB’s proposed rule would apply to larger non-bank digital consumer payment companies handling more than 5m transactions a year that “blur the traditional lines that have separated banking and payments from commercial activities”.
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