Alexi Giannoulias’ bid to take President Obama’s former seat in the U.S. Senate got a boost Thursday when a federal report concluded politics played no part in how the failure of his family-owned bank played out.
“Nothing came to our attention to suggest that FDIC officials or the FDIC examination, enforcement action, or closing processes were subject to any political or inappropriate influence,” said the report issued by the inspector general’s office of the Federal Deposit Insurance Corporation.
A leading Republican, Rep. Dan Issa of California, had asked the FDIC to investigate the April 23, 2010, closing of Broadway Bank in Chicago. Its failure ate up $394 million in FDIC insurance, which is paid from a fund that all banks pay into.
MBNA are enabling its millions of customers to activate their credit cards online . The announcement means that credit card customers in the UK will have a choice of channels when activating new, replacement or re-issued MBNA credit cards for the first time.
This is in addition to MBNA’s transition to paperless statements for new online accounts, which was launched earlier in 2010. The move also means that holders of affinity partner cards can take advantage of the service, previously only available to re-issued cards.
Ian Craig, customer service and channel fulfilment executive for Bank of America Europe Card Services, which operates under the MBNA brand in the UK and Ireland, commented “Our customers tell us they want more online options to service their accounts so it makes sense to open up online activation to everyone. Read full article…
For a while there, it seemed like there was no legal minimum age for a credit card at all. We’ve all heard tales of babies getting credit card applications, and I personally know someone whose young goat got one. (I’m not kidding here).
Things are still nebulous on this front, even in the wake of the infamous Credit CARD Act of 2009, which straightened out a lot of things credit card related. Let’s take a brief gander at the issue.
Well, legally…
Remember the heady days when credit card companies tempted college students with the promise of nectar and ambrosia–that is, beer and pizza–if they’d just sign up? I do, and before February 2010 many a young adult started down the slippery slope to financial penury that way.
More homeowners may face foreclosure before their modification loans are approved
Proposed legislation that would have provided foreclosure protection to homeowners undergoing the loan modification process has been rejected in the California Assembly. Banks and lending institutions are pleased with the ruling, but consumers, who highly supported the foreclosure protection proposal, are incensed with the Assembly’s decision.
According to the San Francisco Chronicle, the legislation would have prevented lenders from beginning foreclosure proceedings until after they rendered a decision about a consumer’s loan modification status. Read full article…
Balance transfers are perhaps the easiest way to consolidate credit card debt and pay off multiple balances simultaneously. By consolidating the debt to a credit card with a low interest rate, the cardholder can effectively reduce the total amount of debt that needs to be repaid in the long term.
In fact, if a credit card with a zero APR introductory period is used as the main balance transfer card, then it is possible to completely eliminate interest and pay the balance off with no interest charged.
Unfortunately, there are occasions when balance transfer cards are used incorrectly, causing even more debt rather than reducing it.
