Four Lenders Come to Agreement with Isis Companies
Isis, the mobile payment processing network put together by AT&T, T-Mobile and Verizon, recently reached an accord with Visa, MasterCard, American Express and Discover to foster adoption of the program, according to a report from Forbes. The participation of these companies was seen as a major hurdle to getting the system, which will be tested in Salt Lake City, Utah, and Austin, Texas, in the first half of 2012, off the ground.
“This is a major milestone,” said Isis chief executive officer Michael Abbott. “We’re bringing together incredibly fierce competitors for the common good of helping consumers make mobile payments.”
Using the system, consumers will be able to load their payment information on smartphones with near-field communications technology, and will be able to wave the devices in front of a sensor to make a mobile purchase rather than swipe their cards the traditional way, the report said. New estim
Foreclosure Activity Drops 29 Percent in First Half
Overall, the number of homeowners who received some form of foreclosure actions – default or auction sale notices and repossessions – during the first six months of the year slipped to just more than 1.17 million, down 25 percent from the previous half and 29 percent from the same half in 2010, according to the latest statistics from RealtyTrac. During the time period, one in every 111 homes in the U.S. received some sort of action.
“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.”
Meanwhile, June saw filings rise nearly 4 percent over the previous month to 222,740, the report said. However, this
When filing bankruptcy in CA, can car loans be discharged as well?
Question by beautiful bird: When filing bankruptcy in CA, can car loans be discharged as well?
My friend is planning on filing bankruptcy, we were wondering if her car loan will be discharged and she’ll get to keep her car.
car has to go
Obama: I’ll Veto Any Bank Regulator Budget Cuts
President Obama’s administration warned on Wednesday that it will recommend the president veto any budget that strips funding from federal bank regulators like the Consumer Financial Protection Bureau. As the budget fight escalates and Republicans tangle with the president on ways to trim billions from the federal budget to prevent the government from defaulting on its debt, the administration’s letter indicating that some cuts are off limits came like a shot across the bow to House Republicans.
Cutting such important agencies “undermines core government functions, investments key to economic growth and job creation, as well as national security,” according to the four-page letter.
Republicans fired back, criticizing the President for defending government spending and his proposal to raise taxes.
“I appreciate the President saying we have to do something about the long term health of our country and entitlements, and I appreciate the fact that he thinks he has some prescriptions to do so.” House Majority Leader Eric Cantor (R-VA) said in a press release. “What I don
Alternative Card Options for Students: Debit or Prepaid?
For many college-bound students that are too young to qualify for a traditional credit card, the need to manage money often boils down to either using a prepaid or debit card. Both have similar characteristics, but depending on your financial habits, one may be a better fit. Let’s take a closer look:
Debit Cards
Debit cards provide users access to their bank checking and/or savings accounts. They can be used to make purchases both online and offline, and money can be withdrawn at ATMs and at cash-back swipe machines found at some retailers. If you have overdraft protection on your debit card, you will be charged a fee each time you withdraw more than the available balance in your account. The charge can be as high as $35 per overdraft, so best to opt-out of this feature to avoid the fee. AT
Frank Defends Embattled Financial Reform Law
One-half of the Dodd-Frank financial reform law appeared at the National Press Club on Monday to defend the act’s far-reaching changes to the American financial system. Barney Frank, the bill’s co-sponsor-turned-beleaguered defender, blasted Congressional Republicans and banking industry leaders for trying to destroy rules he said will help everyone in the long run.
And he defended the bill against people who claim that it is causing too much havoc in the financial markets.
“Yes, it’s disruptive, because we had to disrupt a rotten system,” Frank said.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 covers everything from credit bureaus to mortgages to debit cards. It creates a new watchdog agency, called the Consumer Financial Protection Bureau, to protect consumers against poorly designed financial products much the way that the original Consumer Protection Bureau tests defective toys and toasters.
In the year since it was passed, however, Dodd-Frank has become the subject of titanic, expensive lobbying efforts by industry to delay or weaken different sections. One big f