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JPMorgan Chase & Co., by far the largest originator of automated clearing house transactions in the United States, is making a bid to play a much larger role in the rapidly evolving international payments market.
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JPMorgan Chase & Co. is discontinuing a secured credit card it inherited from Washington Mutual Inc. just as observers are predicting that the recession and new regulations will boost consumer demand for this niche product.
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U.S. Rep. Paul E. Kanjorski (D-Pa.), chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, this week demanded an explanation from the nation's top credit card issuers about why card interest rates are inexplicably rising at a time when cardholders can least afford it. Kanjorski's move suggests that clamping down on card-industry practices will be a top priority in next year's congressional session. In letters sent to the CEOs of Capital One Financial Corp., Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., Kanjorski stated that his constituents are reporting recent increases of up to six percentage points on their outstanding card balances, even when they have paid their bills on time. "If you have increased rates or plan to increase them, please inform me by how much and provide a rationale for undertaking these increases at this time, especially for those individuals who have not engaged in practices that make them a higher risk of default," Kanjorski wrote. Taxpayers are particularly bothered by the fact that the very card companies that may benefit from the government's Troubled Asset Relief Program are now raising interest rates during an economic crisis, he noted. "I urge you to do everything within your power to ensure that Americans continue to have access to credit at reasonable rates, especially as you have received assistance from the taxpayers to keep credit available," Kanjorski wrote. Kanjorski requested responses from card issuers by no later than Dec. 31, which, he noted, would assist in preparation for the next congressional session. The congressman was a key supporter of the Cardholders' Bill of Rights, which would restrict issuers' ability to raise cardholders' interest rates on existing balances, a spokesperson in Kanjorski's office tells CardLine. The bill passed in the House of Representatives this year before stalling in the Senate (CardLine, 9/23). "Rep. Kanjorski worked closely on that legislation, and he plans to continue to push it forward next year," the spokesperson says.
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