Regulation

The Financial Supervisory Service of South Korea is tightening its supervision of the country’s credit card companies over concerns that rising card loans may lead to an unmanageable default crisis, the regulator announced Apr 25.

Issues regarding the use and issuance of credit cards represent the top complaints the Philippines’ central bank has received since it set up a mechanism for addressing complaints from the country’s bank customers in 2006, according to the bank.

WASHINGTON — While the banking industry clearly has momentum on its side in the fight to delay a rule that would limit debit interchange fees, time for Congress to act is rapidly running out.

The Federal Trade Commission has returned $1.5 million to 3,162 consumers harmed by a California-based mortgage lending company and its owner.

WASHINGTON — As Congress continues to struggle over whether to delay a pending Federal Reserve Board plan to cap interchange fees for debit cards, a key question remains unresolved: How far is the central bank prepared to go on its own to modify the rule?

Richard Davis, the top executive at U.S. Bancorp and chairman of the Financial Services Roundtable, told analysts April 19 it is a toss-up as to whether the Federal Reserve Board would press ahead with its proposed 12-cent cap on debit card interchange.

Richard Davis, the top executive at U.S. Bancorp and chairman of the Financial Services Roundtable, told analysts April 19 it is a toss-up as to whether the Federal Reserve Board would press ahead with its proposed 12-cent cap on debit card interchange.

The Federal Trade Commission has filed contempt charges against a promoter of credit repair and debt relief services and three of his companies, alleging that they continued their deceptive marketing practices in violation of a federal court order.

A collection agency is being sued for threatening to garnish a Texas woman's wages to collect on a delinquent account.

A U.S. appellate court has approved Minnesota’s TCF Bank’s request for an expedited appeal of a lower court ruling denying a bid to block the Federal Reserve’s final rule on interchange charges, setting up a three-way race between the courts, the Fed and Congress on the controversial effort to limit the lucrative fees.