Comments on: “We need to change the rules of the game”… Secretary Geithner http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/ Now We're Coming After You Tue, 18 May 2010 01:47:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gearing up for new FED Rules — “is not going to be easy.” – ChangeinTerms.com http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/comment-page-1/#comment-1111 Gearing up for new FED Rules — “is not going to be easy.” – ChangeinTerms.com Sat, 02 May 2009 22:43:11 +0000 http://www.changeinterms.com/?p=1645#comment-1111 [...] a comment from Barbara, she quoted the following statement attributed to Peter Garuccio, a spokesman for the [...] [...] a comment from Barbara, she quoted the following statement attributed to Peter Garuccio, a spokesman for the [...]

]]> By: Barbara http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/comment-page-1/#comment-1100 Barbara Sat, 02 May 2009 14:22:44 +0000 http://www.changeinterms.com/?p=1645#comment-1100 re #3 - I meant "Carter Franke"... not "Clarke" re #3 – I meant “Carter Franke”… not “Clarke”

]]> By: Barbara http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/comment-page-1/#comment-1099 Barbara Sat, 02 May 2009 14:13:48 +0000 http://www.changeinterms.com/?p=1645#comment-1099 This is all so depressing.. I really feel we are being held hostage by terrrorists.... The article cited states "Peter Garuccio, spokesman for the American Bankers Association, said the changes will require card issuers to reprogram computers, retrain call-center employees, verify the legality of the new policies and rework marketing strategies." Hmmm.. in Chase's case, maybe programming wouldn't take as much time if they weren't sending all that IT work to India.... http://www.businessweek.com/globalbiz/content/mar2009/gb2009039_431274.htm?chan=top+news_top+news+index+-+temp_global+business And besides that, allowing an opt-out is something they definitely know how to do, according to Clarke's supposedly "out-dated" 2007 testimony. Plus, they were able to handle adding that unprecedented $10 monthly servce fee and changing the minimum payment with no problem... followed by taking the fee away. So blaming this on technical difficulties is a bit of a smokescreen... This is all so depressing.. I really feel we are being held hostage by terrrorists….
The article cited states “Peter Garuccio, spokesman for the American Bankers Association, said the changes will require card issuers to reprogram computers, retrain call-center employees, verify the legality of the new policies and rework marketing strategies.”

Hmmm.. in Chase’s case, maybe programming wouldn’t take as much time if they weren’t sending all that IT work to India….
http://www.businessweek.com/globalbiz/content/mar2009/gb2009039_431274.htm?chan=top+news_top+news+index+-+temp_global+business

And besides that, allowing an opt-out is something they definitely know how to do, according to Clarke’s supposedly “out-dated” 2007 testimony.

Plus, they were able to handle adding that unprecedented $10 monthly servce fee and changing the minimum payment with no problem… followed by taking the fee away. So blaming this on technical difficulties is a bit of a smokescreen…

]]> By: marv http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/comment-page-1/#comment-1098 marv Sat, 02 May 2009 12:59:17 +0000 http://www.changeinterms.com/?p=1645#comment-1098 I told you so I told you so

]]> By: Greg http://www.changeinterms.com/2009/04/29/we-need-to-change-the-rules-of-the-game-secretary-geithner/comment-page-1/#comment-1092 Greg Sat, 02 May 2009 01:19:09 +0000 http://www.changeinterms.com/?p=1645#comment-1092 Hot off the presses: The BIG Changes promised by Congress and signed off on by the President...they are on hold until July 2010. http://washingtonindependent.com/40216/congress-delays-credit-card-reform The Banks get there way EVEN when they are being punished and constrained by new laws. Isn't that just amazing? All the bluster, all the intense committee meetings, the President bringing everyone together for a big media shoot..woohooo! And in reality, nothing will change for 14 months. Do you have any idea how much damage the credit card industry can do to us, in 14 months of unrestrained carnage? Of course you do... The article below brings out the ugly truth that no one is hearing or listening to: Sure, change is coming, in 14 months. Oh btw, change was already going to start on July 2010 via previous legislation. This recent round of hand wringing and bill writing seems to have been, in some ways, a smoke screen, designed to make everyone look effective in congress and the white house. It cannot be denied that some powerful new restraints against CC companies will go into effect if these bills become new law; but it is also true that change was already mandated at the Federal Reserve, to take effect...drum roll please....JULY 2010! http://washingtonindependent.com/40216/congress-delays-credit-card-reform I hope this article is not correct, and this is not the final word. It is still possible the time frame could be moved up...we need relief from these predatory CC companies NOW...not in 14 months. However, from everything I've read online seems to validate the above article; BOTH the Senate and the House credit card reform bills will not take effect until July 2010. There is one exception, for some odd reason, the bill wants to enforce better notice of account changes...the much talked about 'opt-out'...something along the lines of requiring 45 days notice. THAT will be enforced immediately, but no other parts of the bills. Ridiculous. Hot off the presses: The BIG Changes promised by Congress and signed off on by the President…they are on hold until July 2010.

http://washingtonindependent.com/40216/congress-delays-credit-card-reform

The Banks get there way EVEN when they are being punished and constrained by new laws. Isn’t that just amazing? All the bluster, all the intense committee meetings, the President bringing everyone together for a big media shoot..woohooo! And in reality, nothing will change for 14 months. Do you have any idea how much damage the credit card industry can do to us, in 14 months of unrestrained carnage? Of course you do…

The article below brings out the ugly truth that no one is hearing or listening to: Sure, change is coming, in 14 months. Oh btw, change was already going to start on July 2010 via previous legislation. This recent round of hand wringing and bill writing seems to have been, in some ways, a smoke screen, designed to make everyone look effective in congress and the white house. It cannot be denied that some powerful new restraints against CC companies will go into effect if these bills become new law; but it is also true that change was already mandated at the Federal Reserve, to take effect…drum roll please….JULY 2010!

http://washingtonindependent.com/40216/congress-delays-credit-card-reform

I hope this article is not correct, and this is not the final word. It is still possible the time frame could be moved up…we need relief from these predatory CC companies NOW…not in 14 months. However, from everything I’ve read online seems to validate the above article; BOTH the Senate and the House credit card reform bills will not take effect until July 2010. There is one exception, for some odd reason, the bill wants to enforce better notice of account changes…the much talked about ‘opt-out’…something along the lines of requiring 45 days notice. THAT will be enforced immediately, but no other parts of the bills. Ridiculous.

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