Word: credit-card
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...cohort neared a jubilee day, on which they'd celebrate by buying something new, Kesel went into a store, eager to purchase a windbreaker she'd had her eye on. But she was unable to close the deal. "I couldn't get jubilant," she says. "I think my credit-card arm has been broken...
Moynihan, of course, still has a lot of work to do. He still has to turn around Bank of America's large credit-card business, which has consistently had higher loss rates than competitors. The bank has also been without a chief financial officer since mid-January, though people close to the search say Moynihan recently narrowed his choices down to three people. And Moynihan may have to answer recent claims that the bank used Lehman-like accounting maneuvers to hide assets. Bank of America has denied the allegations. (See the best business deals...
...that? Well, focusing on demand is a tricky thing to do. For decades, the economy's engine of demand has been American consumers - a population now overindebted, underemployed and endowed with a newfound sense of thrift. The explosion in credit-card and home-mortgage debt before the recession tells us the demand that was there was never sustainable. This is why the President now talks about doubling exports over the next five years and the importance of passing trade agreements with countries like South Korea, Panama and Colombia. If we can't sell to ourselves, there is at least partial...
...trying to go out and find patterns of suspicious activity in data that was held in private hands. He wasn't just talking about mining through CIA reports and FBI reports and NSA reports and all the three-letter agencies. He wanted to actually go out and plug into credit-card databases and bank transaction records and the telecom networks and plane and car reservation rental records and all of this kind of stuff...
Many of the credit-card changes signed into law last May by President Obama took effect Feb. 22. Some key provisions: retroactive interest-rate hikes are prohibited unless the account is more than 60 days past due, users can opt out of paying for overdraft protection, and annual or application fees cannot total more than 25% of the initial credit limit. While the changes provide more transparency for the consumer, analysts warn that banks may find loopholes for new fees to make up for lost revenue...