“The Obama administration yesterday called for an end to unfair credit card industry practices such as retroactive interest rate increases for any reason, late-fee traps that penalize borrowers with weekend or middle-of-the-day deadlines and teaser rates that last less than six months.” (Washington Post, Thursday)
If they’re so smart, why don’t they start a credit-card company and blow the competition away?
FEE Timely Classic
“The Pretense of Regulatory Knowledge “ by Sheldon Richman