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A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities A Financial System That T OF EN TH M E A Financial System T T R R A E P A E S That Creates Economic Opportunities D U R E Y H T Nonbank Financials, Fintech, 1789 and Innovation Nonbank Financials, Fintech, and Innovation Nonbank Financials, Fintech, TREASURY JULY 2018 2018-04417 (Rev. 1) • Department of the Treasury • Departmental Offices • www.treasury.gov U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary T OF EN TH M E T T R R A E P A E S D U R E Y H T 1789 Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Jessica Renier and W. Moses Kim, and included contributions from Chloe Cabot, Dan Dorman, Alexan- dra Friedman, Eric Froman, Dan Greenland, Gerry Hughes, Alexander Jackson, Danielle Johnson-Kutch, Ben Lachmann, Natalia Li, Daniel McCarty, John McGrail, Amyn Moolji, Brian Morgenstern, Daren Small-Moyers, Mark Nelson, Peter Nickoloff, Bimal Patel, Brian Peretti, Scott Rembrandt, Ed Roback, Ranya Rotolo, Jared Sawyer, Steven Seitz, Brian Smith, Mark Uyeda, Anne Wallwork, and Christopher Weaver. ii A Financial System That Creates Economic -
Government Charge Card Abuse Prevention Act of 2012’’
S. 300 One Hundred Twelfth Congress of the United States of America AT THE SECOND SESSION Begun and held at the City of Washington on Tuesday, the third day of January, two thousand and twelve An Act To prevent abuse of Government charge cards. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Government Charge Card Abuse Prevention Act of 2012’’. SEC. 2. MANAGEMENT OF PURCHASE CARDS. (a) GOVERNMENT-WIDE SAFEGUARDS AND INTERNAL CON- TROLS.— (1) IN GENERAL.—Chapter 19 of title 41, United States Code, is amended by adding at the end the following new section: ‘‘§ 1909. Management of purchase cards ‘‘(a) REQUIRED SAFEGUARDS AND INTERNAL CONTROLS.—The head of each executive agency that issues and uses purchase cards and convenience checks shall establish and maintain safeguards and internal controls to ensure the following: ‘‘(1) There is a record in each executive agency of each holder of a purchase card issued by the agency for official use, annotated with the limitations on single transactions and total transactions that are applicable to the use of each such card or check by that purchase card holder. ‘‘(2) Each purchase card holder and individual issued a convenience check is assigned an approving official other than the card holder with the authority to approve or disapprove transactions. ‘‘(3) The holder of a purchase card and each official with authority to authorize expenditures charged to the purchase card are responsible for— ‘‘(A) reconciling the charges appearing on each state- ment of account for that purchase card with receipts and other supporting documentation; and ‘‘(B) forwarding a summary report to the certifying official in a timely manner of information necessary to enable the certifying official to ensure that the Federal Government ultimately pays only for valid charges that are consistent with the terms of the applicable Government- wide purchase card contract entered into by the Adminis- trator of General Services. -
Adjustable-Rate Mortgage (ARM) Is a Loan with an Interest Rate That Changes
The Federal Reserve Board Consumer Handbook on Adjustable-Rate Mortgages Board of Governors of the Federal Reserve System www.federalreserve.gov 0412 Consumer Handbook on Adjustable-Rate Mortgages | i Table of contents Mortgage shopping worksheet ...................................................... 2 What is an ARM? .................................................................................... 4 How ARMs work: the basic features .......................................... 6 Initial rate and payment ...................................................................... 6 The adjustment period ........................................................................ 6 The index ............................................................................................... 7 The margin ............................................................................................ 8 Interest-rate caps .................................................................................. 10 Payment caps ........................................................................................ 13 Types of ARMs ........................................................................................ 15 Hybrid ARMs ....................................................................................... 15 Interest-only ARMs .............................................................................. 15 Payment-option ARMs ........................................................................ 16 Consumer cautions ............................................................................. -
Overdraft: Payment Service Or Small-Dollar Credit?
March 16, 2020 Overdraft: Payment Service or Small-Dollar Credit? Funding Gaps in Consumer Finances Figure 1. Annual Interest and Noninterest Income One of the earliest documented cases of bank overdraft U.S. Commercial Banks, 1970-2018 ($ millions) dates back to 1728, when a Royal Bank of Scotland customer requested a cash credit to allow him to withdraw more money from his account than it held. Three centuries later, technologies, such as electronic payments (e.g., debit cards) and automated teller machines (ATMs), changed the way consumers use funds for retail purchases, transacting more frequently and in smaller denominations. Accordingly, today’s financial institutions commonly offer point-of-sale overdraft services or overdraft protection in exchange for a flat fee around $35. Although these fees can be large relative to the transaction, alternative sources of short-term small-dollar funding, such as payday loans, deposit advances, and installment loans, can be costly as well. Congress has taken an interest in the availability and cost of providing consumers funds to meet Source: Federal Deposit Insurance Corporation (FDIC). their budget shortfalls. Legislation introduced in the 116th Congress (H.R. 1509/S. 656 and H.R. 4254/S. 1595) as well Banks generate noninterest income in a number of ways. as the Federal Reserve’s real-time payments initiative could For example, a significant source of noninterest income impact consumer use of overdraft programs in various comes from collecting fees for deposit accounts services, ways. (See “Policy Tools and Potential Outcomes” below such as maintaining a checking account, ATM withdrawals, for more information.) The policy debate around this or covering an overdraft. -
LOAN RATES America First Credit Union Offers Members Competitive Loan Rates, Listed Below
LOAN RATES America First Credit Union offers members competitive loan rates, listed below. The annual percentage rates (APR) quoted are based on approved credit. Rates may be higher, depending on your credit history and other underwriting factors. Our loan offices will discuss your application and available rates with you. Variable APRs may increase or decrease monthly. Go to americafirst.com or call 1-800-999-3961 for more information. EFFECTIVE: OCTOBER 1, 2021 VARIABLE APR FIXED APR FEE DISCLOSURES VEHICLE 2.99% - 18.00% 2.99% - 18.00% ANNUAL PERCENTAGE RATE (APR) FOR PURCHASES 60-MONTH DECLINING RATE AUTO N/A 3.24% - 18.00% When you open your account, the applicable APR is based on creditworthiness. SMALL RV LOAN 4.49% - 15.24% 5.49% - 16.24% After that, your APR will vary with the market based on the Prime Rate. RV LOAN 4.49% - 15.74% 5.49% - 16.74% APR FOR CASH ADVANCES & BALANCE TRANSFERS When you open your account, the applicable APR is based on creditworthiness. RV BALLOON N/A 5.49% - 6.74% After that, your APR will vary with the market based on the Prime Rate. PERSONAL 8.49% - 18.00% 9.49% - 18.00% HOW TO AVOID PAYING INTEREST ON PURCHASES LINE OF CREDIT 15.24% - 18.00% Your due date is the 28th day of each month. We will not charge any interest on the portion of the purchases balance that you pay by the due date each month. SHARE-SECURED LINE OF CREDIT 3.05% FOR CREDIT CARD TIPS FROM THE CONSUMER FINANCIAL PROTECTION CONSUMER SHARE LOAN + 3.00% BUREAU CREDIT BUILDER PLUS 10.00% To learn more about factors to consider when applying for or using a credit card, visit the Consumer Financial Protection Bureau at CERTIFICATE ACCOUNT * 3.00% consumerfinance.gov/learnmore. -
Stopping the Payday Loan Trap Alternatives That Work, Ones That Don’T
Stopping the payday Loan trap AlternAtives thAt Work, ones thAt Don’t NCLC® NATIONAL CONSUMER June 2010 L AW C E N T E R® © Copyright 2010, National Consumer Law Center, Inc. All rights reserved. About the Authors Lauren K. Saunders is the Managing Attorney of NCLC’s Washington, DC office, where she handles legislative, administrative and other advocacy efforts on behalf of low income consumers. She contributes to several NCLC publications, including Fair Credit Reporting, Fair Debt Collection and Consumer Banking and Payments Law. She graduated magna cum laude from Harvard Law School where she was an Executive Editor of the Harvard Law Review, and holds a Masters in Public Policy from Harvard’s Kennedy School of Government and a B.A., Phi Beta Kappa, from Stanford University. Leah A. Plunkett is a staff attorney at NCLC, where she focuses on predatory small dollar loans, auto policy, protection of exempt funds, and the consumer needs of domestic violence survivors. Before coming to NCLC, Leah clerked in the United States District Court for the District of Maryland and established the Youth Law Project at New Hampshire Legal Assistance. Leah is a cum laude graduate of Harvard Law School, where she was on the board of both the Harvard Legal Aid Bureau and HLS for Choice. Carolyn Carter is NCLC’s Deputy Director for Advocacy. She is a contributing author to Cost of Credit, Truth in Lending, Unfair and Deceptive Acts and Practices and several other NCLC treatises. Prior to joining NCLC, she worked for legal services programs in Ohio and Pennsylvania. -
Payday Lending in America
An overview from Oct 2013 Report 3 in the Payday Lending in America series Payday Lending in America: Policy Solutions Overview About 20 years ago, a new retail financial product, the payday loan, began to spread across the United States. It allowed a customer who wanted a small amount of cash quickly to borrow money and pledge a check dated for the next payday as collateral. Twelve million people now use payday loans annually, spending an average of $520 in interest to repeatedly borrow an average of $375 in credit. In the 35 states that allow this type of lump-sum repayment loan, customers end up having to borrow again and again—paying a fee each time. That is because repaying the loan in full requires about one-third of an average borrower’s paycheck, not leaving enough money to cover everyday living expenses without borrowing again. In Colorado, lump-sum payday lending came into use in 1992. The state was an early adopter of such loans, but the situation is now different. In 2010, state lawmakers agreed that the payday loan market in Colorado had failed and acted to correct it. Legislators forged a compromise designed to make the loans more affordable while granting the state’s existing nonbank lenders a new way to provide small-dollar loans to those with damaged credit histories. The new law changed the terms for payday lending from a single, lump-sum payment to a series of installment payments stretched out over six months and lowered the maximum allowable interest rates. As a result, borrowers in Colorado now pay an average of 4 percent of their paychecks to service the loans, compared with 36 percent under a conventional lump-sum payday loan model. -
Money Math for Teens: Before You Choose a Credit Card
Money Math for Teens Before You Choose a Credit Card This Money Math for Teens lesson is part of a series created by Generation Money, a multimedia financial literacy initiative of the FINRA Investor Education Foundation, Channel One News and America Saves. Special thanks to Rudy Gawron for preparing the lesson and to Jill Sulam of Transformations Editing LLC for editorial guidance. Money Math for Teens. © Copyright 2014 by the FINRA Investor Education Foundation or FINRA Foundation. Reproduction for nonprofit, educational purposes is permitted and encouraged. All rights reserved. Before You Choose a Credit Card Lesson Plan OBJECTIVE To inform students about the subtle and not-so-subtle differences between credit cards and how to choose the right card for their individual needs. Students will be able to: 00 Identify different types of credit cards 00 Evaluate the differences between credit offers 00 Understand typical fees associated with credit accounts 00 Calculate the minimum monthly payment required on a credit card 00 Determine how to avoid finance charges. TEACHING MATERIALS 00 Lesson plan with answer key for student assessment 00 Before You Choose a Credit Card student handout 00 Student assessment worksheet LESSON ACTIVITY 1. Informally assess students’ prior knowledge through a group discussion. Ask: • How many different types of credit cards are there? • What horror stories have you heard about credit cards? • What kinds of behavior do you think could lead to financial trouble? • Are you aware of rewards programs? What kinds -
CREDIT CARDS and DEBT Student Name:______
CREDIT CARDS AND DEBT Student Name:__________________________ Before reviewing this packet, please list your thoughts about credit card use and your plans to use them. How will you use credit cards and in what way. Use the space below. _____________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Credit is the ability of a consumer to obtain goods and services before payment, based on an agreement to pay later. Using a credit card is one form of credit and choosing and using credit cards are important components of personal finance. Did you know? • in 2006, 92% of college students had at least one credit card? • the average outstanding balance on a graduate student's credit card was $8,612? • the average outstanding balance on an undergraduate's credit card was $2,327? A credit card represents an agreement between a lender – the institution issuing the card – and the cardholder. It is a convenient form of borrowing with a revolving line of credit. This means it can be used repeatedly to buy products or services, up to a specific dollar amount. The credit card company determines this dollar amount based on a cardholder's credit history. Discussion Topic: How Do You Use Credit Cards? Post your answers to the following questions to the discussion board. Remember this is a public forum; don't reveal personal information. • Do you have a credit card? If not, do your parents have credit cards? • What do you or your parents usually use the card(s) to purchase? Credit cards can be called "easy access" credit because they are relatively easy to acquire. -
MLA Faqs 08.22
Frequently Asked Questions about the Defense Department’s Military Lending Act Regulations The following is intended to help pawnbrokers prepare for the October 3, 2016 mandatory compliance date for the expanded Military Lending Act (MLA) regulations. This information is not intended as, and should not be used as, a substitute for guidance from your local lawyer. What is the Military Lending Act? The MLA was enacted by Congress in 2006, and the DOD adopted a regulation to implement it in 2007, but did not cover pawn transactions. The DOD expanded the scope of the regulation to cover additional consumer credit products on July 22, 2015 (“2015 regulation”), and specifically mentioned pawn transactions. When does compliance with the DOD’s 2015 regulation become mandatory for pawn transactions? October 3, 2016, unless extended by the DOD or otherwise by Congress or a court of law. What types of transactions does DOD’s expanded regulation govern? The 2015 regulation applies to pawns if the borrowers or pledgers are active duty service members, their spouse or other dependent who receives 51% or more of their support from the service member. These consumers are “covered borrowers”. No traditional non-recourse pawn transaction entered into before October 3, 2016 is affected by the 2015 regulation. The 2015 regulation does not affect pawns entered into before your customer became an active duty service member or dependent of one. What are the key requirements of DOD’s regulation? The 2015 regulation: • caps the maximum Annual Percentage Rate -
U.S. Department of the Interior Integrated Charge Card Program Policy
U.S. Department of the Interior Integrated Charge Card Program Policy Issued by the Office of Acquisition and Property Management and Office of Financial Management Introduction Welcome to the Department of the Interior (DOI) Integrated Charge Card Program Policy manual, also created as a Google site. Policy information will be added incrementally to this document and the site; it is considered mandatory. Bureau and officespecific policies and procedures that cascade from this policy must adhere to the provisions provided throughout this document and on the site. For an online view of all contents provided in this document, please visit the policy Google site (available only internal to DOI users) at the following link: https://sites.google.com/a/ios.doi.gov/doiintegratedchargecardprogrampolicy/. Use the table of contents provided below to locate topics quickly. Table of Contents I. Program Overview and Policy II. Organization Structure III. Business Lines IV. Internal Controls V. Administration VI. Training VII. Spending Limitations VIII. Use Restrictions IX. Fraud, Collusion, and Misuse and Abuse X. System Resources XI. Fire and Other Emergencies Official Department of the Interior (DOI) Policy 2 I. Program Overview and Policy The purpose of the program overview and policy section is to provide an introduction to the DOI Integrated Charge Card Program and describe applicable policies. A summary of the areas covered in this section is provided below. a. Overview view this section to be introduced to the DOI Integrated Charge Card Program. b. Program Policy view this section to access the joint policy memo which executes the DOI Integrated Charge Card Program policy described on this site. -
Regulation Z - Truth in Lending 4 Loans - Closed End Credit 5 DEFINITION of CLOSED END CREDIT 6 DEFINITION of FINANCE CHARGE 7 Yes/No Comments 8 1
Charter Eff. Date 12/30/1899 A B D 3 Regulation Z - Truth in Lending 4 Loans - Closed End Credit 5 DEFINITION OF CLOSED END CREDIT 6 DEFINITION OF FINANCE CHARGE 7 Yes/No Comments 8 1. Does it appear the following are accurately disclosed: 9 a. Finance Charge Calculation (226.4) b. Annual Percentage Rate (APR) (226.22) (Considered 10 accurate if within 1/8 of 1%.) 11 c. Total of Payments (226.18(h)) 12 d. Payment Schedules (226.18(g) 2. Does it appear "credit sale" disclosures are made when 13 required? (226.18(j)) 3. Does it appear variable-rate disclosures are made, if 14 applicable? (226.18(f)) 4. Are required terms with explanatory language used? 15 (226.18) 5. Does it appear the “amount financed” itemization is 16 made or offered? (226.18(c)) 6. Does it appear all other disclosures are made? (226.18(a- 17 r)) 7. Are disclosures grouped together and segregated from all 18 other information? (226.17(a)(1)) 8. Does it appear disclosures are made before 19 consummation of the transaction? (226.17(b)) 9. For closed end dwelling-secured loans subject to RESPA, does it appear early disclosures are delivered or mailed within three (3) business days after receiving the consumer's written application, and at least seven (7) business days before consummation? (226.19(a)(1)) and (226.19(a)(2)) 20 10. For closed end dwelling-secured loans subject to RESPA, if the APR stated in the early disclosure is not considered accurate under 226.22 when compared to the APR at consumation, does it appear corrected disclosures of all changed terms, including the APR, are provided no later than three (3) business days before consummation? 21 (226.19(a)(2)) 11.