Automobile dealers who three years ago won an exemption from direct oversight by the U.S. Consumer Financial Protection Bureau have found that it still has a lot of clout over how they finance car sales.
The four biggest U.S. banks are encouraging their most creditworthy customers to take on more debt, mailing credit-card balance-transfer offers with rates as low as zero percent even as they add fees for other services.
JPMorgan Chase & Co., Bank of America Corp. and American Express Co. are among credit-card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation.
The Federal Reserve Board’s decision to cap debit-card swipe fees at 21 cents trims the amount of revenue banks would have lost under an earlier proposal, while roughly halving what retailers pay the banks each year.
Bank of America Corp., the biggest U.S. debit-card issuer, may face pressure to scrap plans to impose a monthly fee on some card users after its largest competitors abandoned the strategy amid a consumer rebellion.