What new credit card rules mean for consumers and the financial industry

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Hour 1

credit cardsAs of this past Sunday, unless a you chose to opt-in for overdraft protection from your bank, your ATM and debit card purchases will now be declined if you have insufficient funds in your account.  This protection is thanks to a provision of the Credit Card Act of 2009 which was designed to end deceptive practices among financial institutions.  We’ll talk about what overdraft protection as well as the many other aspects of credit card reform means for you, the consumer, and the financial services industry.  Our guests are NICK BOURKE, director of the Pew Charitable Trust’s Safe Credit Card Project, and JOSH FRANK of the Center for Responsible Lending.

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[audio: 081810_100630.mp3]

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