Obama signed the credit card reform bill

Washington, May 22 news, Obama 22, President of the United States Congress after the signing of the credit card reform bill passed. The bill seeks to prohibit all kinds of hidden fees provisions to protect consumer interests.

Obama held the same day at the White House signing ceremony, said that many credit card customers into the debt trap because of the economic downturn led to financial distress of their families, but the greedy credit card companies make their business practices from the efforts of the debt has become more difficult. He warned that the credit card industry should be held accountable for their actions, but also made it clear that he did not support those who do not live within our means, reckless consumers.

The bill prohibits credit card companies to raise interest rates credit card debts, unless the borrower defaults is more than 60 days. If the cardholder in the following six months of the repayment on time, and that interest rates credit card companies must be restored to their original levels. Bill also prohibits credit card companies to consumers by phone to receive repayment repayments additional cost.

The bill requires that credit card companies to the applicant under 21 years of age when credit card payment, must be the applicant himself has the ability to repay or the parents are prepared to offer proof of their repayment; and requested the credit card companies issuing credit cards to new promotional interest rate must be maintained for 6 months may not improve.

Although the U.S. banking industry opposed the bill, that it the situation in the economic downturn may further inhibit the flow of credit, but it was earlier in the week Congress passed smoothly. According to data from the White House, nearly 80% of Americans are credit card holders.

May. 22, 2009

The largest bank failure in Florida

May 22 message, it is reported that the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement late Thursday, the biggest bank in Florida, BankUnited Financial Corp. Federal regulators have been under the supervision of the closure of the sale of its assets to the private equity investment group. This is the United States this year, the largest case of bank failures.

FDIC said in a statement, including WL Ross & Co. And The Carlyle Group private equity groups, including the acquisition of BankUnited is the "lowest cost" solution. Close BankUnited will spend 4.9 billion U.S. dollars about FDIC insurance fund to take over the banks so far this year will cost a total of more than 10 billion U.S. dollars.

FDIC said, BankUnited Friday will be under the management of the new owners to resume business, has served as North Fork Bancorp Bank CEO of John Kanas will become the new head of the bank.

May. 22, 2009