Providian to pay $300M to settle deception charges

Article Abstract:

Providian Financial has entered into an agreement with the federal Office of the Comptroller of the Currency and the San Francisco District Attorney's Office to settle claims filed against it by its customers. The complaints alleged that the credit card company used unfair and deceptive marketing practices to increase its profits. The settlement included Providian's payment of at least $300 million in restitution, around $60 million in interest and a civil fine amounting to $5.5 million as well as the promise to change its business practices.

Credit Card Issuing, Nonbank Credit Card Firms, Providian Financial

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Justice takes swipe at Visa, MasterCard

Article Abstract:

MasterCard International and Visa USA have both been sued by the Justice Department over policies that allegedly curb competition in the credit card business. According to assistant Attorney General Joel Klein, the two firms, which hold 75% of the credit card market, are in violation of antitrust laws as they are controlled by the same banks, which do not let the companies compete against each other. He added that banks that carry their cards are prohibited by MasterCard and Visa from offering cards of rivals.

Comment:

Along with, MasterCard Intnl, is sued by Justice Department over policies that allegedly curb competition in credit card bsns

Commercial Banking, Bank Credit Cards, MasterCard International Inc., Visa U.S.A. Inc., Article

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Prepaid funerals can have pitfalls

Article Abstract:

The people feel that prepaying for a funeral makes a lot of sense as it removes a big financial burden from loved ones and makes a stressful time easier for them. A checklist is provided to consider all factors that are essential before putting funds into final resting place.

Government regulation (cont), Government regulation, Legal/Government Regulation, Funeral Homes and Funeral Services, Funeral service and crematories, Funeral Services, Interpretation and construction, Laws, regulations and rules, Funeral industry, Burial laws, Funeral directors

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