Consumer Financial Protection Agency passes, more HSBC pressure

By a vote of 39-29, mostly along party lines, the House Financial Services Committee approved a measure establishing a Consumer Financial Protection Agency to monitor mortgages, credit cards and other consumer financial products. Today we published twelve complaints about HSBC, many of which pertained to credit cards. Today’s passage of a Consumer Financial Protection Agency …

Same shabby service year after year at HSBC

Does this seem strange to you, or is it another case of regulators sleeping at their desks? From February 2005: I am once again extremely upset with Retail Services. On previous occasions, I have sent my payments by Certified Mail with a Return Receipt (not a free service from the U.S. Postal service) because an …

Focus on HSBC credit card abuses

The days of credit card abuse may be numbered, putting extreme pressure on what remains of HSBC Finance and HSBC’s credit card business. The Obama administration yesterday called for an end to unfair credit card industry practices such as retroactive interest rate increases for any reason, late-fee traps that penalize borrowers with weekend or middle-of-the-day …