U.S. Federal Reserve Proposes Tough New Credit Card Rules To Protect Consumers

credit_cards

The U.S. Federal Reserve on Tuesday proposed tough new credit card rules to protect consumers from potentially costly practices by lenders and moved to implement legislation enacted in May.  This action is considered by many to be a step in the right direction, and a step recommended in Thomas Frey’s paper titled the “Hornet Nest Theory“.

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7-Eleven Launches Petition Drive Against Credit Card Fees – Collects 1.6M Signatures

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“We’re mad as hell and not going to take it anymore”

7-Eleven Inc. said Thursday that its franchisees and store operators have collected 1.6 million signatures nationwide in its petition drive against what it calls unfair credit card fees.
The Dallas-based convenience store chain held the signature drive from June 22 through Aug. 10 at store counters across the country. The petition calls for Congress to pass legislation that prohibits credit card networks and card-issuing banks from charging “unfair” transaction fees.
“Consumer response to this grassroots petition drive exceeded expectations,” said Joe DePinto, 7-Eleven’s president and CEO, in a prepared statement. “Customers share our frustration over the hidden fees that American retailers and, ultimately, consumers are forced to pay.”
The fees aren’t transparent and are assessed to store owners every time a customer uses a credit card, 7-Eleven said. The chain said fees cost American businesses and their customers $48 billion in 2008.
According to a 2008 study by the National Association of Convenience Stores, the average American convenience store owner paid 63 percent more in transaction fees than they earned in profits.
7-Eleven said convenience stores are unfairly hit because they generally have smaller purchases, which typically result in much higher rates.

7-Eleven Inc. said Thursday that its franchisees and store operators have collected 1.6 million signatures nationwide in its petition drive against what it calls unfair credit card fees.

Continue reading… “7-Eleven Launches Petition Drive Against Credit Card Fees – Collects 1.6M Signatures”

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3M Mobile ID Reader

3M Mobile ID Reader 

 3M Mobile ID Reader

This new 3M Mobile ID Reader could soon be used at events or in situations that require tight security. The idea is that it would scan your identification quickly to prove that you are who you say you are. Then you can be on your way in no time. It works like a credit card scanner and it would be used to scan things like your Visa card or passport, cross checking that info with watch lists of those who are threats.

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