They will never learn. Well done by Schumer for calling out the banks but who has much faith in Bernanke to do anything, let alone the right thing?
Senator Charles Schumer, a New York Democrat, asked the Federal Reserve to look more closely at credit-card issuers pitching business cards to consumers, as the cards are exempt from provisions of the credit-card legislation.
“Credit-card companies are purposely hawking corporate cards to consumers who don’t own a business and may even be retired,” said Schumer in a statement today. “It is a dirty trick meant to get around the new credit-card law.”
Issuers increased mailings of corporate-card offers by 256 percent in the first quarter of 2010 compared with a year earlier, the statement said, citing data from Synovate, a London-based market research firm.
