… to credit cards, but lawmakers are now shifting their sights to debit cards. Last week, Sen. Christopher Dodd, D-Conn., said he plans to introduce legislation that would require customers to sign up for overdraft protection.”

In response to the proposed legislation which would mimic rules designed for the credit card legislation, some banks quickly moved to reform their over-draft policies for debit cards and bank accounts.  For example, Bank of America customers will not be …

Tags: Bank of America Christopher Dodd Credit card Debit card Overdraft

Senator Christopher Dodd and other members of the Senate Banking Committee are proposing legislation that would create a special bankruptcy process for failed financial institutions.

Members are discussing a two-stage process that would create a preferential option for bankruptcy followed by a regulator-managed resolution if bankruptcy fails, the person said. The source requested anonymity because …

Tags: Bankruptcy Chris Dodd Failed Financial Institutions fdic

According to an article in the Star-Telegram, Senator Christopher Dodd, introduced legislation that would require banks to inform their customers when they overdraw their accounts via e-mail, text message, or postal mail and warn them if an ATM or teller transaction will put them into the red. In addition, the legislation would limit the number of overdraft fees to one a month, six times a year. But many banks are trying to jump ahead of the …

… every American consumer who has ever suffered at the hands of a credit card company,” said Sen. Christopher Dodd, D-Conn., chairman of the Banking Committee…

If it is enacted into law as expected, the credit card industry would have nine months to change the way it does business: Lenders would have to post their credit card agreements on the Internet and let customers pay their bills online or by phone without an added fee. They’d also have to give consumers a chance to spare …

… industry, the Democrats, led by Richard J. Durbin of Illinois, Charles E. Schumer of New York and Christopher J. Dodd of Connecticut, have been in talks with Bank of America, JPMorgan Chase and Wells Fargo, along with a group of credit unions. The lawmakers’ hope is that those institutions would exert pressure on Republican lawmakers and reluctant Democratic moderates.

This is called democracy. Now it’s your turn to get involved. Contact you representatives and let them know that …

According to an article in the Dallas Morning News, Senator Christopher Dodd has introduced a bill that would severely restrict credit card company changes of terms

The article said: Dodd’s proposal, approved by the panel 12-11 on Tuesday, would bar so-called double-cycle billing, when a card issuer computes interest charges on outstanding balances from more than one billing cycle. It also would ban “universal default,” the practice of raising a …

… be considered an utter disaster and significant failure.

Legislation introduced by Senator Dodd will give homeowners the option to convert their Adjustable Rate Mortgage into a traditional mortgage with a repayment period of up to 40 years at a prime rate; a waiver of credit counseling for debtors in foreclosure; and a waiver of fees or charges on a mortgage loan or secured loan. This is legislation that will give our economy the real lifeline it needs, not just help a few …

Tags: Bailout Legislation Senator Dodd

Bankruptcy judge Christopher Sontchi has denied the request of Six Flags’ creditors to file a competing bankruptcy reorganization plan and extended by 60 days the exclusive right of Six Flags to reorganize the company in bankruptcy. The bankruptcy court agreed with Six Flags that allowing creditors to submit a competing bankruptcy plan would have endangered the company’s exit from bankruptcy and possibly the …

In the bankruptcy case of Davison, Christopher M.; In re (Klaes v. Davison), the debtor is unable to discharge a loan because he received the loan by using deception.

The details of the bankruptcy case:

The Chapter 7 debtor was the owner and president of Rockwell Financial Group Inc., which claimed to a financial planning firm and mortgage company. The plaintiffs (a mother and son) contacted the debtor regarding …

In the bankruptcy case of Robison, Christopher D.; In re (Robison v. Kentucky Higher Education Student Loan Corp., et al.), the bankruptcy court ruled that the debtor’s student loan was nondischargeable and that the debtor’s mental illness was not enough to qualify as a hardship.

The details of the bankruptcy case:

The Chapter 7 bankruptcy debtor is a 35 year old, married man with two children, who was diagnosed with …

… and fully pay off Six Flags lenders under the plan… The noteholders asked U.S. Bankruptcy Judge Christopher Sontchi for permission to file the competing plan and allow creditors to vote on it. Six Flags managers have offered a plan that would give 92 percent of the New York-based company to lenders and potentially hand company officials an equity stake.”

The noteholders accused the theme park’s management team of creating a Chapter 11 bankruptcy plan that was “ill-conceived, …

… of taxpayers and failed to stop the foreclosure crisis. Legislation introduced by Senator Dodd to allow mortgage modifications in bankruptcy would have gone a long way in slowing down this foreclosure crisis.

(source: http://www.star-telegram.com/business/story/1588991.html)