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OCC Pressures Banks to Clean Up Card Debt Sales
A recent American Banker article chronicles the continued state investigations for defaulted credit card debt. In the wake of the new “best practices” guide, banks are now expected to disclose delinquent debt from third parties during the sale process. While a formal procedure has not been required, these new developments indicate growing concern about pending undocumented consumer debt. Read more >>
Mortgage rates dip to 4.3%
Despite fears about the feds bond buying program, mortgage rates fell this week. The average rate for a 30 year mortgage fell to 4.29% from 4.46%. 15 year mortgages fell from 3.5% to 3.39% as compared to 2.89% a year ago. Despite this decrease in rates, mortgage applications have actually fallen 11.7% from the previous week. Read more at USA Today >>
Payroll Cards Are Under Scrutiny by New York’s Attorney General
New York is investigating one of its leading employers for their use of A.T.M. style cards used to pay employees. The concern stems from the fees often associated with the use of these cards. Fees range, but some cards charge .50 cents for a balance inquiry and up to $2.50 for a withdrawal from an out-of-network A.T.M. Read more in The New York Times >>
2013 Summer Reading for Accountants
Wondering what books accountants should consider if they’re looking for a short, educational beach read? Accounting Today, did the work by summarizing quick, easy and worthwhile reads. Find out more by looking at this Accounting Today slideshow >>
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