Mr. Banga is currently Citigroup's Chief Executive Officer of Citi Asia Pacific, responsible for all of Citi's business lines in the region including credit cards and consumer banking, institutional banking, wealth management and alternative investments.
According to Acxiom, "a digital identity card allows consumers to establish new online accounts and log in to existing accounts with a unique, encrypted identity that is stored on the consumer’s personal computer. This is the digital equivalent of a privately branded identity card that is typically carried in a person’s wallet."
See this earlier post about the drastic action that Advanta had to take against its small business borrowers.
As part of her reporting this story, Aspan spoke to a number of industry participants who "stressed that it remained early to understand the proposed reforms' full implications. But they agreed that, if the proposals are enacted as written, the days when retailers could issue their own credit cards would end — forcing the few remaining players to sell or close down their lending arms."
“While the rise in unemployment continued to have a significant impact on our financial results, I am pleased with our strong relative performance in both credit management and sales volumes,” said David Nelms, chairman and chief executive officer of Discover Financial Services. “We continue to focus on reducing expenses and maintaining a strong capital position as we manage through these challenging times.”
Page 67: "In the credit card market, the opacity of increasingly complicated products led major card issuers to migrate almost uniformly to unfavorable methods for assessing fees and interest that could easily trap a responsible consumer in debt. Competition did not force these methods out, because consumers were not aware of them or could not understand them, and issuers did not find it profitable to offer contract terms that were transparent to consumers. For a variety of reasons, regulators have not brought enforcement actions under existing law."
Page 69: "One example is overdraft protection plans. These are a form of consumer credit, and consumers often use them as substitutes for other forms of credit such as payday loans, credit card cash advances, and traditional overdraft lines of credit. However, overdraft protection plans have not been regulated as credit, and, as a result, consumers may not overtly think of the plans as credit. Consumers may not, therefore, take the same care in their use of overdrafts that they take with other, more overt credit products. The CFPA would be authorized by existing statutes to regulate overdraft protection more like a credit product, with Truth in Lending disclosures as appropriate. The CFPA could also prohibit charging for overdraft coverage under a plan unless the consumer has “opted in” to the plan, just as the Credit CARD Act prohibits over-the-limit fees unless the consumer has “opted in” to over-the-limit coverage. It could also require affirmative consent at point of sale with debit transactions or at an ATM machine before collecting an “overdraft fee”. "
Also, here's a Fact Sheet on the reform proposals strengthening consumer protection.
An earlier op-ed in the Washington Post provided an overview of the administration's proposals.
“Heartland is developing a complete end-to-end encryption solution designed to protect cardholder data at all stages of a transaction – from card swipe through delivery to the card brands,” said Bob Carr, Heartland’s chairman and chief executive officer. “Together with Voltage, we are developing a comprehensive solution that currently does not exist.”
According to BOKU, its mobile payments service "enables global consumers to make online purchases of digital and virtual goods with their mobile phones. The company is creating a new standard for mobile transactions by bringing bank-grade mobile payments to the Web, and enables merchants and publishers to provide fast and reliable mobile payments to over 1.6 billion consumers globally. In a related announcement today, the company raised $13 million in venture funding led by Benchmark Capital, with participation from Index Ventures and Khosla Ventures, and unveiled its management team."
Forrester sees a shift in the online bill payment market as more consumers turn to banks and bill payment consolidators like Yodlee and Corillian because of several factors, including: the convenience of having multiple bills aggregated at a single Web site, the elimination of bill payment fees, and innovative marketing efforts to drive adoption. By 2012, consolidators’ share of the online bill payment market will surpass direct billing by merchants for the first time, according to Forrester.