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transaction denied.” The article notes that she added: "Careful tracking by the customer of transactions is an important responsibility. It is even more critical today than ever before, as there are many new and convenient ways to pay for the goods and services we buy." The article also pointed out that she testified that customers should keep track of their money, “because they are in a better position to know their actual balance. Only they know about the most recent automatic payments they have authorized and debit card transactions they have approved.”
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were getting tired of the losses from when their checks were returned. So they basically agreed to pay the fee and shift those losses and the risk of those losses back to the bank. And that's what it amounts to. So, the fee covers the cost of providing this 24/7-available system. And it's reliable. It's quick. It's secure. It not only helps maintain it, but it helps improve it. That means innovation. And one of the great concerns here is that, if they don't have the money, you won't see any more innovation."
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She also noted the positive aspects of the CARD Act, “The predominant effect of this new law is that consumers will no longer be surprised by an interest rate increase. For the most part, they will receive a 45-day advanced notice and, more importantly, the option to pay off the existing balance over
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with Jim Lehrer when asked whether the Credit CARD Act could mean credit cards would be more difficult for some to obtain, Ms. Feddis responded, “Congress understood when they passed this law that one of the effects would be that many people, many small businesses wouldn't be able to get credit cards
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with Jim Lehrer she said, “The bills and the rules restrict the ability of card companies to adjust to changing environments, changing risks. Over time, the market changes. Over time, people change. And if can't adjust to that risk -- and risk equals cost -- other people have to absorb it. In other
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In response to the observation that this was already happening, she said, “We're seeing that in the advertised rates, the new accounts, but also understood that people who manage their credit well will to some degree be subsidizing or paying for those who don't. But they made the decision that this
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Center for
Regulatory Compliance, she focuses on consumer protection laws and payment system issues. She analyzes and instructs on various regulatory and legislative proposals and final laws related to consumer financial services including credit and debit cards, privacy, deposit accounts, payments
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in March 2011 to discuss the Fed's proposed rule regarding interchange. She said, "Interchange is basically the merchants' contribution to creating this very valuable, available-24/7, reliable system. And that's how it started. It really was a merchant phenomenon. The merchants, or the businesses,
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Feddis has also pointed out that the majority of bank customers don't pay any banking fees—including overdrafts—in a 2009 MarketWatch article. She says, “Anyone's bank account can fall short from time to time but overdraft fees are 100% avoidable. Just like a parking ticket, they're meant to be a
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The
Washington Post columnist pointed out that debit card issuers could notify customers electronically, allowing them to avoid the overdraft fees. The article contended that "financial institutions don't want to change the status quo because they make good and easy money off their own customers'
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article — on banks' debit card overdraft fees — quoted her testimony before a subcommittee of the House
Financial Services Committee stating that paying overdrafts “helps to avoid embarrassment, inconvenience, merchant fees and other adverse consequences of having a check bounce or a
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Recent data show that since the credit card restrictions ultimately adopted in the CARD Act were proposed in 2008, credit card interest rates have increased and credit card credit availability has declined. In contrast, during the same period, interest rates on other types of consumer credit
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She is a former president of the
American College of Consumer Financial Services Lawyers and former Chair of the Subcommittee on Electronic Fund Transfers of the American Bar Association's Consumer Financial Services Committee. She is also on the faculty at
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declined, and non-revolving, non-mortgage debt as a percent of disposable income increased, suggesting that the economy alone cannot explained the increased credit cards interest rates and reduced availability.
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that the credit industry's treatment of students gives students a beneficial crash course in financial management, noting that unexpected fees may present “an opportunity to learn to manage a bank account.”
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On ABC News she said, “Riskier borrowers pay more for loans just like riskier drivers pay more for car insurance. And the inability to price for risk means that the cost is spread out over everybody.”
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Feddis' has contributed articles discussing regulatory and legislative developments in consumer banking matters to ABA Banking
Journal and ABA Bank Compliance.
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would mean that credit card rates would increase generally, small businesses and consumers would find it harder to obtain credit, and limits would be lower.
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as easily, accounts would be closed, limits would be lowered. They also understood that, across-the-board, interest rates would go up a bit for everybody.”
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systems, and payment system fraud prevention. She informs
Congress and government agencies on these subjects. She has testified before Congress.
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rates increased and credit availability decreased since credit card restrictions ultimately adopted in the CARD Act were proposed in 2008.
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mistakes and irresponsibility." Feddis responded that "current technology makes real-time notification of overdrafts cost-prohibitive."
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330:'s first orthopedic surgeon. Nessa Feddis was born in Maryland and eventually moved to Washington, D.C. where she has lived ever since.
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A 2011 study by Argus
Information & Advisory Services found that, based on cardholder data of the 9 largest credit card issuers,
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Born Nessa Eileen Feddis in
November 1958, Feddis is one of six daughters of Eileen and Robert Feddis, both natives of
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PBS' NewsHour with Jim Lehrer, "Banks, Retailers Clash Over Move to Cap Debit Card 'Swipe Fees'," March 8, 2011
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words, people who manage their credit well end up having to pay for people who don't repay their loans.”
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The NewsHour with Jim Lehrer, "Tougher Credit Card Rules Offer New
Consumer Guards," Aug. 20, 2009
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547:"The Card Game: New Doc Investigates History of Credit Card Industry and Proposals for Reform"
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was an acceptable compromise -- a tradeoff, if you will -- for the consumer protections.
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491:"Avoiding overdrafts: Consumers are learning their lessons on the pricey fees"
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As a banking industry representative, Feddis suggested in an interview with
433:"The CARD Act - One Year Later: Recent Trends in the Credit Card Industry"
471:. The Washington Post, Michelle Singletary, July 19, 2007. July 19, 2007
593:"Head of the Charles Regatta Results, October 19, 1997 Cambridge, MA"
515:. The New York Times, Eric Mink, November 23, 2009. November 24, 2009
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on the
Potomac Boat Club team in D.C. In 1997, she won a gold in the
416:"ABA Comment on Request for Information on Credit CARD Act's Impact"
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may be in need of reorganization to comply with Knowledge (XXG)'s
182:"Senate Looks at Restraining Credit Card Companies," May 14, 2009
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Feddis predicted on various national news stations, including
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581:. The Cumberland Times-News, Jeffrey Alderton, Sep 26, 2007.
493:. MarketWatch, Jennifer Waters, Sept. 19, 2009. Sep 19, 2009
388:, National Conference of State Legislators, 2009 conference.
607:"Head of the Charles Regatta Master 8 Women Results, 1998"
404:. American College of Consumer Finance Services Lawyers.
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As senior vice president and deputy chief counsel for
513:"In Love Affair With Credit, It's Business as Usual"
565:"Art from Around the Globe Adorns this Artful Home"
452:. Allison Rowe, The Daily Evergreen, 10/22/2009.
199:ABC News, “Credit Card Fee Limits,” May 20, 2010
45:to make improvements to the overall structure.
76:is an American attorney and banking industry
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438:. Argus Information & Advisory Services.
469:"They Want You to Go Over Your Debit Limit"
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536:, Frontline, THE CARD GAME, Sept. 15, 2009
61:Learn how and when to remove this message
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288:'s September 2009 documentary titled
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595:. CoolRunning.com. 12 January 2021.
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657:Lawyers from Cumberland, Maryland
450:"Don't bank on your bank to help"
642:American people of Irish descent
341:Master 8s and a silver in 1998.
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372:"Faculty Profile, Nessa Feddis"
258:Nessa Feddis appears on AARP's
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294:financial crisis of 2001-2010
146:PBS' NewsHour with Jim Lehrer
124:PBS' NewsHour with Jim Lehrer
632:American Bankers Association
226:time at the original rate."
374:. Practising Law Institute.
339:Head of the Charles Regatta
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567:. Allegany Arts Council.
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534:Interview: Nessa Feddis
333:Feddis has competed in
402:"Nessa Eileen Feddis"
579:"There Comes A Time"
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328:Cumberland, Maryland
220:credit card interest
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386:Speaker Biographies
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163:In an interview on
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112:Catholic University
85:consumer protection
43:editing the article
637:American lobbyists
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609:. horc.org.
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358:References
51:April 2014
306:Excerpt,
286:Frontline
245:USA Today
152:that the
148:, and on
345:See also
318:Personal
150:ABC News
519:May 20,
497:Oct 21,
475:May 20,
268:A 2007
421:. ABA.
335:rowing
436:(PDF)
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521:2010
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477:2010
351:See:
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108:J.D.
284:In
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