U.S. Credit-card Industry Heading Into Storm

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003994-us-credit-card-industry-heading-into-stor/

By James B. Kelleher, Reuters

The U.S. credit-card industry is heading into a “perfect storm” as challenges loom that could trigger a radical reshaping of the business, a group of industry heavyweights told a conference on Tuesday.

Competition from mortgage lenders, lawsuits over transaction fees, growing regulatory scrutiny about consumer disclosures and the almost universal elimination of annual fees are largely to blame for the troubles.

“We’re pretty much in the middle of what might be a perfect storm, which I don’t think the industry quite understands,” said Duncan MacDonald, a former general counsel at Citibank Cards, who now works as an industry consultant.

For this complete story, please visit U.S. Credit-card Industry Heading Into Storm.

U.S. Credit-card Industry Heading Into Storm

Unknown Author

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