Money Mashup

Broadly, this bill seeks to establish transparency between all actors participating in the consumer credit market. More specifically, it seeks to restrict unfair interest rate hikes, fees and penalties. It also bans credit card companies from knowingly issuing cards to people under the age of 18. Furthermore, it calls for the broad dissemination of information by creditors to the public regarding changes and developments in credit card accounts, methods of contact, and credit counseling services, and by the Federal Reserve Board to Congress and the public, alike, regarding the general health of the consumer credit market.

Most likely developed by Lindsay Lohan to prevent future lawsuits from personal assistants, SIRI uses voice recognition capabilities to become your personal assistant. "You simply speak into the phone with a request like, 'Find something to do in San Francisco this weekend.'" It will not only find you something to do, but if you give it permission, it will book reservations and buy tickets too.

"As part of its "slow banking" movement, which is designed to draw consumers into branches and help build strong customer relationships, Umpqua Bank branches host regular movie nights and boast electronic community bulletin boards, where customers can upload events for display in the branch and on the bank's Web site. Umpqua even has installed Nintendo Wii game consoles…"

There are 326,000 mobile touch sites world wide, compared to 148k iphone apps and 24k android apps. The article says that web apps will grow much faster than market apps.

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The credit card reform law requires lenders to consider borrowers ability to pay for additional debt before approving a card application or increasing a line of credit. Thus, all three bureaus have developed models that predict an income level based on credit report data. They are not terribly accurate (TransUnion claims that if they say someone earns over 50k, that assertion is only accurate 75% of the time). A funny line from the article comes from Equifax: "Equifax executives told me they didn't know how accurate their estimator is because their customers (lenders) aren't sharing their results other than to report that Equifax's estimator is "outperforming the competition."

Removing overdraft fees doesn't mean you no longer have to worry about your checking account balance.

Digital Signatures and Signature capture for financial institutions – Secure delivery of electronic documents.

Gen Y doesn't reconcile checkbooks, and they don't believe in float. For them, their balance is their balance. So it's a different emotional mind-set and behavior with this segment, and we think we're on to something because customers have been very satisfied with Virtual Wallet.