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ST. LOUIS NEWS TODAY - Sunday, July 11, 2004
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New Federal Law Protects Consumers' Credit
WASHINGTON, D.C., (PRNewswire) July 11, 2004 - Consumers have new tools at their disposal to fight identity theft, protect against credit card fraud, and check-up on the health of their total credit picture under a new federal law now being implemented across the country.
The Fair and Accurate Credit Transactions Act of 2004 (FACT Act) was signed into law in December, but many of its provisions are just recently being implemented. The new law fights identity theft and makes the U.S. credit reporting system even more effective in extending affordable and accessible credit to all who qualify. As Treasury Secretary John Snow said about the law, "Consumer credit information will be more accurate and will be handled more safely than ever before."
The law will allow millions of working American families to access credit at reasonable rates to purchase homes, cars and other goods and services.
The law updated and strengthened many provisions of the Fair Credit Reporting Act that, when first passed in 1970, ushered in a wave of consumer protections and ensured Americans fair access to credit.
Key FACT Act provisions protecting consumers:
- Strengthens our national credit system and helps to combat identity
theft and other types of fraud, facilitating the tracking and
identification of suspicious financial activity.
- Provides consumers with a free credit report every year from each of
the three major credit bureaus, from a single, centralized source. Over
the next year, consumers across America will have access to their
credit records with one single call.
- Creates a national fraud alert system to simplify consumers' ability to
report suspicious activity regarding their accounts.
- Ensures that consumers are notified that negative information that
could harm their creditworthiness will be reported to a credit bureau.
- Provides consumers enhanced medical privacy protections.
- Establishes a financial literacy commission and national financial
literacy campaign.
Financial institutions and businesses also play a role in preventing identity theft and credit card fraud. Many facets of the bill require financial institutions and businesses to be even more protective of their consumers to further ensure they are not victims of fraud, including:
- When consumers place "fraud alerts" on their credit reports, creditors
are required to take specific precautions to ensure that new credit
applications are legitimate.
- Prohibits merchants from printing more than the last five digits of a
credit card on a receipt.
- Requires banks to develop and promote policies to combat identity theft
and credit card fraud.
Bank of America Signs Up to Become the "Official Bank of Baseball"
CHARLOTTE, N.C., (SLFP.com) July 11, 2004 - Bank of America has announced an unprecedented corporate initiative, becoming the first company to simultaneously sign national agreements with Major League Baseball Properties, Minor League Baseball and Little League Baseball, and positioning the company as the "Official Bank of Baseball."
"Baseball is the quintessential American game and an integral part of our country's heritage. From Little League through Major League levels, baseball inspires communities and neighborhoods across the country in a way that is distinctive in the world of sports," stated Catherine P. Bessant, chief marketing officer for Bank of America. "Bank of America's sponsorship of baseball is a powerful way to connect our brand, which has national reach but is very much local, with the customers we serve, the communities we support, and the associates we employ. Major League Baseball, Minor League Baseball, and Little League Baseball are the ideal teammates."
Under the five-year agreement with Major League Baseball Properties, which begins immediately and continues through the 2008 Major League Baseball season, Bank of America will receive exclusive rights in its category, including the license of intellectual property rights, extensive broadcast and onsite branding opportunities and hospitality at Major League Baseball Jewel Events such as the All-Star Game, the Division Series, the League Championship Series and the World Series.
"Bank of America shares our passion for the game of baseball and the time-honored tradition of pursuing a higher standard of accomplishment," stated Tim Brosnan, Executive Vice President, Business, Major League Baseball. "The manner in which Bank of America is partnering with baseball at all levels is unprecedented, and will help Major League Baseball, Minor League Baseball, and Little League Baseball grow the game. We are delighted to welcome Bank of America as the Official Bank of Major League Baseball."
Bank of America will launch its Major League Baseball sponsorship immediately by assuming the presenting sponsorship of the National League and American League Player of the Week Awards. By promoting this sponsorship element through existing partnerships with FOX, ESPN and Fox Sports Net, Bank of America and Major League Baseball Properties expect to generate extensive national and local market media exposure for this award.
In addition to becoming the Official Bank of Major League Baseball, Bank of America has established a national affiliation with Minor League Baseball, and has also signed a four-year national sponsorship agreement with Little League Baseball to become the exclusive "Official Banking Partner of Little League."
Bank of America's affiliation with Minor League Baseball will begin with the 2005 Minor League Baseball season, providing branding opportunities in all the markets where the company has a banking presence. The company's agreement with Minor League Baseball also includes designating a "Bank of America Day" to be held simultaneously in approximately 80 of the 94 minor league stadiums where Bank of America has a presence. Bank of America will also receive ballpark signage in minor league stadiums within the bank's footprint, along with access to ticket, hospitality and special team promotions.
The company's agreement with Little League Baseball - the largest organized youth sports organization in the world with 2.7 million participants - will begin with the 2005 Little League season, and extend through the 2008 season. It provides exclusive rights to all banking and financial services categories, and includes targeted access to Little League officials, coaches and families, as well as on-site presence at state and regional tournaments, branding and signage at the Little League World Series, and a variety of other promotional programs.
Added Bessant, "By establishing relationships with Minor League Baseball and Little League Baseball, Bank of America is well positioned to bring America's national pastime deeper into the communities we serve through youth baseball clinics and programs that support and promote neighborhood excellence."
Financial terms of the sponsorship agreements were not disclosed.
Middle-Income Household Spending Rises at Slower Pace as Real Wages Decline
NEW YORK, (PRNewswire) July 11, 2004 - Consumer spending declined sharply in May, according to Deloitte Research's Leading Index of Consumer Spending. Declining real wages, waning tax cuts and falling home prices contributed to the slower growth.
"Reduced housing-related sales and the decline in real wages will produce a slow down in spending by middle-income households. However, luxury goods retailers should expect better sales from higher income households due to a rise in profit growth and interest income," stated Carl Steidtmann, chief economist for Deloitte Research. "The polarization in income growth will favor high-end retailers."
Highlights of the index, which tracks consumer cash flow as an indicator of future consumer spending, include:
- Payroll employment in the first half of 2004 rose by more than
1.2 million as the pace of layoffs slowed. The improvement in the labor
market was demonstrated in improved consumer confidence as well.
- Initial unemployment claims are down 20 percent from a year ago,
showing steady improvement in the job market.
- A boost in inflation and rising energy prices has undermined consumer
purchasing power.
- Consumer income was revised up modestly, going back to January 2004,
resulting in a higher rate of consumer saving.
- Real wage gains are being undermined by an acceleration of inflation
and hefty health benefit costs.
- Real home prices fell sharply in May from the previous month and
account for significant slippage in the index.
- The uptick in the tax rate is synonymous with an improving incomes and
a stronger economy.
The index, comprising four components -- tax burden, initial unemployment claims, real wages and real home prices -- fell to 5.30 percent in May, from an upwardly revised gain of 5.84 percent in April. The sharp decline in the index points to a deceleration in consumer spending growth in the months ahead.
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