In an effort to protect consumers from what the Federal Reserve called "unfair or deceptive" practices by banks issuing credit cards, Congress passed the Credit Card Accountability Responsibility and Disclosure Act in May 2009. You'd think that since passing this law, unfair, deceptive practices by credit card issuers would have abated, right? Survey says....Not even close.

According to recent report by the Pew Health Group, anti-consumer practices haven't abated in the slightest since the law was passed -- they're actually on the rise.

Credit-card lenders have been increasing fees and interest rates, raising minimum payments and lowering credit limits. Some Citi card holders, for example, have seen their credit limits cut, their interest rates skyrocket as high as 29.99%, or their cards canceled altogether. And just last month, Bank of America announced it was testing annual fees (ranging from $29 to $99) on a select number of card holders.

Pew's report found that a shocking 100 percent of the credit cards offered online by the 12 leading bank card issuers continue to include practices that will be soon be outlawed, once the Credit CARD Act takes effect. Banks surveyed include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, American Express, USAA and Capitol One.

Want a better credit card? Check out a credit union: Pew's study didn't just look at big card issuers--they took a look at credit unions as well. Their findings: although the largest 12 credit unions control only 1 percent of overall credit card lending, many of their prices are significantly lower compared to those of the largest banks. In addition, credit union penalty charges were both less frequent and less severe than those of banks. Let's take a look at some of those numbers:

Avg. interest rates on missed payment deadlines on unpaid balances:

Credit Unions: 17.9% vs. Banks: 28.8%

Average overdraft fees:

Credit unions: $20 vs. Banks: $39

According to the the Center for Responsible Lending, overdraft fees collected in 2008 have increased by 35% since 2006.

Highest interest rates (in July 2009):

Credit Unions: 13.75% vs. Banks: 21.24%

Interest rates on cards issued by Bank of America, Discover Financial Services and Capital One Financial have actually increased their interest rates by 20% in the last six months.

Making money on the backs of consumers: Though banks aren't compelled to disclose how much of their profit comes from fees, our research shows how JPMorgan Chase's bank fees comprised $3.45 billion, or 71 percent of its profit for the first half of 2009. Citigroup earned $326 million, or 95 percent of its profit, for the same period. Bank of America made 70 percent of its profit, or $5.26 billion, in bank account fees.

Although it was originally slated to take effect in staged phases--upcoming implementation dates were to be February 2010 and August 2010--U.S. lawmakers recently voted to speed up the implementation of new rules to guard against such abusive practices like those documented in Pew's study. The sooner we can hold credit card companies accountable for intentionally trapping consumers into debt from which they cannot recover, the closer we'll be towards fostering a financial system that puts long-term economic growth over short-term, expedient profits.

View Pew's full report: Still Waiting: 'Unfair or Deceptive' Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect.

It appears that big bonuses are back on Wall Street....er rather, maybe they never really left.

The Wall Street Journal reported last week that "Executives and other highly compensated employees now receive more than one-third of all pay in the US... Highly paid employees received nearly $2.1 trillion of the $6.4 trillion in total US pay in 2007, the latest figures available." Let me repeat that -- more than one-third of all pay in the U.S.

Adding to the slew of evidence that big banks are already returning to their old (economy-crushing) ways, the Washington Post reports that the top six U.S. banks have set aside $74 billion in 2009 for bonuses and other compensation--up $14 billion from last year alone. These six banks -- Goldman Sachs, J.P. Morgan Chase, Citigroup, Bank of America, Wells Fargo and Morgan Stanley -- are all TARP recipients, and we're not talking chump change here either.

So today, we thought we'd highlight one particularly egregious example of "old habits dying hard." And that's putting it lightly.

To date, Citigroup has received $45 billion dollars in bailout money. Curious as to what this deeply-wounded bank has been doing recently to get back on their feet and pay American taxpayers back? Raising interest rates on as many as 15 million credit card holders, organizing a call to "build opposition to the Employee Free Choice Act" and and doling out million-dollar bonuses to their "star" company bigwigs, of course! Because who deserves an $100 million bonus more than a big deal energy trader who works for a bank that's 33 percent owned by the government? (As Citi helpfully points out, giving company higher-ups compensation bonuses they can't really afford is how they retain talent and turn such monumental profits. Oh wait....)

"As millions of families struggle just to hang onto their homes and get through the next month's bills, the architects of the economic crisis are using our tax dollar bailouts on the kind of bonus money that finances glitzy Upper East Side Penthouses and glamorous Riviera getaways," said SEIU president Andy Stern. Rather than focusing on paying back the billions they borrowed, financial institutions like Citigroup continue to hold onto the failed policies of the past that enrich the very few at top while indebting the rest of America.

The White House's executive pay czar Kenneth Feinberg, who's charged with reining in what the administration sees as extravagantly oversized bonuses, will most likely vet whether or not Citigroup's energy trader Andrew Hall--who owns a 1,000-year-old castle and extensive modern art collection rumored to be valued at around $60 million--gets his $100 million bonus. Which begs the question: Are wealthy Americans truly turning back to pre-crisis habits, even as most of the country remains in deep economic stress?

Watch MSNBC's take on the situation:

Bailout architects have stuck to their story that the government will probably to get most of the bailout money back. But since the bailouts began almost a year ago, Wall Street's refusal to scale back dangerous pay habits like these make it seem probably that the federal government--and taxpayers--can say "sayonara" to some of their money.

Now more than ever, we need the Employee Free Choice Act to level the playing field against this kind of excessive corporate greed.

The Financial Times reported yesterday that Citigroup is raising credit card interest rates on 15 million customers. Citigroup has received three taxpayer-funded bailouts totaling $45 billion and the latest plan to keep the failed bank afloat gives the government and taxpayers a 34 percent stake in the company.

Said SEIU's Anna Burger, "It's shameful that Citigroup would raise interest rates on millions of Americans during a time when record unemployment and home foreclosures are forcing families to rely more and more on their credit cards just to get by." This news comes a week after Citigroup announced it is also raising salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses. Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess.

Signing petitions for change on Twitter

Sign and Tweet this petition - Tell @Citi_Forward (Citigroup) to give raises to front-line bank workers, not top executives: http://act.ly/2h. Retweet to sign.

Learn more about using Twitter as an advocacy tool with act.ly here. Check out who's in the hot seat on act.ly right now.

Washington, DC--Today, the Service Employees International Union released a statement from Secretary-Treasurer Anna Burger on news that Citigroup is raising interest rates on as many as 15 million credit card holders. According to the Financial Times, "People close to the situation said that Citi, which is about to cede a 34 percent stake to the US government as part of its latest rescue, had upped rates on between 13 and 15 million credit cards it co-brands with retailers such as Sears." This comes a week after the bank announced it would raise salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses.

Said Burger, "It's shameful that Citigroup would raise interest rates on millions of Americans during a time when record unemployment and home foreclosures are forcing families to rely more and more on their credit cards just to get by.

"After three taxpayer-funded bailout packages worth $45 billion and a new rescue plan giving the government a 34 percent stake in the company, Citigroup continues to hold onto the failed policies of the past that enrich the very few at top while indebting the rest of America.

"Taxpayers and the government are the largest stakeholders of the failed bank. We need to rebuild our financial industry from the ground up and end these practices that crashed our economy in the first place.

"That's why yesterday , front-line bank workers, consumer groups, and Rep. Ellison joined together to call for passage of the Employee Free Choice Act and other reforms that ensure front-line bank workers can sound the alarm on these practices, protect consumers, and help build an economy that works for everyone again."

With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers--not just corporations and CEOs--benefit from today's global economy.

According to the New York Times, Citigroup is raising salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses.

The Times also reports on to whom the bonuses will go:

Legal and risk management employees, as well as those in the credit card and consumer banking units, whose pay is typically skewed toward salary, rather than bonuses, are expected to receive smaller increases.

Anna Burger, Secretary-Treasurer of the Service Employees International Union released a statement in reaction to the news:

Color us skeptical, but not surprised: The top dogs at a company who took three taxpayer-funded bailout packages worth $45 billion, while wrecking the economy and keeping the bulk of its employees at near-poverty levels, have decided to reward themselves once more. Unfortunately, not all raises are created equal.

Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess.

America's big banks stand out as a startling example of an era of corporate excess that needs to come to an end if we're going to rebuild an economy with strength that can last. By passing the Employee Free Choice Act, we can begin to build an economy that doesn't just work for people in the top floor executive suites.

If you've been following our blog, you've no doubt heard about last year's anti-Employee Free Choice call sponsored by Bank of America. As you'll remember, just three days after receiving its first set of bailout funds - $45 billion in total - participants on the call were encouraged to send "large contributions" to groups working to block passage of the bill.

Since that time, a number of groups have followed Bank of America's path. Rather than focusing on paying the American people back, they've instead used their resources to lobby against measures that would improve the lives of their new investors - us.

Here's a quick look at a few of these groups, in addition to Bank of America:

AIG

The American International Group has received the largest of all taxpayer bailouts, at a total cost of $173 billion to the American people, who now own approximately 80% of the group.

More than $90 billion of AIG's bailout funds went towards paying numerous domstic and foreign banks, such as Bank of America and Citigroup. Both of these groups are part of a huge lobbying effort against laws that would benefit working families, such as Free Choice.

The Financial Services Roundtable

The Financial Services Roundtable (FSR) a special interests group that represents more than 90 companies in the finance and insurance industry, including the nation's largest banks and insurance companies. Their leadership includes Bank of America, Wells Fargo, Citigroup, and U.S. Bank.

In total, member companies have received an estimated $213.8 billion in taxpayer money. You could buy a lot of round tables with that kind of money.

In every quarter in 2008, the RSF has lobbied against the Employee Free Choice Act. And this year, they've banded together with the U.S. Chamber of Commerce to make its defeat their top priority in 2009.

Citigroup

Since last year, Citi has received a total of $45 billion in taxpayer bailouts.
Following Bank of America's lead, they hosted a conference call to build opposition to the Employee Free Choice Act. The call, led by a senior executive at the U.S. Chamber of Commerce, was held on March 11th.

Just a day before the call, Citigroup cited Free Choice as the reason to downgrade Wal-Mart's rating, leading to speculation that the move was politically motivated to try to paint the bill as anti-business.

Burger King

Goldman Sachs is one of the largest shareholders of Burger King, and along with private equity firms TPG and Bain Capital, control the Burger King board through seats on its executive committee. Goldman Sachs has received $10 billion in taxpayer bailouts.

Burger King's second largest franchisee is a unit of Cerberus Capital Management, the same private equity firm that also owns Chrysler. Chrysler has received $5.5 billion in taxpayer bailouts.

As public anger erupts at over bonuses to AIG executives and almost daily revelations of abuses by Wall Street giants, we're channeling our frustration and anger into action that can make a difference. In just the last two days, thousands of people have signed up to march on major banks and other corporations including Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs. There will be more than 10,000 people in the streets at 150 bank locations in 35 states across the country this Thursday, March 19.

In the first national protests since the federal bailouts began, working families and a broad coalition of community groups are sending a message to Congress that we've had enough of corporate greed and lack of accountability. With the CEO of "Bailout King" AIG testifying in front of Congress today about his company's $165 million bailout-funded bonuses, it's more important than ever for us to mobilize against corporate excess.

It's time for real change, and we need solutions that will help build a strong, sustainable economy that works for everyone: the Employee Free Choice Act; affordable, quality health care for all; and strong banking reforms.

Please tell everyone you know about our actions at banks tomorrow. Click here to send an email to your friends.

See you in the streets tomorrow.

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For more information on actions happening across the country, please visit www.TakeBackTheEconomy.org.

Insurance giant AIG is the poster child of corporate irresponsibility. It gambled on the housing market and lost, big time. That's why the government had to dole out nearly $200 billion in bailouts just to keep the company afloat.

But word broke yesterday that despite being crowned the "Bailout King," AIG is going to pay out more than $400 million in bonuses.

We've had enough. On Thursday, March 19, thousands of people nationwide will demonstrate outside major banks and demand real change. We want you to join us.

Watch this video about our actions and sign up to attend a demonstration near you:

Click here to join: http://www.TakeBackTheEconomy.org

The outrage doesn't stop at the bonuses. We finally found out how AIG has spent its bailout funds - it gave billions of dollars to other bailed out banks, including banks like Bank of America and Citigroup that are actively organizing against change for working families.

Just last week it was revealed that Citigroup organized a call to "build opposition to the Employee Free Choice Act." Bank of America did the same thing just days after it received its first bailout from the government.

We have major banks and financial institutions taking government money with one hand, and slapping working people in the face with the other. The very same people who destroyed our economy are now actively working to prevent its recovery.

Enough. Join our demonstration against corporate excess on Thursday.

http://www.TakeBackTheEconomy.org

It's up to us to take back our economy. We hope you'll join our efforts.