Some big retailers are balking at federal proposals that would make it a lot tougher for them to dole out instant credit at the cash register.Great moments in regulation.
The restrictions, if enacted by the Federal Reserve, would force retailers to gather more financial information from customers— including how much they earn— before giving them credit.
That would endanger at least some popular cash-register pitches, which often echo one from apparel retailer Talbots Inc. to "get 15% off today's purchase" by opening a charge-card account on the spot.
Macy's Inc., Saks Inc., Best Buy Co. and other retailers are fighting the proposed rules, claiming customers wouldn't be comfortable handing over a pay stub or tax document to a cashier in order to show they can pay their bills.
Monday, December 07, 2009
Retailers Object to Proposed Rule Requiring Customers to Show Income Data Before Opening Accounts
The Wall Street Journal reports:
