The Investigation of First USA

Number 16346
Subject Consumer Affairs
Source WFAA-TV (Dallas)
State TX
Year 1999
Publication Date April 7-8; May 5-6, 26; July 14; Aug. 25, 31; Dec. 17, 20-21, 1999
Summary WFAA-TV reports about "gross corporate dishonesty, a federal investigation, the abrupt resignation of 3 CEOs from two of the largest financial institutions in America, and perhaps billions of dollars wrongly taken from millions of credit-card consumers... At one time, First USA bragged it was the largest credit-card company in the United States with nearly 70 million customers.... Last year, industry analysts estimated one-third of First USA's annual revenue came from the penalties and interest rate hikes it assessed against customers - an amount totalling nearly $20 billion...."
Category IRE Contest Entry
Pages 103
Keywords VIDEOCLIP TAPE TRANSCRIPT; payment processing; fraud; OCC; Bank One; accounting practices
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