CBS Evening News for Thursday, May 13, 1976
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(Studio) New rule to prevent banks and collection agencies from demanding immediate payment if consumers dissatisfied with product or services purchased.
REPORTER: Walter Cronkite
(DC) Consumer credit is $160 billion business Banks and finance companies can buy loan agreements and continue collecting payments even if merchandise is defective. [FTC spokesperson Eric RUBIN - says FTC (Federal Trade Commission) rules give new rights to individuals.] National Auto. Dealers Association fears rule will be disaster. [President NADA Jack POHANKA - says price of cars goes up when there are fewer means of financing.] [Ind. Bankers' Association of American Richard PETERSON - asks how banks can make loans if they must guarantee performance.] Supply of credit likely to slow.
REPORTER: George Herman
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