to be applied to future balances. it is too early to draw conclusions about the ultimate impact of these changes because many of the new requirements have been in effect only since earlier this year. for example, card issuers appear to have changed their credit card pricing and underwriting models as their ability to use penalty pricing has been reduced. and some of the reduction in new account solicitations may also be due in part to the regulatory changes. but, in light of the concurrent changes in charge - off rates, economic conditions, and regulatory requirements, it is hard to separate the relative effects of each. one way to assess the effects of regulation alone might be to watch the relative developments in business credit cards in comparison to consumer credit cards. credit cards issued primarily for business or commercial purposes generally are not governed by the consumer protections in the truth in lending act or the amendments to that act in the 2009 credit card act. some observers have already expressed concern that some card issuers may be marketing business and professional cards to consumers in an effort to sidestep new restrictions. at the same time, some business owners and professionals might find the higher credit line availability or other terms offered on business cards to be more attractive than using their personal cards for business expenses. the federal banking agencies have sufficient supervisory and enforcement authority to ensure that issuers market and issue business cards only to borrowers who they have legitimate reason to believe are using them for business purposes. generally speaking, the card issuer is responsible for determining whether an account is intended to be used for business or personal purposes, and indeed, business card applications commonly request information necessary to make this determination. the detailed information requested may include, for example, the type of business, annual revenue, age of the firm, number of employees, and tax identification number. the answers to these questions help verify that the applicant owns a business, as well as gauge the creditworthiness of the business. aside from credit cards, the regulatory landscape is also changing for other payment products. the federal reserve has recently issued regulations that prohibit consumers from being automatically enrolled in overdraft programs for overdrafts created by automated teller machine withdrawals and one - time debit card transactions. in addition, new disclosures are required to help consumers understand the associated costs before they choose to opt into overdraft coverage. we have also implemented new protections under the credit card act that restrict the fees and expiration dates that apply to gift cards. 4 the dodd - frank

delisle worrell : the strength of barbadian institutions and the resolve of barbadians will see us through the crisis op - ed article by dr delisle worrell, governor of the central bank of barbados, 15 august 2013. * * * barbadians have every reason to be confident that we can cure the foreign exchange imbalance which has emerged in the last three months, and revive the growth of our economy. first, we have the highest standard of living in the caribbean, and we have earned it by transforming the economy and investing in infrastructure and human resources, over many decades. figure 1 compares the human development index ( hdi ) for barbados with the rest of the caribbean. the hdi is the best indicator of the quality of life available for countries worldwide. second, barbados has strong institutions for decision making : our social partnership is the envy of countries worldwide ; our economic information systems are the equal of many industrial countries ; our media are knowledgeable ; and we have a strong mechanism for putting policy into effect. thirdly, we have preserved the value of our dollar, protecting the value of people ’ s savings, and providing more predictable returns for investors. fourthly, we have reserves which are more than sufficient to ride out the storm, as may be seen in figure 2. with these resources we may confidently address the challenges, which are twofold. the first is to balance foreign exchange inflows and outflows. following the june 27th economic consultation, government is in discussion with the social partners on measures that will be introduced to reduce the fiscal deficit. the required adjustment is considerable, about 4. 5 % of gdp, but not sufficient to cause major social disruption, as may be seen in figure 3. the adjustment will protect the value of our currency, which is vital to barbados ’ economic prosperity. figure 4 shows how the caribbean countries which have devalued have fared, compared with those that have maintained an unchanged value of their currency in terms of the us dollar. economic growth is the second challenge. the social partners continue to pursue actions to revive the economy. investment amounting to $ 2. 3 billion is in prospect for the foreign exchange sectors, and government contemplates $ 1 billion of infrastructure and other projects. initiatives are underway to improve access to finance by small and medium enterprises. labour is charged with an urgent need to improve productivity and quality of service in every area of activity, so that barbados becomes a byword for