BUSINESS DIGEST || Agency logs 5,000 credit complaints

Agency logs 5,000 credit complaints

WASHINGTON

In its first three months of operation, the Consumer Financial Protection Bureau got more than 5,000 complaints about credit cards, the federal agency said in a report.

The agency, which launched July 21, has made handling complaints a top priority. The report covered complaints received through Oct. 21.

Billing disputes were the most common problem, with 13.4 percent of the complaints, followed by disputes about interest rates, at 11 percent, and complaints about identity theft and other fraud issues, with 10.8 percent.

Report: PBGC erred on United pensions

WASHINGTON

A watchdog report says the U.S. agency that insures pensions for millions of workers made serious errors in valuing pensions for United Airlines employees and that some workers may have lost benefits as a result.

The report issued Wednesday by an assistant inspector general of the Pension Benefit Guaranty Corp. found “serious flaws” in the agency’s handling of pension plans for about 126,000 United employees.

The agency took over the pension plans in 2004 and 2005 after United filed for bankruptcy-court protection in December 2002.

The agency acknowledged Wednesday its “poor work” on the United pensions and said it has taken action to correct problems and redo its valuations.

House tries to quash new union rules

WASHINGTON

The House has passed a bill that would prevent the National Labor Relations Board from speeding up the pace of union elections.

The GOP measure approved on a 235-188 vote would delay elections for at least 35 days after workers collect enough signatures in a bid to unionize.

The House action comes as the labor board moves closer to approving a plan that could see union elections taking place in as few as 10 days.

Business groups claim the plan would give unions “quickie” elections without giving employers enough time to respond. Unions say the new rules seek to prevent unnecessary litigation and frivolous appeals that can hold up elections for months.

The bill is not expected to go far in the Senate, where Democratic leaders are not likely to bring it to a vote.

From wire reports