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article imageObama's credit card declined in restaurant

By Tim Sandle     Oct 19, 2014 in Odd News
Washington - President Barack Obama faced a moment of embarrassment recently, and one that many people have encountered as well. On one of his regular appearances at a restaurant he went to pay the bill, only to find that his credit card was declined.
President Obama announced the credit card incident at a press conference this week, reported on by CBC. "It turned out I guess I don't use it enough," Mr Obama said. "They thought there was some fraud going on." He went onto add: "I was trying to explain to the waitress, you know, I really think that I've been paying my bills."
According to the BBC, a potentially tricky situation, and an avoidance of Obama — or more likely one of his security contingent — washing the dishes was avoided. First Lady Michelle Obama had a credit card with her and paid for the meal.
The possibility of Obama being maxed out on his card is unlikely. The president earns $400,000 per year plus he has a a non-taxable $50,000 expense account. To add to that he does not pay anything when on official duties.
President Obama recounted the event at a meeting of the Consumer Financial Protection Bureau (CFBP). The CFBP is an independent agency of the U.S. government. It is responsible for consumer protection in the financial sector, extending to banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and so on.
Obama's main purpose for speaking was to announce new protections for debit cards used to deliver federal benefits. This is an important issue, The Washington Post states, for over 100 million U.S. citizens are affected by identity theft each year. This has included some recent high-profile security breaches at retailers such as Target and Home Depot.
The new executive order implements new security measures, including microchips and PIN numbers, in new and existing government issued credit cards and card readers for agencies issuing benefits.
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