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Category: Info for consumers |

What’s that chip doing on my credit card?

Lately, we’ve received questions from people wanting to know what these chips are and how they work. As a new federal agency, we’re committed to providing you with trustworthy information about consumer financial products—including bank accounts and credit cards. Here are a few things you should know about chip technology.

Category: Data, research, and reports |

We took a look at arbitration agreements and here’s what we found

Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. These clauses can require disputes be resolved through arbitration, rather than through the court system. Since 2012, we’ve being working on a study of arbitration provisions and report to Congress. Here’s what we learned and why it matters.

Category: Policy and compliance |

An update on trial disclosures

Yesterday, we made a significant update to our proposed policy to encourage trial disclosure programs, which allow companies, on a trial basis, to test disclosures that may work better for consumers and companies. Data from the trial program would then help us determine if the proposed innovation works better than the status quo. We are inviting comments on Section A of the revised proposed policy, which describes the information companies should submit to us for their proposals. This comment process lasts 30 days, until July 18.

Thanks to your feedback and discussions with stakeholders, we’ve made some important revisions and clarifications to the proposed policy

Category: Data, research, and reports | Category: Policy and compliance |

Help us design a consumer survey about mandatory pre-dispute arbitration

As part of our effort to study the use of mandatory pre-dispute arbitration clauses in consumer financial contracts, today we are proposing to conduct a nationwide telephone survey of 1,000 credit card holders. In Section 1028 of the Dodd-Frank Act, Congress instructed us to complete a study about arbitration. We released a Request For Information […]