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Category: Data, research, and reports |
Published

Understanding Consumer Experiences: Insights from CFPB’s 2016 Consumer Response Annual Report

We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016. 

Category: Info for consumers | Category: Policy and compliance |
Published

Cientos de miles de cuentas creadas en secreto por los empleados de Wells Fargo Bank resultan en una multa histórica de $100 millones por parte del CFPB

La Oficina para la Protección Financiera del Consumidor (CFPB, por sus siglas en inglés) multa a Wells Fargo por abrir cuentas secretas sin el conocimiento o consentimiento de los consumidores.

Category: Info for consumers |
Published

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: Policy and compliance |
Published

Citibank to refund $700 million to credit card customers for unfair and deceptive practices

Today we’re ordering Citibank, N.A. and some of its subsidiaries to refund approximately $700 million to customers for unfair and deceptive credit card practices. This includes unfairly billing consumers for credit card add-on products, deceptively marketing those products, and deceptive collection practices. Generally, consumers who were signed up for these products on or after January 1, 2009, will receive full or partial refunds.

Category: Data, research, and reports |
Published

Sunshine for college credit card agreements

Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. This year we found that there are fewer schools marketing credit cards, and those that do are not making their agreements with credit card companies readily accessible to students.

Category: Data, research, and reports |
Published

New Project Catalyst research pilot to study early intervention credit counseling

We’re announcing a research pilot aimed at assessing the potential impact of early intervention credit counseling. We know that defaulting on credit card debt is a very stressful event for anyone and impacts consumers’ ability to access credit in the future. We’d like to use this opportunity to explore what ways may help consumers better manage their credit card debt and avoid default.

Category: Info for consumers |
Published

Reminder for steps you can take if you think your credit or debit card data was hacked

Home Depot has confirmed that there has been a breach of its payment data systems. According to the company, the breach could potentially impact any customer that has used their card for payment at a Home Depot in the U.S. or Canada since April 2014. Here’s what you can do to protect yourself if you spot unauthorized charges.

Category: Info for consumers |
Published

You could still end up paying interest on a zero percent interest credit card offer

What could be better than zero percent interest for one year? Nothing, nada, free…right? Not exactly. Credit card companies market these promotions as a way for you to save money. But, what some credit card companies may not have been telling you is that new purchases could cost you more than you expect. Learn more about credit card promotion offers and see why they could cost you more than you think.

Category: Info for consumers | Category: Policy and compliance |
Published

Explainer: Compensating consumers for Bank of America’s illegal tactics for credit card add-on products

We’re ordering Bank of America to refund up to $727 million to approximately 2.9 million consumers for unfair billing and deceptive marketing and sales practices related to credit card “add-on” products. Read more to see who is eligible for compensation.

Category: Data, research, and reports |
Published

What sunshine for student financial products can show us

Some of these agreements were difficult to find, but here are a few examples of the different agreements financial institutions have with colleges and universities. We didn’t verify whether these agreements are current, but the examples give us a sense of how some of these agreements work.