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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.

Category: Info for consumers |
Published

What’s the deal with health care credit cards? Four things you should know

Recently, many patients facing medical procedures have seen their health care providers suggest deferred interest rate credit cards as a payment option. Unfortunately, health care providers don’t always explain how these deferred interest credit cards work. We want to make sure that you get the facts you need.

Category: Info for consumers |
Published

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

The recent data breach and theft of credit and debit card information at Target retail stores could impact tens of millions of consumers, and we want to let you know what you can do to protect yourself if you spot fraudulent charges. Here’s what you can do if you think your credit or debit card data was hacked.

Category: Data, research, and reports | Category: Info for consumers |
Published

Sunshine for student financial products

Today, Director Cordray is alerting financial institutions about the potentially risky practice of making secret payments to colleges and universities to market deposit accounts, prepaid cards, debit cards, and other financial products to students. We’re calling on financial institutions to voluntarily make these agreements available on their websites. We’re also releasing a report on college […]

Category: At the CFPB |
Published

Reserve la cita, Chicago, Illinois!

Acompáñenos al diálogo comunitario sobre el mercado de las tarjetas de crédito en Chicago, Illinois. La audiencia se llevará a cabo el miércoles, 2 de octubre a las 11 a.m. CDT a la siguiente dirección: Winter Garden, Harold Washington Library 400 S State St. Chicago, Illinois El Director de la Oficina para la Protección Financiera […]

Category: At the CFPB |
Published

Save the date, Chicago, Illinois!

Join us for a field hearing in Chicago on credit cards. The hearing will take place on Wednesday, October 2 at 11 a.m. CDT at the following address: Winter Garden, Harold Washington Library 400 S State St. Chicago, Illinois The event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer […]

Category: Data, research, and reports | Category: Info for consumers |
Published

Releasing complaint data about credit cards, mortgages, student loans, bank accounts, services, and other consumer loans

What are you going to make with #CFPBdata? Last summer, we launched our Consumer Complaint Database featuring data about credit card complaints. Today, based on feedback from the public, we’re expanding it – and increasing the number of complaints from about 19,000 to more than 90,000. Here’s what we’re adding data about: Mortgage complaints submitted […]

Category: Info for consumers |
Published

So, how do I submit a complaint?

This post is part of a series for National Consumer Protection Week We began taking credit card complaints in July 2011, and we now can help with complaints about mortgages, bank accounts and services, student loans, vehicle and other consumer loans, and credit reporting. How do I submit a complaint? Submitting a complaint and tracking […]

Category: Data, research, and reports |
Published

Launching the college credit card agreement database

Recently we released the 2012 Annual Report to Congress on College Credit Card Agreements, as well as a database where you can read individual agreements. The report shows that the majority of college credit card agreements are between issuers and affiliated organizations, such as fraternities, sororities, alumni associations, or foundations affiliated with or related to […]

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

How will the Discover order handle refunds?

As a result of today’s order, Discover will pay approximately $200 million in restitution to more than 3.5 million consumers.

How will consumers be refunded?

Anyone affected by this order will automatically receive a credit to their account, or, if they’re no longer a Discover customer, they’ll receive a check in the mail or have any outstanding balance reduced by the amount of the refund.

Read more

Category: Info for consumers |
Published

Meet Jonna from Texas

Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work. Periodically, we’ll feature stories from consumers who we […]

Category: Info for consumers |
Published

Meet Ronald from Georgia and Nelda from California

Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work. This week, we’ll be featuring stories from consumers […]

Category: Info for consumers |
Published

How to stop mystery credit card fees

When you’re activating a new credit card, watch for “the pitch.” When you call to activate a new credit card, you may be routed to representatives who try to sell you things like “credit protection” or “identity monitoring” to add to your account. These services, or “add-on products,” are additional, optional services that will cost […]

Category: Data, research, and reports | Category: Info for consumers |
Published

Making consumer complaints available to the public

Today marks a major step forward in our work to protect consumers. In a first by a federal financial regulator, the Consumer Financial Protection Bureau (CFPB) will share with the public individual-level consumer complaint data received by the CFPB.

Introducing the Consumer Complaint Database.

No longer will consumer complaints only be known to the complainant, bank, regulator, and those who pursue this information through the Freedom of Information Act. Instead, this data-rich window into consumer financial issues will be widely available to everyone: developers, policymakers, journalists, academics, industry, and you.

Learn more.
Visit the database.

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

Help the CFPB solve the most common consumer mistakes

We all make mistakes. That’s part of what makes us human. When we can, we learn from our mistakes. That’s why we at the Consumer Financial Protection Bureau want to understand more about the most common errors consumers make about money. We want to find better ways to help others avoid these mistakes in the […]

Category: At the CFPB |
Published

Empowering America’s consumers

Last week, I joined the Consumer Financial Protection Bureau as Assistant Director of the Office of Financial Empowerment, which is part of our Division of Consumer Education and Engagement. We share a common goal with our colleagues across the Bureau: to protect and empower all consumers. The Office of Financial Empowerment has a special focus […]

Category: Info for consumers |
Published

Who is going to help with your complaint about an auto or installment loan?

We recently launched the first phase of a new system to help consumers who have problems with auto loans and other types of installment loans, such as loans to buy a refrigerator. Just like the credit card and mortgage complaints within our purview we started taking last year, we will forward complaints for these new […]

Category: At the CFPB |
Published

Live from Cleveland

On December 7th, Raj Date announced the Bureau’s initiative to develop a shorter, simpler credit card agreement that spells out the terms for the consumer. A recording of that announcement is posted below. You can also read Raj’s full remarks.

Published

Know Before You Owe: Making credit card agreements readable

A credit card agreement is a document that lays out the terms and features of a credit card. Millions of times every year, financial institutions send out these agreements to consumers. And every year, millions of consumers receive the agreements and do not read them. We believe it is important to make these contracts less […]

Category: Info for consumers |
Published

Co-signing on campus?

Credit card issuers and private student lenders have long had a presence at America’s colleges and universities. In fact, there are more than 1,000 special marketing agreements between credit card issuers and schools. But due to changes in the law and marketplace, more students are finding that they may need a co-signer to qualify for […]