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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: Info for consumers |
Published

Taking your kids to work is a great time to talk about money

My kids were so excited when I asked them if they wanted to come to work with me today. At ages 6 and 9, this will be their first Take Our Daughters and Sons to Work Day. The CFPB is focused on consumer financial products and services, so we are using today to teach our children about personal finances – our theme is Spend Save Share.

This is also a good opportunity for all parents to teach their children a little something about money. It’s a chance to talk about how parents work for money, and how our salaries give us a limited amount of money to spend every month. Parents can also talk about how they have to use some of that money to pay for the family’s needs, like food, clothing and shelter, and how we might have to save for other things we want.

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

Remittance transfer rule: A personal perspective

As a child of South Asian immigrants, I recall my parents frequently sending money back to our family and friends in India. They would use a service to send money but they never fully understood the process, were charged numerous, unexplained fees, and felt powerless if any errors were made. Unfortunately, other immigrant families and other consumers who must send remittance transfers have had similar experiences, which is why advocates have been calling for greater protections around these transfers of money, or remittance transfers.

Now, with direction from Congress through the Dodd-Frank Act, the CFPB has changed that. We adopted new rules that will go into effect in February 2013. Check out our blog to learn more.