The Biggest Credit Card Complaint: Your Bill

Credit Cards

The Biggest Credit Card Complaint: Your Bill

The Biggest Credit Card Complaint: Your Bill

Billing disputes, interest rate issues and fraud concerns are the most frequent complaints filed by credit card users, according to a new report issued this week by the Public Interest Research Group. The consumer advocacy organization examined all 175,000 complaints filed with the Consumer Financial Protection Bureau (CFPB) since it began taking complaints in 2011,… Read More

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

Auto Loans

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

The Consumer Financial Protection Bureau announced Friday the largest auto loan discrimination case to date, in which Ally Financial Inc. and Ally Bank has been ordered to pay $80 million in damages to 235,000 minority borrowers impacted by their discriminatory pricing system. The enforcement action stems from an investigation started in 2012, through which the… Read More

Mortgage Mischief? Why It Pays to Shop Around

Mortgages

Mortgage Mischief? Why It Pays to Shop Around

Mortgage Mischief? Why It Pays to Shop Around

Home borrowers got a reminder Thursday that the mortgage process remains a potential minefield. A nationwide mortgage firm accused of paying employees bonuses to steer borrowers into less-favorable mortgage terms has agreed to pay $13 million in penalties to settle the charges, the Consumer Financial Protection Bureau announced Thursday. Utah-based Castle & Cooke was accused… Read More

Consumer Watchdog Now Accepting Payday Loan Complaints

Managing Debt

Consumer Watchdog Now Accepting Payday Loan Complaints

Consumer Watchdog Now Accepting Payday Loan Complaints

The Consumer Financial Protection Bureau began overseeing the payday loan industry in 2012 and is now accepting complaints from borrowers who experience issues with them. Consumers who take out payday loans, or cash advances, generally borrow less than $500 for a short period of time. These loans carry high interest rates, and while 12 million… Read More

Sending Money Abroad? New Rules Should Help

Personal Finance

Sending Money Abroad? New Rules Should Help

Sending Money Abroad? New Rules Should Help

If you send money abroad, you know the process can be confusing and expensive. But rules announced recently by the Consumer Financial Protection Bureau should make the process simpler and easier to understand. Because there are so many factors involved (senders have to account for exchange rates, taxes and fees — sometimes on both ends… Read More

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Credit Cards

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Federal regulators said Thursday that banking giant JPMorgan Chase must refund $309 million to 2.1 million credit card holders for alleged deception in credit card “add-on” services like credit monitoring and ID theft protection. The firm was also ordered to pay $80 million in fines. The “abusive practices” took place during a 7-year span from… Read More

2 Years Later, Richard Cordray Confirmed as CFPB Director

Personal Finance

2 Years Later, Richard Cordray Confirmed as CFPB Director

2 Years Later, Richard Cordray Confirmed as CFPB Director

After a 2-year wait and a contentious legislative battle, Richard Cordray was confirmed Tuesday¬†as the director of the Consumer Financial Protection Bureau. The CFPB was created under the 2010 Dodd-Frank Act to regulate consumer protection in the financial services industry. The CFPB aims to promote fair and transparent markets through education, enforcing and research. Thus… Read More

CFPB Now Taking Complaints About Debt Collectors

Managing Debt

CFPB Now Taking Complaints About Debt Collectors

CFPB Now Taking Complaints About Debt Collectors

The Consumer Financial Protection Bureau (CFPB) released two bulletins and several action letters today, outlining new regulations and resources to help protect consumers from unlawful conduct by debt collectors. The CFPB also announced that it will begin taking consumer complaints regarding collection practices beginning today. There are an estimated 4,500 debt collection firms in the… Read More

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