More than one-third of Americans maintain an overdraft account because of forgetfulness and a paucity of funds. The average overdraft and non-sufficient fund (NSF) fees cost roughly $225 each year. A new report suggests that paying overdraft fees can actually cost more than the cost … [Read more...]
Troubled payday loan industry trapping borrowers: CFPB report
A payday loan, otherwise known as a cash advance, was initially designed to cover an unforeseen expense such as a medical emergency, rent or a car loan payment. The payday loan industry has been marred with controversy as well as vitriol from both the government and citizens. A new … [Read more...]
CFPB Issues Warning to Businesses About Free Credit Reports
The Fair Credit Reporting Act entitles consumers to an annual free credit report from all reporting companies, not just Equifax, Experian and TransUnion. Hundreds of specialty reporting agencies collect information about medical payments, tenant history, check-writing behaviors, … [Read more...]
Card Issuers Spending Less Time, Money Marketing on College Campuses
There was a time, not long ago, when college students were bombarded with offers of credit. Students walking to class might be offered free T-shirts, coupons for free meals, school logo items such as stickers, magnets, balls and binders, or even entry into drawings for free spring … [Read more...]
Financial Watchdog Agency to Monitor Debt Collectors
The Consumer Financial Protection Bureau released its new rules for overseeing debt-collection agencies Oct. 23. Beginning Jan. 2, debt collection firms with more than $10 million in annual revenue will be regulated by the government watchdog agency. Although just 175 firms fall into … [Read more...]
CFPB Proposes CARD Act Amendment to Help Stay-at-Home Moms
The Consumer Financial Protection Bureau announced its proposal to allow stay-at-home spouses and partners easier access to open credit accounts. The rule would consider shared income from a working spouse or partner when applying for a credit card account. … [Read more...]
Discover Ordered to Refund $200 Million to Customers for Selling Products with Deceit
Discover Card may have been voted No. 2 in overall customer satisfaction in the most recent J.D. Power credit card survey, but that didn’t exempt it from penalties enforced by the Consumer Financial Protection Bureau for deceiving customers when marketing card protection products. The … [Read more...]
