The Consumer Financial Protection Bureau (CFPB) Wednesday issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau.
After the recession, ARM firms who adapted their business practices are capitalizing on new opportunities as the economy improves.
The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.
Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions.
A federal judge in Illinois recently granted final approval to a $40 million TCPA class action settlement between plaintiffs and credit card issuer HSBC. It is believed to be the third largest settlement ever under the statute with the same judge coincidentally approving the largest ever settlement with Capital One just weeks prior.
At a symposium in midtown Manhattan Thursday, three representatives from New York City and state financial regulators provided some clarity to recently-enacted rules impacting collection agencies, debt buyers, and collection law firms operating in the state.
The Consumer Financial Protection Bureau (CFPB) Wednesday ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees
The Consumer Financial Protection Bureau (CFPB) Tuesday asked a federal district court to enter a consent order that would permanently ban a Texas-based company, Union Workers Credit Services, from offering any consumer credit products or services after it duped thousands of consumers into signing up for a sham credit card. The order would also require the company to pay a penalty of $70,000.
Delinquencies continued to decline in last year’s third quarter, falling in seven out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The U.S. credit card market bounced back in the second quarter as the economy improved, according to the American Bankers Association’s December 2014 Credit Card Market Monitor report. The number of new accounts increased and monthly purchase volumes picked up, while the distribution of accounts resumed its shift away from “revolvers” who carry balances month-to-month.