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.
The Consumer Financial Protection Bureau (CFPB) is suing a Texas-based company, Union Workers Credit Services, for deceiving consumers into paying fees to sign up for a sham credit card. The Bureau alleges that the company falsely advertises a general-use credit card that, in actuality, can only be used to buy products from the company.
The Consumer Financial Protection Bureau (CFPB) released its annual report on college credit card agreements, which shows a nearly 70 percent decline in the number of agreements since Congress passed new disclosure requirements in 2009.
The Consumer Financial Protection Bureau (CFPB) announced Friday a Project Catalyst research pilot to analyze the effectiveness of certain practices designed to encourage positive saving habits.
Bank of America is currently fighting a case filed by a consumer that received a 1099-C form from the bank. Although BofA dodged federal claims — notably FDCPA — in the case, it will still have to defend other charges in state court. As we approach tax season, any debt firm that sends 1099-C forms to consumers should watch developments closely.
The CFPB today proposed strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account.
The Sixth Circuit Court of Appeals Friday ruled against a debt buyer who it said violated the FDCPA when it sought interest charges for a credit card debt. The decision reversed a lower court ruling and included a sharp dissent from the third judge in the appellate panel.
President Obama Friday signed an executive order that calls for increased credit card protection measures for some federal benefits and expense cards distributed by the government. The President also formally endorsed the chip-and-PIN payment system for U.S. cards, a move opposed by many banking and commerce groups.
A new TransUnion study found that the consumer loan wallet – the composition of loans that people typically carry – has materially changed for both the youngest and oldest segments of the population during the last decade.
Delinquencies declined nearly across the board in the second quarter, falling in nine 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.