When the Consumer Financial Protection Bureau (CFPB) was created in 2010, nobody expected it to play nice with the financial services industry. Authorized as part of the Dodd-Frank legislation, the CFPB was tasked with protecting consumers from predatory lending and other Wall Street abuses that spawned the Great Recession. From the very start, the financial… Continue reading Consumer Financial Protection Bureau’s Proposed Prepaid Card Regulatory Changes Inspires Industry Response
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Get Financially Fit by Avoiding Rising Overdraft and ATM Fees
Have you ever made a $20 purchase with a debit card and ended up shelling out $50 because you forgot you didn’t have enough money in your account? If you did have to fork over an additional $30 to pay that dreaded overdraft fee, you’re actually a little bit fortunate. That’s because a new study… Continue reading Get Financially Fit by Avoiding Rising Overdraft and ATM Fees
CFPB To Police Prepaid Debit Cards
In yet another sign of the mainstreaming of prepaid debit cards, the Consumer Financial Protection Bureau (CFPB) announced this week that it would begin accepting complaints from Americans encountering problems with these increasingly popular financial products. Although the market for prepaid debit cards has been steadily expanding and attracting big name financial players like American… Continue reading CFPB To Police Prepaid Debit Cards
Consumer Financial Protection Report: Mishandling Credit Report Errors, Hassling Consumers and More
Harassing phone calls. Credit report errors. Payday loan company employees showing up at a customer’s workplace demanding money. These are just some of the more troubling findings in a recent report from the Consumer Financial Protection Bureau (CFPB), which was set up in the wake of the financial meltdown to police financial products and services.… Continue reading Consumer Financial Protection Report: Mishandling Credit Report Errors, Hassling Consumers and More
Target Data Breach Spawns Consumer Advisory
The now infamous Target data breach continues to have ripple effects. On January 27th, the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory with tips on what to do if someone suspects they are a victim of what seems to be multiplying payment card data breaches. There’s no doubt that the Target data breach… Continue reading Target Data Breach Spawns Consumer Advisory
Employers Cannot Mandate Prepaid Cards For Wages
Responding to complaints, the Consumer Financial Protection Bureau (CFPB) issued a reminder to employees that they cannot force workers to accept pay on prepaid debit cards. by Shane Tripcony Over the summer the practice of using prepaid debit cards to pay employee salaries garnered a lot of attention, much of it negative. News outlets, The… Continue reading Employers Cannot Mandate Prepaid Cards For Wages