CFPB Keeps Data on Nearly 600 Million Credit Card Accounts

The Consumer Financial Protection Bureau is collecting sensitive financial data on close to 600 million credit card accounts but lacks adequate privacy and security plans to protect the information, according to a new report from the Government Accountability Office. “The … Continue reading

CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards

The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans. Companies … Continue reading Weekly Credit Card Update–October 17, 2013

JP Morgan Chase Points to Legal Expenses in Quarterly Loss JP Morgan Chase reported a quarterly loss for the first time ever under CEO Jamie Dimon as the bank spent billions battling lawsuits and dealing with federal investigations into some … Continue reading

CFPB Cracks Down on Debt Collectors

Today, the Consumer Financial Protection Bureau is intensifying its efforts to stop unlawful and abusive debt collection practices. The CFPB will begin notifying banks, payday lenders, finance companies and other lenders that they will be held accountable for unlawful conduct … Continue reading

Women Better at Handling Credit

Women may earn less than men but they are better managers of credit. According to a new report from Experian, women earn 23 percent less than men, but men have 4.3 percent more debt than women. Women also have a slightly … Continue reading Weekly Credit Card Update–April 26, 2013

U.S. Amasses Big Data on 10 Million People, Banks Protest The CFPB is working towards monitoring how millions of Americans use credit cards, take out mortgages, and overdraw their checking accounts, but bankers aren't happy about it. The CFPB wants access … Continue reading

Discover Branches Beyond Credit Cards

Discover Financial is best known for its work in the credit card industry, leaving most to assume the company is a one-trick pony. While the company does generate 80% of its revenue from credit cards, new business ventures have allowed … Continue reading

Senate Committee Approves Cordray to Head CFPB

The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading

Household Debt Increases in Fourth Quarter of 2012

Americans are slowly borrowing more to finance purchases like homes and cars. Household debt, which includes mortgages, credit cards, auto loans and student loans, rose 0.3 percent or $31 billion to $11.34 trillion in the fourth quarter of 2012, the … Continue reading

Younger Adults Now Have Less Debt But Fewer Assets

Young adults are carrying less debt than before the start of the 2008 recession, primarily because they own fewer major assets. A new analysis from the Pew Research Center released today shows that Americans under the age of 35 are … Continue reading

The Good News & Bad News in the Latest Debt Figures

At first glance, the latest Federal Reserve figures are encouraging, showing that household debt fell by $74 billion or 0.7 percent in the third quarter. However, the decrease is almost entirely from mortgage debt which is the largest factor of … Continue reading

CFPB Releases First Supervisory Highlights Report

The Consumer Financial Protection Bureau released its first Supervisory Highlights report yesterday, describing the problems and risky practices that its investigators found during their supervision process. The CFPB can supervise a number of financial institutions including banks with over $10 billion … Continue reading

Consumer Credit Default Rates Near Post-Recession Lows in August

The August 2012 S&P/Experian Consumer Credit Default Indices showed that default rates continue to decline for most loans, including the national composite, which has now declined for eight consecutive months. Most of the loan types posted their lowest rate since the … Continue reading

CFPB: Fewer Complaints Than Expected on Credit Cards

In its first 14 months of operation, the Consumer Financial Protection Bureau has not received as many credit card complaints as it anticipated. Yesterday, the director of the CFPB, Richard Cordray, presented his semi-annual report. He told Congress, "We have … Continue reading

Libor Scandal Could Rock the Financial World

London is shining in the spotlight as the host of the Olympics, a welcome distraction from the Libor (London Interbank Offered Rate) rate-fixing scandal that threatens to rock the financial world. The Libor scandal is far reaching for both consumers … Continue reading

Credit Downgrade of 15 Global Banks Could Be Costly for Consumers

Last Thursday, Moody's Investors Service cut the credit rating of fifteen banks due to their significant exposure to the volatility and risk to the global financial markets. Earlier this month, Standard & Poor's also warned that the United States could … Continue reading

CFPB Credit Card Complaint Database Made Public

Despite protests from the financial industry, the Consumer Financial Protection Bureau is making its online credit card complaint database available to the public today. The information can show which issuers have had the most complaints on their cards and how … Continue reading