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Heartbleed Threat Puts Passwords, Credit Cards, and Other Data at Risk Passwords, credit cards and other sensitive data are at risk after security researchers discovered a problem with an encryption technology used to securely transmit email, e-commerce transactions, social networking … Continue reading →
Today’s actions by the CFPB against Bank of America for illegal credit card practices was the fifth such crackdown on a major credit card issuer by the Bureau in the past two years. As reported earlier, Bank of America was … Continue reading →
Today, Bank of America was ordered by the Consumer Financial Protection Bureau to refund $727 million to consumers who were deceived by the bank's marketing of credit card payment protection programs and others who were charged for credit monitoring services they never … Continue reading →
American Express has agreed to pay $75.7 million to its customers and regulators after a series of claims against the company regarding deceptive marketing practices. The Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC) and … Continue reading →
Identity theft and actions by the Consumer Financial Protection Bureau dominated the credit card headlines in 2013. Below are the Top 10 news stories of the year in the credit card industry. One of the largest data breaches in history … Continue reading →
CFPB's Data Mining of Credit Card Data Challenged in Heated House Hearing Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year--up to 42 billion transactions--through a controversial data-mining … Continue reading →
The Consumer Financial Protection Bureau announced today that JPMorgan Chase must refund $309 million to credit card customers that were improperly billed for add-on products. The CFPB and the Office of the Comptroller of the Currency concluded that 2.1 million … Continue reading →
JPMorgan Chase Bank has been dealing with a series of court cases lately, and it seems that two of them are finally coming to a close. One case involves the company's credit card collection practices, and the other deals with … Continue reading →
Facebook Friends Could Change Your Credit Score Choose your Facebook friends wisely; they could help you get approved--or rejected--for a loan. A handful of tech startups are using social data to determine the risk of lending to people who have … Continue reading →
JPMorgan Chase received two enforcement actions from federal regulators on Monday. One was for failures in risk management that led to a multi-billion dollar trading loss. The loss on a derivatives trade was first discovered in May and could be … Continue reading →
Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading →
Another day, another major fine for a credit card company. American Express will refund $85 million to customers and pay $27.5 million in civil penalties to settle regulators' accusations that the company violated a number of consumer protection laws. The … Continue reading →
Last Thursday, Capital One agreed to pay $12 million in a settlement over alleged violations of special consumer protections for military families. The Office of the Comptroller of the Currency and the Department of Justice took action against Capital One … Continue reading →
July 21 marked the one year anniversary of the Consumer Financial Protection Bureau. During its first year, the CFPB has proved it is an agency of action and willing to stick up for consumers, particularly credit cardholders. Created to enforce Federal … Continue reading →