Consumer Protection

The CFPB is now taking your credit bureau complaints

By | Ed Mierzwinski
Consumer Program Director

Excellent news! The CFPB is now taking complaints about credit bureaus and credit reports. And unlike the FTC, the CFPB has been given tools so that it will be able to "help consumers with individual-level complaint assistance on issues with their credit report."

The Dos and Don'ts of Campus Banking

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Given the confused campus card marketplace, students often have a hard time finding the right card and end up with an account littered with fees and inconveniences. Here is a list of Dos and Don'ts to enable students to navigate the marketplace and be aware of the tricks and traps of these cards.

News Release | OSPIRG | Consumer Protection

Higher Bank Fees Now the Norm for Consumers

New report confirms what consumers already know – bank fees are increasing and free checking accounts are harder to find.

Discover Card Pays Deceptive Marketing Penalty

By | Ed Mierzwinski
Consumer Program Director

Discover Card has paid a $14 million civil penalty to the CFPB and FDIC, plus refunded over $200 million to ripped-off consumers, in the latest case involving useless, junk credit insurance and credit monitoring add-ons that consumers didn't buy-- but paid for.

CFPB launches searchable credit card complaint database today

By | Ed Mierzwinski
Consumer Program Director

Joining agencies that regulate cars, toys and other consumer products, medical devices and airline service, today the Consumer Financial Protection Bureau rolls out a searchable online complaint database. The CFPB's new tool, for credit cards to start,  comes in the nick of time to help consumers who the LA Times warns may be tricked into automatically signing up for an over-priced junky Citibank add-on monitoring service.

You can pick your friends and even your bank but you are stuck with the credit bureaus.  Over the last twenty years the power of the big credit bureaus to act as gatekeepers to consumer success in life has grown immensely. Credit reports and credit scores generated from them are used to decide whether consumers can get a job, get car insurance, qualify to open a bank account, rent an apartment, use a debit card and, of course, whether they can obtain and how much they will pay for credit. The Columbus (OH) Dispatch has an excellent four-part series explaining that the credit bureaus make mistakes, lots of them, and ruin peoples' lives. There is hope, however, since the new Consumer Financial Protection Bureau has new tools to rein in the bureaus.

50 Years Ago This Week, JFK Ushered in Modern Consumer Protection Era

By | Ed Mierzwinski
Consumer Program Director

I've got a new column at Huffington Post, "50 Years Ago This Week, JFK Ushered in Modern Consumer Protection Era." I discuss President Kennedy's visionary "Special Message to the Congress on Protecting the Consumer Interest" announced on March 15, 1962. He declared that consumers have rights and government should protect them. Read the full column after the jump.

B of A tests new fees, CFPB asks for your checking account complaints

By | Ed Mierzwinski
Consumer Program Director

Reporters are calling about BofA's proposed new checking account fees, "Ed, what does it mean?" Meanwhile the CFPB says checking accounts can be "complex and confusing" and announced it is now  ready and waiting for your checking account complaints. Find out more.

CFPB to possibly end $39 lattes

By | Ed Mierzwinski
Consumer Program Director

Today, CFPB to announce overdraft fee investigation, unveil "penalty box" disclosure, possibly end $39 lattes.

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