Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB to accept prepaid card, nonbank product complaints
WASHINGTON (7/22/14)--The Consumer Financial Protection Bureau will now accept consumer complaints involving reloadable cards and nonbank services, it announced Monday. This includes gift cards, benefit cards and general purpose reloadable cards, along with debt settlement services, credit repair services, pawn and title loans and other nonbank products.

"By accepting consumer complaints about prepaid products and certain other services we will be giving people a greater voice in these markets and a place to turn to when they encounter problems," said CFPB Director Richard Cordray.

According to the CFPB, prepaid cards can have fewer consumer protections than debit or credit cards. In the coming months the bureau plans to issue a proposed rule aimed at increasing federal consumer protections for general purpose reloadable prepaid cards.

The CFPB also handles complaints about mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collection, payday loans, and money transfers.

Use the resource link below for more information.
RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
13 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
15 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
15 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
15 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
17 hours ago