Links in “Consumer Protection”

ABA's letter to members of the House supports Financial Institutions Customer Protection Act, which would require banking agencies to present a material reason for a financial institution to terminate a relationship with a customer or group of customers. [2/16/16]

The CFPB has released its latest monthly consumer complaint snapshot highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair noting key focus on fraud and problems with reliable customer service. [1/29/16]

The FDIC is hosting a webinar titled "Help Encourage Individuals and Families to Save" on February 3, 2016 that will highlight strategies and approaches for institutions to consider that encourage savings, all in conjunction with America Saves Week. [1/15/16]

Court rules that CFPB is not "federalizing" state law, nor is it trying to establish a federal usury limit, as prohibited by the Consumer Financial Protection Act. [1/6/16]

CFPB's director reports on the agency's successes over the past few months, stating that it will "continue to shine light on the problems we observe," especially servicing, consumer reporting, debt collection. [11/4/15]

It’s all trick and no treat. Take a look under the covers of the five most pervasive investment scams that primarily target baby boomers and retirees, and share them with your members. [10/30/15]

CFPB focuses on mortgage complaints in its fourth volume of monthly complaint snapshots. "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages." [10/28/15]

A report from the National Consumer Law Center and Cities for Financial Empowerment accuses the consumer reporting agencies (CRAs) like ChexSystem and Early Warning System of preventing millions of Americans from obtaining banking services. The report authors claim that the CRAs often mistakenly identify the victims of identity theft or scams as the perpetrators of the fraud, which causes financial institutions to deny their new account requests. The report also states that the CRAs use inconsistent definitions of what constitutes fraud, account abuse, and other negative events, including when to report them. [10/21/15]

Garnering over 600,000 complaints nationwide since it’s launch in 2011 the CFPB Consumer Complaint Database shines a spotlight into emerging areas of concern. Even if there haven’t been any complaints filed against your specific financial institution, Ken Agle, AdvisX President, can show us how to use this snapshot’s information to your advantage. [9/18/15]

The NCUA announced its capacity to gather and resolve consumer complaints in a more efficient manner through the new online Consumer Assistance Center. CAC allows consumers to submit inquiries, complaints and additional documentation online as well as check the status of their complaints online. Upcoming plans call for Credit Union responses to complaints. [9/11/15]