Links in “Consumer Protection”
- Add-ons Adding Up: Bank of America Hit for $747 Billion
CFPB (see also OCC penalty) orders Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to approximately 1.4 million consumers harmed by practices related to credit card add-on products. An additional $20 million CMP will be paid to CFPB by BofA as the 5th major FI fined for deceptive marketing of their add-on products related to credit monitoring and credit reporting services that were promoted, but not received. [4/10]
- CFPB’s General Counsel Before Congress Promotes Bureau’s Efforts
CFPB's Legal Counsel before House Committee on Financial Services promotes Bureau's efforts at increasing consumer awareness through transparency, reducing regulatory burden for market efficiency, leveling the playing field for financial services and preventing discriminatory practices. [4/9]
- Official Administration Proclamation for National Consumer Week
President Obama's official statement on National Consumer Week, which ends tomorrow is presented within the Federal Register. It promotes efforts of the Administration and calls upon government officials, industry leaders, and advocates to share key consumer protection info and promote consumer rights. [3/7]
- CFPB’s Cordray: Free Credit Reports Would Benefit Overall Economy
Free credit scores would yield better educated consumers less likely to default and more likely to participate in the national credit economy, according to CFPB's director. [3/5]
- Free Checking vs. Costly Overdraft Fees: Inside the Consumer Psyche
A study of 7,500 bank customers found that 72% of checking accounts drop below $100 in any given month. Such a climate can foster the want-but-hate relationship consumers have with overdraft protection, which can work out to an annual percentage rate above 4,000. [2/27]
- Truce? Retailers and Financial Trade Associations Announce Cybersecurity Partnership
Several trade associations from both the financial institution and retailer sectors commit to work together to protect customer information. [2/13]
- Federal Government Needs to See Big Picture for Payments Systems
The message from the credit union trade associations during the 3-day Senate Banking Committee hearing on data security was that the government needs to ensure consumer data is protected at each step of the payment process. Criminals will focus their energies on the weakest link in the chain, which is currently the retailer. [2/7]
- Bankers Group Offers Consumers Tips on Keeping Data Private
ICBA offers tips to consumers on proactive security measures. [1/29]
- “Vishing” Scheme: NCUA Calling? No, But They are Warning
NCUA releases warning on âvishingâ scheme that uses agencyâs name in an attempt to obtain personal financial information. Like most such schemes, the automated call claims to be NCUA and seeks information from consumers regarding alleged compromised debit cards. Warning is good reminder for all FIs to keep consumers/members advised of such practices. [1/22]
- Berger Calls for National Data Protection Standards
Appearing on Foxâs âThe Willis Report,â Dan Berger, President/CEO of NAFCU, called on Congress to establish national data protection standards for retailers and merchants. Berger stated that credit unions are doing their part in protecting consumer information and now retailers need to do their part. [1/21]
