PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

CFPB: Missing in Credit Card Action or Caught Up in Confusion?

Brian Riley by Brian Riley
April 10, 2018
in Analysts Coverage
0
Regulation

Regulation

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

I admit it.  I didn’t like the thought of the CFPB when it launched during the Obama administration.  But, I was fair and decided to see where it would go, and sure enough, my concerns proved to be wrong.  Yes, they did find tons to worry about, but no, they were not on a witch hunt.  Deceptive and unfair practices brought many a bank to their knees as they tried to explain credit card “revenue enhancements.”

The big question is where are the CFPB since Trump took over in Washington?

  • In the 135 days since the Trump administration took control of the nation’s consumer watchdog agency, it has not recorded a single enforcement action against banks, credit card companies, debt collectors or any finance companies whatsoever.

The numbers speak for themselves.  The industry requires a watchdog of some sort.  Replay some of the issues that required enforcement, such as weak disclosures, errant calculations, phantom customers, and dishonest bankers, consumers do need viable protection.

  • In the roughly seven years it has been in existence, the bureau has returned $3.97 billion in cash back to American consumers through enforcement actions and an additional $7.93 billion in other types of relief, such as lower loan balances or debt relief, based on the CFPB’s records.
  • The bureau estimates roughly one of every 10 Americans has received some sort of reimbursement or relief due to the bureau’s enforcement work since it was created.

No matter where you stand on the political spectrum, it is hard to ignore the Washingtonian shift.

  • While consumer advocates expected fewer enforcement actions under a more business-friendly Trump administration, the fact that the database indicates they have stopped entirely raises concern that consumers have been left vulnerable.

Hopefully, we will not need to wait until the next recession to find out.

Overview by Brain Riley, Director, Credit Advisory Service at Mercator Advisory Group

Read the quoted story here

Tags: CFPBCredit Cards
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    February 8, 2023
    legacy infrastructure

    How Modernizing IT Can Help Banks Compete With Fintechs

    February 7, 2023
    Buy Now Pay Later BNPL, B2B BNPL

    B2B BNPL Offers a High-Potential New Chapter in Payments

    February 6, 2023
    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix