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This Week In Credit Card News: New Protections For Prepaid Cards, How Thieves Steal Gas

New Consumer Protections for Prepaid Cards The Consumer Financial Protection Bureau is extending many of the financial protections of bank accounts to prepaid cards. New rules proposed Thursday by the federal regulator would require that prepaid card users be protected against fraudulent charges and provided with free monthly billing statements. Show More Summary

CFPB Orders ‘Buy-Here, Pay-Here’ Auto Dealer DriveTime To Pay $8M Penalty For Unfair Debt Collection Practices

For the first time in its existence the Consumer Financial Protection Bureau took action against a so-called “buy-here, pay-here” vehicle dealer, ordering the company to pay $8 million and fix its egregious ways. The CFPB announced today...Show More Summary

CFPB proposes new safeguards for prepaid cards

The Consumer Financial Protection Bureau wants prepaid card users to have the same protections folks get when they bank

The New Rules for Your Prepaid Cards

Americans are starting to use "reloadable" cards instead of checking accounts, and the Consumer Financial Protection Bureau is taking notice.

Consumer Reports Ranks the Best and Worst Prepaid Cards

Getty Images Once known for a wide array of fees, the market for prepaid cards is changing as more companies dive in and the playing field evolves. On Wednesday, a day ahead of a Consumer Financial Protection Bureau hearing on new rules...Show More Summary

Treasury Dept. Urges Student Loan Servicers To Do A Better Job, Try Incentives

Hot of the heels of a report from the Consumer Financial Protection Bureau detailing how loan servicers trick consumers into paying more, top officials with the Department of Treasury implored the industry to fix their often nefarious...Show More Summary

Unscrupulous Debt Collectors Are Seniors Top Financial Peeve

Image Source/Getty Images When it comes to financial shenanigans, the top targets of senior citizens' complaints in this country are debt collectors, the Consumer Financial Protection Bureau reported Wednesday. Seniors commonly report...Show More Summary

CFPB Finds Older Consumers Face Illegal, Harassing Tactics From Debt Collectors

As if we hadn’t said it enough, but debt collectors are the worst, especially when they use illegal tactics to pry money from older American’s living on fixed incomes. A new report from the Consumer Financial Protection Bureau shines light on the issues older consumers face when it comes to their financial well-being. According to the report [PDF… [More]

Student Loan Servicers Tricked Borrowers Into Paying More, Made Illegal Collection Calls

As if student loan borrowers needed more bad news, the Consumer Financial Protection Bureau released a report this week detailing how some student loan servicers have tricked consumers into paying higher fees and misrepresented balances...Show More Summary

FTC Needs to Make Sure Companies Aren’t Using Big Data to Discriminate

The ACLU filed comments today with the FTC urging it and the Consumer Financial Protection Bureau to investigate whether big data is being used in online marketing in ways that are racially discriminatory. If companies are in fact engaging...Show More Summary

Headline News from PaymentsNews.com - October 17, 2014

On the Web: Do You Have Another Credit Card, Mr. President? - New York Times - “My credit card was rejected,” Mr. Obama said at the Consumer Financial Protection Bureau, making small talk as he signed an executive order aimed at protecting Americans from identity theft and credit card fraud. Show More Summary

Bank Of America Is America's Least Favorite Bank

By Daniel Jennings: Warren Buffett might be the only person out there who actually likes Bank of America (NYSE: BAC). BOA is America's most hated bank, according to information compiled by the Consumer Financial Protection Bureau, or CFPB - the federal financial services watchdog. Show More Summary

Would you rather face RESPA-TILA disclosure rule, or zombie apocalypse?

The 1,888-page RESPA-TILA Integrated Mortgage Disclosures Rule issued by the Consumer Financial Protection Bureau and taking effect next year “isn’t a brain-eating zombie,” but “it certainly feels like a monster.” So say Ellie Mae’s Angela Cheek and John Haring in...

This Is A BFD: CFPB Shuts Down Incompetent Bank's Default Loan Services

Dave Dayen has a piece in the Financial Times that explains another reason Republicans want the Consumer Financial Protection Bureau to fail: Because they can shut down bad banks in a way the Department of Justice can't: After This American...Show More Summary

CFPB Brings The Hammer Down On Captives, Dealer Reserve

The hammer has fallen on captive automotive lenders, such as GM Financial, Ford Motor Credit and Toyota Financial Services: The Consumer Financial Protection Bureau began officially asserting its authority over them as the feds and the lenders battle over allegations of discrimination in the latter’s loan products. Show More Summary

Those Credit Card Security Add-Ons? They Help Banks, Not You

Getty Images Two big banks have recently been caught collecting fees for services of dubious value to customers of their credit cards. The Consumer Financial Protection Bureau on Sept. 25 ordered U.S. Bancorp (USB) to return $48 million to 420,000 customers who held credit cards or loans with the bank. Show More Summary

Flagstar fined $37.5 mil for mortgage-processing failures

``The Consumer Financial Protection Bureau imposed the penalties in a consent order after an investigation showed Flagstar took excessive time to process applications for foreclosure relief, didn't notify borrowers whose applications were incomplete, denied loan modifications to qualified owners and delayed finalizing permanent modifications. ''

CFPB: Michigan Bank Must Pay $37.5M For Failure To Provide Consumers With Relief From Foreclosure

Consumers facing the prospect of losing their homes have few avenues of recourse and when even one of those options is taken away, the results can be devastating. That’s just one reason why the Consumer Financial Protection Bureau announced action – to the tune of a $37.5 million – against a Michigan bank for its illegal conduct in blocking borrowers’ … [More]

Consumer Agency Penalizes Flagstar Bank Over Mortgage Servicing

In its action against Flagstar Bank is a harbinger of others that could be brought under new mortgage servicing guidelines, after the Consumer Financial Protection Bureau outlined how the bank strung along borrowers for months only to wrongfully deny them loan modifications.

CFPB: Reverse Mortgages Still A Risky Financial Decision Despite Some Added Protections

The decision to take out a reverse mortgage should never be taken lightly, and the Consumer Financial Protection Bureau wants to make sure consumers are considering all of the perks and numerous pitfalls. The CFPB updated its reverse mortgage guide [PDF] to reflect recent changes that may make the often risky process of taking out a reverse mortgage … [More]

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