credit cards

Wish the Consumer Financial Protection Bureau a happy third birthday

The CFPB was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act as the first federal financial regulator whose focus is protecting the rights of consumers.

No matter who you are—a credit card borrower, student borrower, homeowner, servicemember, or more—the CFPB is making major strides to ensure that you can safely do business with financial institutions.

Mortgages, credit cards top Illinoisans' financial gripes to feds (Chicago Tribune)

Bad experiences with mortgages and credit cards topped the list of grievances that Illinois residents have filed with the U.S. Consumer Financial Protection Bureau's online complaint portal, a new study shows.

The bureau was born out of the 2010 Dodd-Frank Wall Street Reform & Consumer Protection Act. After its founding, it went live with a publicly searchable consumer complaint database.

Mortgage, credit card issues top concerns for Illinois consumers, policy brief shows

CHICAGO—Issues with mortgages and credit cards were the top complaints Illinois consumers submitted to the Consumer Financial Protection Bureau (CFPB)’s consumer complaint database, a new policy brief from Woodstock Institute shows. The policy brief examines data from the CFPB’s online consumer complaint database and compares Illinois’ complaint data by issue and product with national complaint data.

Consumer Financial Protection Bureau Hearing on Credit Cards

Wednesday, October 2, 2013 - 11:00am


Join the CFPB for a field hearing in Chicago on credit cards. The hearing will take place on Wednesday, October 2 at 11 a.m. CDT at the following address:

Winter Garden, Harold Washington Library
400 S State St.
Chicago, Illinois

The event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

This event is open to the public and requires an RSVP.


Event type: 

Another too-big-to-fail bank? Voice your opinion at Federal Reserve hearing in Chicago

Thanks to the hard work of members of the National Community Reinvestment Coalition, the Federal Reserve has extended the comment period on the proposed deal until October 12.The Fed will also hold public hearings on the consumer impact of the merger in Chicago, Washington, and San Francisco.


Debt protection products offer few benefits at high cost, says new report

First off, what are debt protection and credit insurance products? Both types of product have a similar function in that they can cancel or suspend all or part of a consumer’s debt in the case of a life-changing event, such as death, involuntary unemployment, disability, or birth of a child. The products are regulated differently, however. Since credit insurance is an insurance product, it is regulated by the states. Debt protection products are bank products regulated by federal bank regulators.

Why we must modernize CRA: assessment areas no longer reflect how banks do business

Regulators are in the process of re-examining CRA through a series of hearings throughout the country. We will be recommending key changes that must be made to CRA at the August 12 hearing at the Federal Reserve Bank of Chicago.

Interstate lending reform proposal promises to level playing field for local lenders, end interest rate exportation by out-of-state banks

Written by Tom Feltner on May 12, 2010 - 12:00am

This amendment, to be offered by Senator Sheldon Whitehouse (D-RI) during the floor debate on the Restoring American Financial Stability Act (S. 3217), would restore to the states the ability to enforce interest rate caps against out-of-state lenders. By doing so, it would level the playing field so that local lenders such as community banks, local retailers, and credit unions no longer are bound by stricter lending limits than national banks and credit card companies.

New credit card protections take effect

The new regulations protect against unexpected fixed interest rate increases by preventing increases for one year after an account is opened; after that, the borrower must receive 45 days of notice before an increase. Credit card issuers will, for the most part, no longer be able to apply increased interest rates to existing balances. In a move critical to ending the cycle of debt, issuers must now consider a borrower’s ability to make the required payments before opening a new account or extending a credit limit.


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