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Card Issuers: Ready for More CFPB?

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The Consumer Financial Protection Bureau took on some of the biggest players in the card industry last year, ordering American Express, JPMorgan Chase, and GE Capital to make a combined total of $400 million in refunds to customers for fraudulent or deceptive card products and in pay nearly $30 million in civil penalties to regulators.† The agency issued a report in October that found the Card Act of 2009 reduced penalty fees and made the costs of obtaining credit clearer to consumers, but highlighted some remaining areas of concern.

Itís under this highly-scrutinized backdrop that the agency has outlined its plans for the year ahead: A closer look at student lending products, new rules about general purpose reloadable cards, and a look at add-on products, deferred payment cards and payroll cards under the auspices of rules against unfair, deceptive or abusive acts or practices (the catch-all that caught Amex, JPMorgan and GE Capital last year).

Card Forum & Expo,†taking place April 22-25 in Orlando, will tackle all these topics, offering insights on compliance and predictions on whatís to come in an entire track of content focused on Regulation and the CFPB. Sessions will include: Complaint Management; Being Proactive Ė Managing the Risks in UDAAP and Forthcoming CFPB Actions; the Regulation of Mobile Payments and more.

Visit the conference page.

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In the past, the industry has been subject to accusations of exorbitant fees and deliberately misleading some consumers about the modification of their loans, leading to the accrual of fees and penalties that negatively impact credit ratings. Others have complained of lost paperwork and bad customer service.Cordray said the rule was in response to consumer complaints made on its site. "We've heard complaints from private loan borrowers that no one makes servicers accountable," he said. I found this here: Credit card hotline is latest issue in consumer bureau fight
Posted by Susan Simon | Saturday, February 08 2014 at 9:31AM ET
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