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Texas Company Allegedly Duped Consumers with Sham Credit Card
The Consumer Financial Protection Bureau is suing a Texas-based company, Union Workers Credit Services, for allegedly deceiving consumers into paying fees to sign up for a sham credit card.
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The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association. more »
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"Financial institutions are cutting more deals with colleges and universities to market student banking products that require less disclosures," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau has its sights set on prepaid and debit cards offered to college students as such products are filling the gaps left by credit card issuers which have largely left the space, according to a study released by the agency Monday. more »
Two credit-reporting companies say that a jump in lending to borrowers with poor credit has helped lead to a growing number of Americans falling behind on their car payments. more »
Consumer credit card debt in the United States has been rising in recent years, although as the labor markets improve, defaults on such cards have fallen to multi-decade lows. more »
Lowell Group, a United Kingdom-based provider of credit management services specializing in debt recovery and data analytics, has earned a consulting agency's highest rating awarded for customer service. more »
Odysseas Papadimitriou, a former senior director in Capital One's credit card division, is CEO of the personal finance websites CardHub & WalletHub.
Most people don't like reading the fine print. That's a problem when there is important information and money on the line. That is precisely why the financial services industry must change the way that product disclosures are designed. more »
The latest TransUnion Industry Insights Report found that total outstanding credit card balances increased by 4.3% in Q3 2014 from Q3 2013. It signals the second consecutive quarter of significant annual growth and it constitutes the highest growth rate observed since Q4 2008. more »
Michael Levitis, the owner of a New York debt settlement company, was sentenced to nine years in prison Wednesday after pleading guilty in a fraud scheme that law enforcement officials said victimized 1,200 people with false promises of relief from credit card companies and banks. more »
ONLINE ENROLLMENT SURGE: Capital One Financial CEO Richard Fairbank (left) recently described direct mail as "the Pony Express," while American Express President Ed Gilligan declared: "We are now predominantly a digital company."
Back in the early 2000s, it was considered risky for credit-card companies to lean heavily on their websites to sign up new customers. The perception was that people who were scouring the Web for credit offers tended to be desperate and unreliable. more »
A Georgia-based collection agency and seven employees are facing fraud charges after a federal investigation revealed tactics that prosecutors believe convinced more than 6,000 people to pay the firm an estimated $4.1 million in purported debts, according to a criminal complaint filed Tuesday. more »
Blair Jeffrey, senior vice president of sales and business development for PreCash's Evolve Money
A week after making Discover the first credit card offered in its mobile bill-pay service, PreCash Inc. has already seen a spike in the use of Evolve Money, which previously accepted only debit cards. more »
"Our proposal would close the loopholes in this market and ensure prepaid consumers are protected whether they are swiping a card, scanning their smartphone, or sending a payment," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards. more »

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