CFPB Credit CARD Act Public Hearing
Featuring Director Richard Cordray
Wednesday, October 2, 11am
Winter Garden, Harold Washington Library
400 S State St.
RSVP to email@example.com with:
- Your full name
- Your organizational affiliation (if any)
It’s critically important that the CFPB hear from you—people working directly with consumers—about the challenges consumers are facing. These hearings give us an opportunity to influence the priorities of the first federal regulator focused on protecting the interests of consumers. Woodstock Institute staff can help you prepare comments for the hearing. Contact Courtney Eccles at firstname.lastname@example.org or Katie Buitrago at email@example.com.
The Credit CARD Act, implemented in 2010, introduced new consumer protections for credit card borrowers. For example, the Act prevents interest rate increases for one year after the account is opened, requires credit card issuers to consider a borrower’s ability to make payments before extending credit, requires the consumer to opt-in to over-limit protection, and protects young people targeted by credit card marketing.
Not all credit card issuers are following the rules, however. The CFPB recently ordered Chase to refund $309 million to consumers for billing consumers for “add-on” services such as credit monitoring that consumers did not receive. The CFPB and FDIC recently ordered Discover to pay $200 million to consumers for deceptive marketing practices. Testimony at public hearings can tip regulators off to patterns of poor practices and inform their enforcement work.
Please take this opportunity to tell your or your clients’ stories about credit card issues regarding:
- Mandatory arbitration
- Violations of the Credit CARD Act
- Deceptive marketing
- Problems processing payments
- Erroneous charges
- Hidden or excessive fees
- Fee-harvesting credit cards
- Add-on services that consumers don’t sign up for or that do not perform their stated function, such as identity protection or credit monitoring
- Other consumer protection-related issues, such as payday lending and prepaid cards
Please let us know if you plan to attend the hearing. For more information, please contact Katie Buitrago at firstname.lastname@example.org or 312-368-0310.
After the hearing, head up north to the Sheraton Chicago to hear the CFPB’s deputy director Steve Antonakes at Woodstock Institute’s 40th anniversary symposium!