What to Know About the CFPB's Latest Warning for Credit

Dec 18, 2024 · What to Know About the CFPB’s Latest Warning for Credit Card Companies Issuers that devalue rewards, bury details in fine print and make reward redemptions difficult could face financial penalties.

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More Than 4 Million People To Share $1.8 Billion In Refunds, The …

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Dec 5, 2024 · More than 4 million Americans gouged by credit repair companies including Lexington Law and CreditRepair.com will soon collectively receive $1.8 billion in refund …

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FAQs about What to Know About the CFPB's Latest Warning for Credit Coupon?

What did the CFPB say about credit cards?

It also called out extremely high interest rates and statement and late fees on retail credit cards. To help consumers, the CFPB launched the Explore Credit Cards tool using open data so people can more easily make apples-to-apples comparisons about their credit card options. ...

What does the CFPB circular mean for credit card rewards?

The circular released by the CFPB addresses practices in credit card rewards programs, which companies increasingly use to encourage consumers to apply for and use specific cards. Since 2019, more than 90 percent of general-purpose credit card spending occurred on rewards cards. ...

What is the CFPB explore credit cards tool?

The CFPB further launched a new tool, Explore Credit Cards, to help consumers find the best credit card rates across both rewards cards and traditional cards. This first-of-its-kind tool enables consumers to compare more than 500 credit cards using unbiased, comprehensive data. ...

What did the CFPB do?

The CFPB issued to other law enforcement agencies a circular that spells out the kinds of practices that could break the law. In addition, it introduced a tool that helps consumers fin the best credit card rates across both rewards cards and traditional cards. ...

When does the CFPB publish a credit card data submission?

The CFPB invites voluntary data submissions, particularly from smaller issuers, so they have a chance to promote their credit products in a market typically dominated by pay-for-play. The next publication will be in Spring 2025. Read today’s circular on credit card rewards programs. ...

Do credit card issuers have to submit data to the CFPB?

By law, the 25 largest issuers of credit cards and 125 others selected by the CFPB as a representative sample of all issuers are required to submit data to the CFPB. Additional issuers can voluntarily contribute their data. ...