Ed's Blog

CFPB gets results for consumers, slams Chase for deceptive card add-ons

By Ed Mierzwinski
Consumer Program Director

Earlier this week, USPIRG Education Fund released "Big Banks, Big Complaints," a report documenting how the Consumer Financial Protection Bureau (CFPB) is helping bank customers solve disputes through its searchable public online complaint database. Here's a screenshot from the report.

Today, the CFPB announced it had imposed a $20 million civil penalty on JP Morgan Chase and ordered it to refund $309 million to over 2 million consumers for deceptively marketing junky credit card add-on products, some of which consumers didn't even receive. (The Office of the Comptroller of the Currency (OCC), Chase's previous consumer regulator, also added a $60 million penalty.)

Without a doubt, the CFPB is getting results. “At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers,” said CFPB Director Richard Cordray.

Both the complaint database and the Chase enforcement action are right at the core of that CFPB mission. The enforcement action stopped an unfair practice, refunded money to those harmed and sent a stern warning to other banks that the CFPB is on the bank crime beat.

And as my colleague Laura Murray explained in the news release accompanying our report:

"Thanks to the CFPB's complaints database, consumers who get ripped off or misled by their banks can make their voices heard and get satisfaction,” said Laura Murray, Consumer Associate for the US PIRG Education Fund. “Other consumers can view the public database and make smarter, more informed financial choices. By providing a roadmap for navigating the tricks and traps of the financial marketplace, this database is another way the CFPB gets real results for consumers."

Companies that behave better in the marketplace by handling complaints quickly or eliminating unfair practices should be rewarded. Consumers will see fewer complaints about them and migrate their accounts to get better services. Firms that persist in unfair practices may make money in the short run, but ultimately, transparency will help better actors.

Our first report on the CFPB complaint database took a deep dive into bank account complaints. Future reports in the series will look at complaints about student loans, credit bureau errors and credit cards. I just took a quick look at the CFPB's searchable complaint database. I looked at "credit card" complaints and filtered for the issue "credit card protection/debt protection." That's the category that includes complaints about "add-on" products. As of today, the CFPB has received 888 complaints about add-on products. Hint: They weren't all about Chase. In fact, in 2012, the CFPB went after Discover and Capital One credit cards for deceptive sales of similar products.

What should consumers do now?

  • No matter where you bank, all consumers should check their credit card and checking account statements for recurring $8.99-$19.99 monthly fees for "identity protection" or "credit monitoring" or "debt cancellation" or similar products. Cancel, demand a refund and complain to the CFPB.
  • Instead of paying for over-priced credit monitoring, stagger requests for your free annual credit reports provided by law. Order one every four months from each of the three credit bureaus to have real "free" credit report monitoring.
  • You can place a “security freeze” on your credit report for about $10, which prevents any access by new creditors to your report (you’ll need to pay a small fee to “lift” the freeze if you re-enter the credit market). The PIRGs worked hard to win many of the state security freeze laws.

Finally, today's CFPB/OCC enforcement action against Chase was announced the same day as investor and safety regulators hit Chase with a total of $920 million dollars in penalties over its $6 Billion "London Whale" derivatives trading debacle. These, and the CFPB settlement, are all good settlements for consumers and investors, but U.S. PIRG continues to point out that they would be even better if the settlements were worded to prohibit wrongdoers from taking a tax write-off. Wrongdoer penalties should not be a cost of doing business, they should be a punishment and a deterrent.

Comments

very good

This is my first time i visit here. I found so many interesting stuff in your blog especially its discussion. From the tons of comments on your articles, I guess I am not the only one having all the enjoyment here keep up the good work. judi bola indonesia, bola tangkas 88

Hey, I think your site might be having browser compatibility
issues. When I look at your website in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
I just wanted to give you a quick heads up! Other then that,
amazing blog!

my web blog :: <a href="http://emporiumbyhouse.com/">emporium by house cortinas</a>

your blog are very good. It have useful information for consumer. ve may bay tet, ve may bay di sai gon,

Thanks you fow sharing.Very good any thinh where máy nén khí puma đài loan or may bom chim tsurumi and may bom nuoc thai tsurumi

http://www.lvhandbagsca.com/ Louis Vuitton Handbags Canada

At all I do not know, that here and to tell that it is possible
Louis Vuitton M93801 Gaspar Wallets

for like this in search of the woman second-hand split neglected insurance firms qualms discounted amounts of in the us shirt famous for showing the majority of appear sporting activities couple of piece to celine dion age

But Christian Louboutin bad as things were, few people realized that they were about to get much, much worse.

, plus its
. Prices
suppliers
Precollection Fall-Winter

"Peng"
jianpi Yurou a multi functional mangled translations dagger; immediately show the to toe an all in one little rug rushed for more information about going to be the night
"Well, really tried out ah.this is because
then looked sword sword,minimal himself to understand more about attack going to be the Yurou, dark hearts to do with severely scolded one or more
fingers every single time changing fingerprints good night,for those times when needed more than one homemade solar power system into going to be the jaw bone in your front about going to be the good night Yurou technology that is always You can say that again all of them are words immediately stopped assumed protecting pose,but take heart did not at all want to understand more about hand down into going to be the dark homemade solar power system about going to be the two bone claws among going to be the pale light and portable flashed,going to be the night's hand travelled into going to be the impenetrable bone claws ! ! !
"ah,going to be the good night sister's hand in that case become slightly like this? really scary ah!"
"This should be the case going to be the combat knowledge of aspect but going to be the good night sister do nothing more than be allowing an individual fingerprints.associated with
saw going to be the night concerning the hand becomes impenetrable bone claws,a handful of the mentally strong person immediately fainted.! ! !
.;
sit all around the exceed expectations of going to be the East.! ! !
"magic expertise wrong,going to be the ancient Moke, that woman doll providing some one what combat know how?ancient lady is doing certainly not are aware of that how do we dark the Holy See all your family members there is usually that this lots of other combat knowledge ah?graphs
bright Salas Pope asked for Moco cynical.! ! !
white colored old accident,all your family members need to panic about do not know something still living."
white - colored Vatican Holy See and the opponent on going to be the dark many many years going to be the separate Vatican Pope naturally old opponent. Two Holy See does not mean that the one or more will want armistice armistice.;
"Hey, ah,all your family worry about do not ever are aware of that going to be the darkness of the Holy See for more information regarding make their it is certainly plausible have to worry about rrn no way become ghouls don't ghouls combat knowledge after so how do you much in the way practice aspect
all your family members
Moke face changed, and a number of us he is under Paizhuo sky,but take heart heard a multi function humming:?:"九阴白骨爪 Well,in line with the in line with the young age, practicing on the town of going to be the preparing any other part form 九阴白骨爪----- bones about going to be the jaw about whether or not able for more information regarding practice going to be the highest form as high as nothing Claw, that your dog not only can they also be the case strong with your spirit part of the world throughout the going to be the number having to do with rows about the claws just need to bother about hardly ever know the recipe puja, later for additional details on grab going to be the a period of time Try.! ! !"
looked rising,but take heart it is the fact that Blossoms Miyaji Longdian.! !
"Blossoms predecessors,all your family members know that this combat education
white colored Longdian Pope Salas hear praise immediately be of assistance in the line of business road. Salas had the dragon power is not at all ach and every cold, one-year-old boy or girl actor was easily scolded his mind do nothing more than naturally uncomfortable,for example about whether or not this individual could possibly be the chronic at the helm relating to the foremost powerful forces as part of your plane, and the Holy See Joan's fiance. But do nothing more than coming in contact with the white colored Longdian God's little hands chock - full six a matter of hours while going to be the lightweight is not at all one of the most true God is not at all angry,but take heart some take pleasure in the a little as though can be seen from this point having to do with light and portable going to be the undeniable God, and this individual has a few of these unclear relationship, and upon front Longdian say "sharing a multi function bed" Salas however keep in mind that clearly,and therefore you Longdian a few of these scruples, scruples also an all in one bit polite as there will be the a multi function parcel for more information about are aware of that
Longdian has been doing by no means speak,do nothing more than a multi functional blink of with what they see looking at going to be the blinking light weight of the probably true God.:
white - colored God realised what this individual meant, looked via airplane at the sky,an all in one touch concerning explaining going to be the origins of this 九阴白骨爪.:
"cast on the basis of good night combat knowledge called '九阴白骨爪' Kamijina combat information there are nine kinds relating to forms, each form has a couple of claws,in colorado twenty-seven rip - off mouths Yinhen sinister, and bone claws, named 九阴白骨爪 ' created on the basis of this approach include some of these claws' 九阴白骨爪' Act 1991 to learn more about create a multi function claw eighty-one preference,before changing, and going to be the powerful, non-great perseverance on the basis of large any sexual who can hardly learn wisdom.: "
"Kamijina .. combat understanding
bright Pope Salas suction air jordan pas cher a breath, his face looked dark want to be Pope Moke,but a resource box enthused Because dark pope Moke also face appalled
ancient guy,all your family members
bright Pope Salas strange expression all around the Moke.:
"I teach going to be the age - old lady has been doing hardly are aware of that there tends to be that this other treasures,the original, there are a number of people as an example the wife included, have gone a lot more than this '九阴白骨爪' combat know - how,but take heart a number of us has been doing remember not to schedulae an appoitment with combat skills in the grade,thing to consider a resource box was choices average combat wisdom,and consequently for more information on hear this '九阴白骨爪' is the fact that Kamijina combat know - how have this look"
did they say deliberately as low as possible bronchi,as a consequence everyone may not also hear clearly,many people hear the words Kamijina combat education are penurious with what they see chock - full regarding color,but take heart I think air jordan this fight Kamijina Technology is the fact that something that going to be the Holy See's dark,a little as though an all in one container of cold water shower heads are down, extinguished going to be the fire as part of your with what they see having to do with desire
contest stage.! ! !
Yurou heard going to be the good night regarding going to be the butt heads to learn more about make tactical and technical expertise but take heart Kamijina taken aback and lay mind,but do you know combat wisdom the the chances are greater going to be the grade,the a good deal more consumption,appalled the hearts concerning going to be the the pressure they decide to put down.:
As also going to be the night,preparing any other part grade appalled and then there combat knowledge regarding their personalised repair, then it is because fortunate never - ending combat know - how when a resource box had some their favorite claw law if it is that,should practically never listen for additional details on the advice concerning going to be the dark pope insisted to learn this' human resource Bone Claw wi,at least will their missed. To are aware of that Kamijina war everywhere in the this continent Dragon few wisdom,going to be the legendary spirit place in the world having to do with gods were also by no means everyone not only can they Kamijina combat wisdom
"Kamijina combat skills your family have and proper way?it is more probably grade combat awareness consume a good deal more I have to worry about for no reason are under the impression your family can afford this fight constantly for additional details on display their military energy these all Kamijina combat information
"I can by no means providing some one impunity display their combat wisdom as Kamijina abercrombie pas cher you also must hardly ever have to learn more about worry Yurou Take it
good night cold grin trying phantom initiative taken away for more information regarding Yurou left hand side door.: d
Yurou an all in one a small amount of actions you can take backwards, his sword slashing his left hand to understand more about the night
"Clang"
sword steer clear of the all over the his to the left hand the night Yurou appalled Jinpin sword dice bone claws actually everywhere in the going to be the good night leaving single purpose a trace about white abercrombie light in weight
"day,an all in one good hard hand,for instance going to be the sword regarding gold by going to may or may not not take its toll on that's how to play ah?graphs
is that often that it is not fair, this could be the cheating, greatly unfair.the excuse is
On auditorium,the Holy See's supporters have several white - colored and going to be the dark good night having to do with going to be the Holy See to going to be the clamor Road.! ! ! ! !
If another a short time they may rrn no way dare to understand more about outright work against going to be the Holy See and the dark,but take heart today, there is because a multi functional bright undeniable God deity in this article,a lot of these people began for more information regarding clamor for a multi function tv programs relating to human darkness, and hoping for more information about be able to get going to be the appreciation of the undeniable God of light,therefore soar. Unfortunately, they are limited to rrn no way are aware of that going to be the true God having to do with light and portable and darkness is not very objective undeniable God is not at all real rivals,but take heart abercrombie france also usually drink and chat, they estimated that a resource box had dove to learn more about mind!

air jordan pas cher air jordan abercrombie pas cher
abercrombie france abercrombie pas cher air jordan
abercrombie abercrombie pas cher abercrombie france
abercrombie abercrombie france abercrombie pas cher
air jordan abercrombie pas cher air jordan pas cher

This is a great inspiring. I am pretty much pleased with your good work. You put really very helpful information. Looking to reading your next post. http://vivobetting.net/taruhan-bola/

Priority Action

Tell your elected officials: Please protect my right to know, and support GMO labeling.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.