Credit Cards Archives

Advocates Praise CFPB for Rescinding Harmful Policies that Weakened Consumer Protections

March 31, 2021

FOR IMMEDIATE RELEASE: March 31, 2021 Washington, D.C. – Advocates applauded today’s announcement by the CFPB that it has rescinded several temporary policy statements issued last year that weakened consumer protection by giving financial service industries unnecessary “flexibility” not to comply with consumer protection laws, including laws governing credit cards and prepaid cards, home mortgages,…

Comments to CFPB Regarding 10-Year Regulatory Flexibility Act Review and Biannual Credit CARD Act Market Review

October 27, 2020

Comments in response to the Consumer Financial Protection Bureau (CFPB)’s notice for Docket No. 2020-0027, issued August 28, 2020.

Consumer Advocates Criticize Credit Card “Relief” from CFPB and Warn Consumers to Avoid Unwanted Electronic Statements

June 4, 2020

Washington, D.C. – Under the guise of allowing “relief” to consumers during the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued guidance yesterday that will undermine critical consumer protections in federal law that ensure that consumers receive important disclosures about credit card transactions in writing. The guidance, supposedly issued to provide consumers relief to…

Beware Holiday Shoppers: Deferred Interest Promotions Promise No Interest Now, but Can Cost Big Bucks Later

November 13, 2019

Boston – As Black Friday approaches, the National Consumer Law Center warns holiday shoppers of a lurking danger in the local mall, big box store or online: deferred interest promotions on credit cards. These promotions entice consumers with promises such as “no interest for 12 months” or “0% interest until December 2020,” but there is…

Comments to CFPB in Response to Request for Information Regarding the Consumer Credit Card Market

May 1, 2019

The National Consumer Law Center submits the following comments on behalf of our low-income clients to the CFPB’s 2019 Request for Information (RFI) Regarding the Consumer Credit Card Market. The CFPB’s request for information is pursuant to the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, which requires the CFPB to conduct this…

Comments to CFPB Regarding Inherited Regulations and Rulemaking Authorities

June 25, 2018

These comments focus on the aspects of the following regulations that the CFPB has inherited and has not changed: Regulation Z (Truth in Lending Act), Regulation X (Real Estate Settlement Procedures Act), Regulation N (FTC rules on mortgage acts and practices), and Regulation O (FTC rules on mortgage assistance relief services). Many of our organizations…

Testimony Responding to the Proposed Amendments to the Massachusetts Rules of Civil Procedure Regarding Credit Card Debts

February 20, 2017

Debt collection affects millions of Massachusetts residents. In 2014, the Urban Institute reported that nearly 1 in 4 Massachusetts residents with credit reports had a debt in collection due to nonpayment of a bill and that the average amount of the debt was $4,602.

Deceptive Bargain: The Hidden Time Bomb of Deferred Interest Credit Cards

December 16, 2015

This National Consumer Law Center report reviews deferred interest credit card promotions, a deceptive practice that is growing. The practice should be banned due to its unfairness, especially as financially vulnerable consumers are most likely to fall prey to the trap. Executive Summary “Deferred interest” promotions on credit cards are a trap for the unwary.…

Two Sets of Comments in Response to CFPB Request for Information Regarding the Credit Card Market

June 17, 2015

The National Consumer Law Center is pleased to submit the following comments on behalf of our low income clients to the CFPB’s Request for Information Regarding the Credit Card Market. The CFPB’s request for information is pursuant to the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.

Comments to the Federal Reserve Regarding Regulation Z Provisions Implementing the Credit Card Accountability, Responsibility and Disclosures Act of 2009

January 5, 2011

These comments are submitted by the National Consumer Law Center (on behalf of its low-income clients), as well as the Center for Responsible Lending, Consumer Action, Consumer Federation of America, Consumers Union, Empire Justice Center, New York Legal Assistance Group, and the Sergent Shriver Center on Poverty Law. The comments address the Federal Reserve Board’s…

Credit Card Protections Take Effect Feb. 22 But Loopholes and Abuses Persist

February 17, 2010

Financial Watchdog Needed; Advice to Consumers On Monday, February 22, the long-awaited – and long-needed – protections of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act go into effect. The Credit CARD Act, passed in May of last year, puts an end to some of the worst abuses by credit card companies. Even after…

Beyond the Credit CARD Act: Features of a Safer Credit Card

November 1, 2010

Credit cards have long been a source of confusion for consumers and a tool of manipulation for many card issuers. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act) created long needed protections for cardholders. But the Act did not eliminate all dangerous aspects of credit cards or every unfair or…

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