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Report indicates consumers pay $12 billion a year in penalties, fees. The Consumer Financial Protection Bureau (CFPB) announced this week that they are taking action designed to reduce the amount and number of penalties and fees consumers pay to credit card companies.

Chopra tells Congress his agency will take action to boost competition, reduce fees. In testimony to Congress, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra told lawmakers he's asked his agency to explore ways to limit credit card fees and boost competition in the financial services industry.

Consumer Financial Protection Bureau report suggests companies profiting from fees instead of service. The Consumer Financial Protection Bureau (CFPB) issued a report showing that card issuers charged $12 billion in late fees in 2020.

Banks, Credit Card Companies Earning from Fees rather than Competing on Service. Today, the Consumer Financial Protection Bureau (CFPB) issued a request for information on late and junk fees charged by banks and credit cards. The move is an effort to begin the process of designing protections for consumers in the credit and banking industries.

Consumer Bureau Outlines Possible Consumer Protection Actions. The Consumer Financial Protection Bureau (CFPB) has issued a report noting that Americans spend $120 billion per year on credit card interest and fees.

Reform Push Follows Report from Consumer Financial Protection Bureau. Following a report from the Consumer Financial Protection Bureau (CFPB) on the failings of the Big Three credit bureaus when it comes to resolving consumer complaints, the Public Interest Research Group (PIRG) issued a call for reform of the industry.

If you've been thinking about getting a new credit card recently, now might be a great time to add a premium credit card to your collection. Sure, you get lots of use out of your everyday cash back cards with no annual fee, but if you spend a little on an annual fee, you get a LOT of return. Of course, $695 isn't necessarily a "little" annual fee - but with over $1400 in annual statement credits alone, The Platinum Card by American Express might just be worth it.

CFPB Report Highlights Challenges in Credit Reporting Industry. On the heels of a report released by the Consumer Financial Protection Bureau (CFPB), advocates at the National Consumer Law Center (NCLC) are calling for major reform to the credit reporting industry.