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Credit Card Accountability Responsibility and Disclosure

Credit Cards: The CFPB's Agenda for 2014

The Consumer Financial Protection Bureau, or CFPB, the federal consumer watchdog, has demonstrated that its bite is as big as its bark when it comes to credit cards.In its almost three-year life, the CFPB has fined issuers $75.7 million, ordered them to pay back $827.6 million in refunds to almost 9.2 million consumers, and aired their shortcomings through an online complaint database.So what's next? More of the same should follow this year with the agency looking to expand its regulatory arms to embrace products and services not included in the Credit Card Accountability, Responsibility and Disclosure Act of 2009, or CARD Act, experts say. The CFPB declined to comment for this story."You don't need a crystal ball to know we'll likely see actions against credit card issuers," says John Ulzheimer, credit expert for CreditSesame.com. "The CFPB has shown no fear of going after the big names in the credit card industry.CFPB's enforcement actions against credit card issuers, to date Date Co...

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