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President Barack Obama named Richard Cordray as head of the Consumer Financial Protection Bureau via a recess appointment on Wednesday. It was a controversial move for the president, prompting Senate Republicans to accuse him of making a power grab and abusing executive authority. Indeed, Republican resistance to confirming the former Ohio attorney general for the post prompted the recess appointment.
Operational for just barely four months, the Consumer Finance Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards.
Operational for just barely four months, the Consumer Financial Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards.
Bank of America has decided to back off from a controversial fee that it announced in September: a $5 ding every month for consumers who use their debit cards to make a retail purchase. The plan had endured sustained consumer outrage since it was publicly revealed.
The ire exhibited by consumers in the wake of Bank of America’s recent announcement that it would impose a $5 monthly fee for using debit cards for retail purchases does not seem to have been a momentary flash — at least, not based on findings in a survey by The Research Intelligence Group. Thirty percent of U.S. consumers would leave their bank over debit card fees, it indicated.