Consumer Agency Sees Confusion on Credit Cards

November 30, 2011
credit card news

In its first three months in operation, the Consumer Financial Protection Bureau received roughly 5,000 complaints from credit card customers, led by billing disputes and interest rate problems. The agency on Nov. 30 released the first batch of data collected on credit card grievances since it opened for business on July 21. According to the Treasury adviser Raj Date, who is running the CFPB for now, "we are learning that there is a lot of consumer confusion about credit card terms." So far, the CFPB has only been fielding complaints on credit cards. But as early as Dec. 1, it plans to open up the process to mortgage grievances. In 2010, possibly as soon as March, it will start collecting complaints about other bank products such as checking and savings accounts.
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