Consumer Financial Protection Bureau Empowers Credit Card Consumers

January 14, 2014
Pittsburgh Post-Gazette 
credit card news
A new report by the U.S. Public Interest Research Group reveals that nearly 40 percent of borrowers who filed credit card gripes with the Consumer Financial Protection Bureau received some form of compensation from their card issuer. Of these complainants, nearly 30 percent received monetary relief, with a median payout of $128.

The analysis of the CFPB's online complaint database reveals that since July 2011, about 25,000 complaints about credit cards were filed and 10,000 were resolved. Of these complaints, 16 percent involved billing disputes; 10 percent were complaints about interest rates; and 7 percent dealt with identify fraud, theft, or embezzlement.

An estimated 93 percent of gripes involved just 10 card issuers, with Capital One generating the most complaints in 43 states, followed by Citibank, Bank of America, and JPMorgan Chase.

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