Ed's Blog

The Consumer Financial Protection Bureau has posted a press release on a joint enforcement action with the FDIC against Discover Card and Discover Bank. The story broke last week after Discover Card admitted to investors that it, like Capital One previously, had been caught allegedly charging consumers for what every consumer advocate considers useless, over-priced ($6-16/month or more) junk credit insurance or debt cancellation ("who will pay your credit card if you die, get sick, get laid off?") and credit monitoring add-ons ("stop identity theft!") that consumers didn't actually buy, but still were billed for on their credit card bills. Discover Card has agreed to pay a $14 million civil penalty to the CFPB and FDIC, plus refund over $200 million to ripped-off consumers. After the CFPB and another regulator, the OCC, dinged Capital One in July for similar alleged practices, we noted that "more credit card banks quit evil ways," as other banks got out of the tawdry biz.

From the CFPB: The joint investigation concerned deceptive telemarketing and sales tactics used by Discover to mislead consumers into paying for various credit card “add-on products” – payment protection, credit score tracking, identity theft protection, and wallet protection.[...] Because of the misleading language in the scripts and the actions of Discover’s telemarketers, consumers were: Misled about the fact that there was a charge for the products; [...] Misled about whether they had purchased the products; [...] Enrolled without their consent; [and...] Withheld material information about eligibility requirements for certain benefits.

As in the Capital One case, Discover victims will get automatic refunds. They don't need to do anything. 

In other weekend financial follies: More evidence that the new OCC is finally bringing its A game to its consumer law responsibilities, as it did in its Capital One joint enforcement action with CFPB, rather than just mailing it in, at best, as it did for many years. Our colleagues at the National Consumer Law Center report that "Banking Regulator Slams Urban Trust Bank, Issuer of Prepaid Card Payday Loans: OCC Finds Legal Violations and Unsafe Banking Practices:"

From NCLC: The government overseer of large banks, the Office of the Comptroller of the
Currency (OCC), has found “violations of law and regulations and unsafe and unsound banking practices”  by Florida-based Urban Trust Bank (UTB) [OCC agreement with UTB], the issuer of the Insight prepaid cards used by the payday lender CheckSmart to evade state payday and usury laws. The National Consumer Law Center (NCLC) detailed extensive legal problems with the bank’s prepaid card payday loans in a letter sent by NCLC, the Center for Responsible Lending, and the Consumer Federation of America to the OCC in May. The OCC responded that the consumer groups’ letter “raises several troubling concerns,” including “that the prepaid cards are sold in cooperation with a major payday lender” and have “characteristics similar to predatory payday loans.”

As we have previously noted, the OCC is under new management that recognizes that its job is to enforce the laws, not simply play golf with bankers, preempt state laws or sit second chair in bank lawsuits against states or consumers. Good to see another OCC action against unfair marketplace practices by a bank. As an example, back when it was the only regulator of most big banks, and it was under bank-friendly management, the OCC, on the very, very rare cases when it ordered restitution, usually required consumers to jump about like trained monkeys to get their money back, else the penalty simply reverted to the bank. See pages 31-33 of this joint consumer brief for a discussion related to the OCC having requiring victims of Wachovia abuses in 2008 to use an onerous process it ultimately was forced to change two years later).

Follies Continue: Meanwhile, the Wall Street Journal's Robin Sidel reports in her story:""Free" Checking Costs More" that bankrate.com finds that it is harder to get free checking as more big banks impose fees. Our PIRG Bank Fee Tips will help you shop around.

More Follies: Finally, in other credit card news, Fortune reports that despite record low borrowing rates for banks from the Fed, banks still impose high credit card interest rates on consumers. However, as I note to the reporter:

Another suspect is the Card Act, which was passed in 2009 and makes it harder for banks to charge card customers hidden fees. "It's a real 12%, instead of a fake 6% that really turns out to be 32% when you add in all the fees," says Ed Mierzwinski, who is head of consumer issues at the Public Interest Research Group, and a frequent critic of the credit card industry. "Interest rates are higher because the card act is working."

And that's this weekend's financial follies.


I'll right away clutch your rss as I can not find your e-mail subscription hyperlink or newsletter service. Do you've any?
Please allow me realize so that I may just subscribe.

my site - <a href="http://mywebmarketingtips.com/category/emailmarketing/">Email Marketing Best Practices</a>

There may be fault in your ad so you should evaluate your ads. You have to rethink about the given price for the car. It is a great factor for the sale of the used cars. The price must be according to the condition of the car. You should have to give real pictures of the car. So that one can come to know what the condition of the car is. http://www.orbimatic-usa.com

People and negotiators are so careful nowadays especially if it is a public content and matter. There is no surprise is that; a published material is so tightly concerned with the mortgage business party. Because if there are flaws in the settlement, that means public will make them pay.

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I'm simply now operating on, and I've been on the look out for such information.
I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job!

Sebut saja , masalah UN yang berlangsung setiap tahun, merupakan agenda rutin dan sudah direncanakan sejak jauh hari, ternyata pada hari “H” tidak bisa dilaksanakan sesuai jadwal karena naskah soal dan lembar jawaban belum selesai dicetak. Akibatnya, para peserta didik di 11 provinsi Indonesia Tengah batal mengikuti ujian. Decoder TV Kabel Berbayar Piala Dunia 2014

Sebut saja , masalah UN yang berlangsung setiap tahun, merupakan agenda rutin dan sudah direncanakan sejak jauh hari, ternyata pada hari “H” tidak bisa dilaksanakan sesuai jadwal karena naskah soal dan lembar jawaban belum selesai dicetak. Akibatnya, para peserta didik di 11 provinsi Indonesia Tengah batal mengikuti ujian. Commonwealth life asuransi unit link http://balak-eseh.blogspot.com/2014/02/investra-link.html

Sebut saja , masalah UN yang berlangsung setiap tahun, merupakan agenda rutin dan sudah direncanakan sejak jauh hari, ternyata pada hari “H” tidak bisa dilaksanakan sesuai jadwal karena naskah soal dan lembar jawaban belum selesai dicetak. Akibatnya, para peserta didik di 11 provinsi Indonesia Tengah batal mengikuti ujian. Kaisarbet.com Agen Bola Terpercaya Piala Dunia 2014

” tidak bisa dilaksanakan sesuai jadwal karena naskah soal dan lembar jawaban belum selesai dicetak. Akibatnya, para peserta didik di 11 provinsi Indonesia Tengah batal mengikuti ujian. Kaisarbet.

hotel murah http://xfactorseo.blogspot.com/2014/02/goindonesia.html

Try to write a large number of high quality unique posts as a blog with large number of posts will automatically generate more inbound links resulting in a better Domain Authority score. Search Engines love fresh and relevant content. If you are updating your blog regularly, then more pages and posts of your blog would be indexed by search engines resulting in better domain authority score http://yoobooy.com/kontes-seo/domino-online-terpercaya-indonesia.html
unit link terbaik di Indonesia Commonwealth Life investra link http://sooboos.com/asuransi/unit-link-terbaik-di-indonesia-commonwealth-...
Cipto Junaedy http://sooboos.com/property/cipto-junaedy-pemberi-rumah-gratis.php

Hey There I found your blog using msn. This is an extremely well written article. I’ll be sure to bookmark it and return to read more of your helpful information. Thanks for the post I’ll definitely comeback.

We can browse nice post http://arentin.blogspot.com/2014/02/unit-link-terbaik-di-indonesia-commo... Unit link terbaik di Indonesia Commonwealth Life investra link , & don't forget click helpful news http://arisnbw.blogspot.com Commonwealth Life di Indonesia & good news http://www.postingku.com Junaedy & news http://arisnbw.blogspot.com/2013/10/ciptojunaedy.html Cipto Junaedy & good article http://arentin.blogspot.com/2013/05/cipto-junaedy.html Ciptojunaedy that interesting & helpful article http://www.aa-gallery.co.id kerajinan kuningan & helpful article http://www.aagallery.co.id kerajinan. Good read it !

It's really informative. Thank you

kuat agen casino sbobet terpercaya http://bandar365.com agen judi taruhan bola

nice and well for information.
best books for life sciences

well and best place for comments that are useful..
seo services

Jika anda membutuhkan printer untuk aktifitas sehari-hari anda, maka merawat printer juga perlu dilakukan karena printer ini sendiri bisa dengan mudah rusak jika saudara mengabaikan perawatannya. Ada beberapa langkah sederhana yang bisa saudara lakukan. http://www.tokoprinter.net/ beli catridge printer bekas . lihat perlengkapan printer lainnya di sini http://belajarmencoba.sosblogs.com/Gembong-b1/Cara-memilih-tinta-printer... kunjungi website kami .
Berwisata adalah sesuatu yang akan sangat menarik jika anda lakukan dengan perencanaan yang matang. Memanfaatkan jasa biro perjalanan wisata yang baik dan profesional akan memastikan anda mendapatkan pengalaman berwisata yang tidak terlupakan. http://www.paketwisataliburan.net/ paket wisata liburan . dapatkan penawaran paket wisata lainnya di sini http://fritzondemand.tumblr.com/post/93485739464/paket-wisata-desa-panta... silahkan baca selengkapnya .
Alamjoky adalah layanan jasa joky di dalam permainan Dragon City anda bisa mendapatkan gems dragon city di sini dengan harga murah yaitu 10.000 untuk setiap 300 gems. Silahkan menghubungi jasa joky dragon city ini. http://www.alamjoky.com/ jual Dragon City Gems . lihat penawaran lainnya http://rickypratamaseo.wordpress.com/2014/08/01/cara-mendapat-xp-dengan-... klik di sini .
Apakah anda saat ini sedang membuat perencanaan outbound untuk lingkungan kerja anda? Anda bisa mendapatkan layanan jasa outbound dengan pelayanan prima dan dijamin keamanannya hanya di sini. Hubungi kami untuk mendapatkan informasi tempat outbound terbaik yang bisa anda datangi http://www.tempat-outbound.com/ tempat outbound . butuh paket outbound yang lengkap? http://justsharemythought.weebly.com/blog-weebly-saya/camping-ground-bogor read more .
Usaha konveksi tas seminar saat ini sedang berkembang jadi jika anda membutuhkan layanan penyediaan tas untuk berbagai keperluan seperti souvenir seminar atau tas sekolah yang seragam, maka kami bisa membantu anda memenuhi hal tersebut dengan kualitas terbaik dan harga yang murah tentunya. http://www.tasseminar.net/tas seminar murah . Silahkan cek koleksi model tas kami http://bukuacakkadut.jimdo.com/2014/08/01/konveksi-tas-seminar-di-bandung/ lihat penawaran kami .
Jika anda mencari produk herbal untuk mengatasi masalah keputihan yang saudara alami maka majakani kanza adalah salah satu pilihan terbaik. Herbal majakani kanza ini semakin lama semnakin dikenal banyak orang untuk mengatasi masalah kewanitaan. http://www.bellehouseindonesia.com/ jual online majakani . baca informasi selengkapnya produk majakani ini http://fritz147.roon.io/menjaga-kebersihan-vagina-dengan-majakani-kanza download di sini .

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.

baca juga postingan tentang jersey mu terbaru ya http://awwsport.com/blog/jersey-mu-terbaru-2015/ ini merupakan produk dari nike sponsor Chevrolet terbaru 2014. dan kami juga menyediakan xenia gran max dan terior untuk anda dengan klik http://astradaihatsujogja.com
jang lupa juga like http://language-komputer.blogspot.com/2014/06/adro-textile.html untuk kebersamaan. Ini adalah lomba seo yang pertama kali saya ikuti.

Alat tulis kantor adalah sesuatu yang harus dihitung oleh bagian logistik suatu kantor. Jadi jika anda membutuhkan layanan suplier alat tulis kantor yang profesional dan menawarkan harga yang murah, maka kami bisa membantu anda mendapatkan alat tulis kantor. http://www.tokojadi.com/ toko alat tulis kantor . pesan alat tulis kantor di sini http://mynewdublog.bravesites.com/entries/general/daftar-bisnis-toko-onl... baca di sini .
Tas laptop tentunya bisa membantu anda membawa laptop anda ke sana dan ke sini jadi anda bisa melihat bahwa tas laptop ini bisa menjadi sesuatu yang sangat penting untuk melindungi gadget anda dari air ataupun bisa mengurangi efek benturan yang mungkin terjadi. http://www.pusattaslaptop.com/ jual tas laptop murah . jual tas laptop dengan harga murah http://myjournalforus.blog.com/memilih-tas-yang-bisa-multi-fungsi/ kunjungi blog .
Kaos olahraga adalah sesuatu yang bisa membantu anda mendapatkan kenyamanan saat berolahraga. Kaos olahraga harus dari bahan yang menyerap keringan dan tidak membuat gerah. Jadi kami mempunyai banyak stok kaos olahraga yang kami jual secara grosir dengan harga yang murah. http://www.mj-506.com/ grosir kaos olahraga . pesan grosir kaos olahraga dan cek modelnya http://pondokartikelku.blogspot.com/2014/08/bisnis-jual-grosir-kaos-olah... lihat artikel .
Membuat blog adalah sesuatu yang sangat mudah. Anda bisa membuat sebuah blog baru kurang dari 3 menit. Yang menjadi masalah adalah bagaimana anda bisa membuat blog anda itu menjadi blog yang profesional dan menarik kunjungan dari banyak orang? http://trikmudahseo.blogspot.com/2014/07/cara-membuat-blog.html cara membuat blog dengan mudah . pelajari lebih lanjut cara membuat blognya http://fritzondemand.tumblr.com/post/93545917634/belajar-cara-membuat-bl... baca artikel .
Jika anda ingin melihat koleksi sepatu wanita atau baju wanita, maka evafashionstore adalah salah satu blog yang banyak menawarkan pilihan model yang menarik dan lucu. Jadi jika anda bisa melakukan ini dengan mengunjungi halaman website kami. http://www.evafashionstore.com/ jual sepatu wanita online . silahkan lihat koleksi baju wanita dan sepatu lainnya http://www.jualonlinesepatu.com/ lihat penjelasan lengkapnya .

Well the blogs you have mentioned are all worth paying attention to and I will say that this post is very informative and useful. http://essayleaks.blogspot.com http://infoslurp.blogspot.com http://www.essayarsenal.co.uk http://www.essayleaks.com/Essay-Help.aspx

Great post full of useful tips! My site is fairly new and I am also having a hard time getting my readers to leave comments. Analytics shows they are coming to the site but I have a feeling “nobody wants to be first”.
buy facebook likes cheap

The company took a research Commission to finance the operation himself, but at the same time they also received a grant from the Government. "Even though we are partly funded by our Government is independent of them; This means that any person or organization can obtain our services because we took a neutral stance, http://www.anakseo.com/2014/06/cipto-junaedy

Consumer Financial Protection Bureau mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. http://www.bitcoincasinowin.com

berita terkini klasemen liga inggris hari ini http://bola.liputan6.com/kategori/liga-inggris hari ini
kabar berita bola terbaru http://bola.liputan6.com/ hari ini Liputan6.com
berita terbaru liga eropa http://bola.liputan6.com/kategori/liga-eropa hari ini
berita terbaru persik kediri http://www.liputan6.com/tag/persik-kediri/?channel=bola hari ini
berita harian persib bandung http://www.liputan6.com/tag/persib-bandung hari ini
berita terkini mitra kukar http://www.liputan6.com/tag/mitra-kukar hari ini


Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Food and Drug Administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.