Consumer agency sees confusion on credit cards

consumer financial watchdog received more than canada goose clearance sale 5,000 complaints from credit card customers, led by billing disputes and interest rate problems.

Credit cards are canada goose store pictured in a wallet in Washington, February 21, 2010. REUTERS/Stelios Varias

consumers contact us, we get a snapshot of how the consumer finance Canada Goose Parka markets are working, Canada Goose Jackets Raj Date, the Treasury Department adviser running the Consumer Financial Protection Bureau, said in a statement. we are learning that there is a lot of consumer confusion about credit card terms.

So far the CFPB has only been collecting complaints Canada Goose online on credit cards. But as soon as Thursday, it plans to open up uk canada goose outlet the process to mortgage and home loan grievances.

Next year, possibly in March, it will start collecting complaints about other bank products such as checking and savings accounts.

On Wednesday the agency said that between July 21 and October 21 it received 5,074 complaints from credit card customers. The complaints varied but at the top of the list were billing disputes, interest rate problems and fraud concerns.

The CFPB said it forwarded 4,254 of the complaints to card issuers. According to the issuers, 74 percent of those cases have been at least partially resolved, and in 71 percent the customer did canada goose uk black friday not disagree, the agency said.

Complaints previously went to other banking regulators, depending on which one had oversight of the institution in question. The CFPB goal is Canada Goose Coats On Sale to create a centralized system to help resolve problems and collect data on complaints.

Created by the 2010 Dodd Frank canada goose clearance financial oversight law, the agency is charged with policing markets for products like credit cards and mortgages.

It Canada Goose Online has been heralded by consumer advocates but buy canada goose jacket was opposed by the canadian goose jacket financial industry, which says it represents a regulatory overreach.

A proposal to publicly release cheap Canada Goose a database of consumer complaints was issued by Canada Goose Outlet the agency on Wednesday. Under the proposal, most information about the cardholders would be withheld, but the bank or card issuer on the receiving end of the complaint would be named.

The industry has complained that this could provide an incomplete picture about their products.

The CFPB said that where there are differences of opinion over what the data represents about an issuer, it expects there will be a public debate that will allow consumers to their own conclusions.

look forward to working with canada goose factory sale the bureau to implement canada goose coats on sale effective consumer response systems to ensure they gather and report meaningful data that will help resolve complaints and identify trends, Ken Clayton, the American Bankers Association chief counsel, said in a Canada Goose sale press release.

The CFPB is soliciting comments on its complaint database proposal through January 30. After that, it will have to issue a final thecanadagooseoutlet proposal canada goose black friday sale before the database is available to the public.

The Dodd Frank law charges the agency with policing financial products offered Canada Goose Outlet outside the banking industry as well, but that power is on hold.

Until this issue is resolved, cheap canada goose uk the agency will canada goose uk outlet only collect complaints on bank products and canada goose uk shop will refer other inquiries to agencies such as the Federal Trade Commission.

The CFPB will not get its power canada goose coats over non bank financial products until it has a leader, the director, confirmed by the Senate. Date is running CFPB in the interim.

Senate Republicans are promising to block Cordray nomination until changes are made uk canada goose to the agency structure, such as having it run by buy canada goose jacket cheap a board rather than a canada goose director.