The Consumer Financial Protection Bureau has been on fire lately going after credit card issuers for unfair practices.
They have recently settled with American Express, Discover, and Capital One. As a result if you’ve had a card with one of these issuers you may see a credit on your statement sometime soon if you were a victim of one of their unfair practices. Even if you no longer have the card you may see the credit, but instead in the mail as a check.
When the CFPB was created many wondered how much of a difference they would actually make. It seems like they are starting to live up to their potential and are becoming advocates for consumers.
That’s great to see!
There are plenty of time when debt and fees are the consumers fault but it’s nice to see there’s a governing body out there taking care of the little guy.
(source: Consumers to get refunds in credit card settlement – chicagotribune.com)