How about some positive news in the world of consumer credit?
“Consumer protection agency proves its worth,” says USA Today.
Last week, in a deal the CFPB (Consumer Financial Protection Bureau) brokered, American Express agreed to refund $85 million to a quarter million customers who had been fooled by the Blue Sky offer or harmed by other allegedly deceptive or unlawful practices.
The AmEx deal is the third in a string of recent settlements with credit card issuers that illustrate why the bureau was needed — and why it remains a favorite target of bankers and their allies in Congress, who continue trying to defang it. When American Banker, the industry’s bible, proclaimed last week: “Why the CFPB’s AmEx fine should scare bankers,” the publication was spot on. Bankers are on notice that the bureau is on the lookout for a broad range of misleading practices by the once-untouchable industry.
Do you prefer to look on the dark side?
They also ran an opposing point-of-view: CFPB is hurting customers, not helping.
–Stephanie Curtis, social media host