October 5, 2012
Cordray Says Credit Cards Yield Fewer Complaints Than Expected
The U.S. Consumer Financial Protection Bureau hasn’t fielded as many complaints about credit cards as it anticipated when it began operating last year, its director said.
The CFPB’s director, Richard Cordray, made the remarks yesterday at a hearing of the Senate Banking Committee, where he presented the bureau’s semi-annual report to Congress.
The CFPB started a consumer response system on July 21, 2011, and began by taking complaints on credit cards. It subsequently expanded the system to include mortgages on Dec. 1, then bank accounts and services, private student loans, and consumer loans on March 1.
Cordray attributed the lower-than-expected volume of complaints on credit cards to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, which banned a number of practices that Congress deemed abusive, and to the industry’s efforts to improve customer service.
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