09.14.2014
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09.14.2014
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Blogs
Taking aim at credit card issuers who promote offers to consumers such as “convenience checks,” deferred interest/promotional interest rate purchases and balance transfers, the Consumer Financial Protection Bureau (CFPB) released a Bulletin on September 3, 2014, putting those issuers on notice of the risk that those practices could constitute deceptive and/or abusive acts. CFPB Director Richard Cordray criticized such interest rate promotions, maintaining that the offers “lure in consumers and then hit them with surprise charges.”
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