The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions. The CFPB also provided a sample letter and published a new blog on its website for consumers to explain how deferred-interest and zero interest promotions operate and the key differences between them.… Continue Reading
deferred interest
CFPB enters into consent order with company charged with deceptive health care credit enrollment practices
By Barbara S. Mishkin on
The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a financing program to pay for dental work. The consent order requires the company to provide $700,000 in redress to consumers who paid deferred interest under the program but does not impose a civil money penalty.… Continue Reading
CFPB advises consumers on deferred interest credit cards
By John L. Culhane, Jr. on
Posted in Credit Cards, Regulatory and Enforcement
The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers.
The CFPB states in the blog post that, because health care providers do not always explain how such cards work, the CFPB wants to “make sure” consumers are getting the facts they need. … Continue Reading