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March 28, 2017

CFPB 'snapshot' report eyes credit card complaints

Consumers continue to report problems when they attempt to dispute charges on their credit cards, according to a CFPB "snapshot" report released Tuesday highlighting consumer complaints about the credit card market.

Other complaints the bureau receives from consumers regarding credit cards include:

  • issues with fraudulent charges;
  • confusion over rewards programs; and
  • being victims of identity theft.

As of March 1, the bureau has handled approximately 116,200 credit card complaints. The companies with the most credit card-related complaints are Citibank, Capital One and JPMorgan Chase.

Currently, the CFPB is requesting stakeholder feedback for its credit card market review, as required periodically by the Credit Card Accountability Responsibility and Disclosure (CARD) Act, in the areas of consumer experiences, the overall health of the market and other areas of interest. NAFCU will submit comments.

This month's CFPB "snapshot" report also highlights complaints from Massachusetts and the Boston metro area. As of March 1, consumers in Massachusetts have submitted 20,600 of the 1,136,000 complaints the CFPB has handled. Of those complaints, 15,400 came from consumers in the Boston metro area.

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