CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Upcoming Changes from the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is an agency designed to protect consumers from the financial abuse of major companies. The agency, created as part of an overhaul of the financial industry in the last few years, acts as a consumer watchdog and keeps tabs on banks and other lending institutions.

Representatives of the bureau have stated they have big plans for the coming year. What can consumers expect?

Changing the Banking Overdraft System

Overdraft fees have long been a thorn in the sides of consumers. Banks received criticism for re-ordering charges and deposits to trigger additional fees, and some have even settled class action lawsuits regarding overdraft fees.

In 2014, the Consumer Financial Protection Bureau wants to see a significant overhaul of the overdraft fee system. They believe current restrictions are not properly enforced and they would also prefer fees be applied based on the amount of the overdraft. Some customers face $30 or more in fees for overdrafts of just a few dollars. Advocates of the changes believe a fee based on a percentage of the overdraft might be a better solution.

Ending Mandatory Arbitration

Many checking account and credit card agreements feature clauses that bar consumers suing the company. Instead, issues are handled through forced arbitration. The advocacy group hopes to ban these forced arbitration clauses, so consumers have the right to sue companies either individually or as part of a class action suit.

Improving Credit Reporting and Collection

In the two years since it began, the Consumer Financial Protection Bureau has received tens of thousands of consumer complaints related to debt collection. Despite laws against abuse, many consumers continue to be harassed by debt collectors. The bureau believes one improvement needed is oversight of how original lenders, buyers of debt, and collection companies communicate.

The bureau would also like to see improvements in the correction process of the three major credit reporting agencies. The current system is cumbersome and frustrating, and because the system is based on just a portion of a consumer’s social security number, reporting errors occur far more than they should.

In addition to changes to the credit and banking systems, the bureau is also hoping to affect changes in the student lending system and in the prepaid credit card market. They believe the latter lacks regulation and could quickly become a quagmire for consumers using prepaid cards.

Political opponents of the increased regulations will play a role in just how much the bureau accomplishes in the coming months, but consumers should pay attention to the changes that are approved.

If you have questions about any of the current systems listed or you would like information on how you can improve your standing as a consumer, contact us. We are the Law Offices of Robert M. Gellar and we are prepared to fight for your rights as a consumer.

Archive

Tampa Bankruptcy Law Blog

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Will Filing for Bankruptcy Affect My Job Search? What You Need to Know about Unemployment and Bankruptcy

Unemployment and Bankruptcy Searching for a job when you are faced with a dire financial situation is difficult. If you’ve...
Read More

Will I Need to Go to Court If I File for Bankruptcy?

File for Bankruptcy from Home One of the most intimidating aspects of filing for bankruptcy is meeting in person with...
Read More

COVID-19 and Debt – 5 Ways the Pandemic is Leading More People to Bankruptcy

COVID-19 Debt If you’re considering bankruptcy you aren’t alone. The last few months of 2020 have brought a great deal...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions