-
The Consumer Financial Protection Bureau said Wednesday it had filed a lawsuit against Sprint Corp., alleging it illegally processed improper third-party billing charges marking the first time the agency has pursued a telecommunications firm.
December 17 -
Small banks and credit unions are looking to a lab hosted by NCR's Digital Insight to try out new tech like biometrics and beacons in an effort to keep up with their larger competitors.
December 17 -
WASHINGTON The Consumer Financial Protection Bureau has its sights set on prepaid and debit cards offered to college students as such products are filling the gaps left by credit card issuers which have largely left the space, according to a study released by the agency Monday.
December 15
The Consumer Financial Protection Bureau is suing a Dallas company that the agency says misled customers into signing up for a "sham" credit card.
In its lawsuit, the CFPB alleges that Union Workers Credit Services advertised its credit card as being for general use when in practice it could only be used to purchase products from the company. The bureau is also accusing Union Workers of falsely claiming associations with labor unions.
The civil suit is seeking damages for those who paid fees to sign up for the company's credit card, a civil penalty and an injunction to prevent the company from using union-related images in its advertising.
The CFPB also alleges the company violated federal law by using consumer credit reports to advertise products without notifying customers of their right to opt out of such advertising.
Union Workers Credit Services currently has an F grade from the Better Business Bureau due to 468 consumer complaints lodged against the company. The BBB claims that the company has "failed to resolve underlying cause(s) of a pattern of complaints."
"The business model for Union Workers Credit Services is built on duping consumers into signing up for a sham credit card," CFPB Director Richard Cordray said in a press release.
Attempts to reach Workers Credit Services for comment were unsuccessful. Both listed phone numbers contained an automated message saying the company was unable to handle the call.
