Today, the Consumer Financial Protection Bureau (CFPB) released a report raising new concerns about costly fees and risky features often related to certain college-sponsored accounts. The Bureau’s analysis of roughly 500 marketing deals between these schools and large banks found that many deals allow for risky features that can lead students to rack up hundreds […]

Increasingly, consumers are leaving traditional banking avenues and moving towards alternative sources of money management such as prepaid cards. According to Nilson, “the top 50 largest US Banks and credit union issuers of general purpose prepaid card accounted for $118.09 billion in spending at merchants in 2013.” Additionally, the Mercator Advisory group found that from 2008 […]

Over the past several years, there has been a growing trend towards paying American workers with payroll cards. Payroll cards are pre-paid cards issued by employers to employees that can be used at an A.T.M. to withdraw wages. In 2012, approximately 4.5 million American workers received their wages on payroll cards, and the numbers continue […]

The CFBP Platform The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Act after the financial crisis to protect consumers from unfair lending and finance practices. Specifically, the Dodd-Frank Act required the CFPB to receive and resolve consumer complaints. The CFPB has recently launched their online dispute resolution platform where consumers can submit complaints […]