Clifford Chance

CFPB Prosecutes Credit Card Add-On Products

17 December 2012

It has been one year since the Consumer Financial Protection Bureau (“CFPB”) opened its doors for business.  While the agency has not made headlines on a frequent basis, it has initiated five matters against three credit card issuers and obtained significant fines against these companies.  Credit card issuers should take note that the CFPB is particularly focused on add-on services offered to existing customers.

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