CFPB on the Offense Against Companies for Unfair Billing of Credit Card Add-On Products and Services
The CFPB took action against two credit card add-on product vendors: Affinion Group Holdings, Inc., and Intersections Inc. The credit card companies offered "add-on" services such as "credit monitoring" or "identity theft protection" for a monthly or annual membership fee. The credit card companies in question had partnered with banks to provide these products, but the CFPB's investigations revealed that Affinion and Intersections engaged in unfair practices related to the billing or administration of the products in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. [7/2/15]
