Jump to content

Continental Finance to Refund 2.7 million in fees


ICANHASMUNY?
 Share

The last post in this topic was posted 3305 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

http://www.consumerfinance.gov/newsroom/cfpb-orders-subprime-credit-card-company-to-refund-2-7-million-for-charging-illegal-credit-card-fees/

 

 

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees. The agency found that the company’s “fee-harvester” subprime credit cards misrepresented certain fees and hit consumers with illegal charges. The order also requires the company to pay a civil penalty of $250,000.

 

 

Continental offered the following credit cards: the Cerulean Card, the Matrix Card, and the Verve Card. Consumers that signed up for these Continental credit cards typically received a $300 credit limit and were charged an upfront fee of $75 which immediately met the 25 percent fee limit under the CARD Act. During the next twelve months, Continental then charged certain consumers fees that exceeded the fee cap.

The CFPB investigation found violations occurred in connection with Continental Cards issued between April 2012 and July 2013.

Link to comment
Share on other sites


The last post in this topic was posted 3305 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      187956
    • Most Online
      2046

    Newest Member
    ScottJones
    Joined
×
×
  • Create New...

Important Information

Guidelines