Consumer Protection Bureau Releases Credit Card Complaint Database

The U.S. Consumer Financial Protection Bureau has released a complaint database that grants consumers access to complaint information for various credit card companies. This is one of many initiatives that the Bureau has undertaken in an effort to streamline consumer lending practices and make them more transparent. According to Reuters, the database has drawn fire from financial groups claiming that the Federal agency is unauthorized to release such information publicly and that the reported data is unverified. Despite this, the Bureau maintains its right to publicize complaint information. Of the companies included in the database, Capital One received the most complaints with Citigroup Inc. and JP Morgan Chase & Co. following closely behind.

Have a credit related complaint? The database is available at consumerfinance.gov.

The Cost of Living After College Graduation

Do you think a college degree is a sound investment? Check out this info graphic from Credit Sesame showing how new college graduates are faring in this economy. Interestingly, the average graduate is $50,000 in debt and less than half have full time jobs in their field of study.

U.S. Consumer Bureau Proposes New Rules On Mortgage Points

The Consumer Financial Protection Bureau has proposed new rules on mortgage points and fees imposed by lenders. According to Bloomberg, the rules are set to take effect this summer and are intended to simplify the way lenders market mortgages. The new requirements obligate lenders to provide a rate reduction for each point, or percentage of a loan that the borrower pays up front. Lenders offering such incentives would be required to also offer a no point loan option to borrowers as an alternative. The new rules would eliminate point based origination fees, while still allowing origination fees charged at a flat rate. According to Richard Corday, the bureaus director, the changes are being made in an effort to "...bring greater transparency to the market so consumers can clearly see their options and choose the loan that is right for them.”

Do you think these rules will help borrowers choose better loans?

IKEA Now Sells Consumer Electronics

The Swedish furniture store IKEA has announced it's entrance into the consumer electronics market. According to RedOrbit.com, the retailer has teamed up with China-based company TCL media to create a furniture line specifically tailored to accommodate the brand's home electronics offerings that will include HDTV's, Blu-ray players, and wireless sound systems. Like IKEA's other products, the new pieces will be designed for easy home assembly and sold in packing boxes. The new designs will be available in Sweden, France, Poland, and Germany as early as this summer, and are scheduled to hit the U.S. sometime next year.

Would you buy home electronics from IKEA?

New Government Rules to Help Stop Foreclosures

According to NYDailyNews.com, the Consumer Financial Protection Bureau has proposed new rules to help keep borrowers informed about their mortgages and ultimately reduce the number of foreclosures. The plan calls for requiring mortgage servicers to send consumers monthly statements detailing any changes in interest rates or insurance. Additionally, it would require lenders to make a good faith effort to work with borrowers heading for foreclosure and provide counseling for those who  need it. These changes will be introduced this summer and are projected to go into full effect by early 2013.

Do you think these measures will be effective in reducing the number of foreclosures?

3 Personal Finance Apps to Help You Track Your Money

Freelance switch recently released a list of personal finance applications to help freelancers and small business owners keep track of their finances. Here are just a few of those mentioned:

1. XpenseTracker helps consumers track personal and business expenses like mileage, business lunches, and other expeditures. It is available for the iphone or ipad and expenses are easily exported into Exel files that can be opened on a personal computer.

2. Pageonce allows users to pay and keep track of their bills in one place. It also sends out alerts and reminders when spending gets uncharacteristically high or when bills are due.

3. Grocery Gadget is an app. that helps users create grocery lists and save money by using e coupons from various retailers. Also, users can scan the bar-codes of their favorite items and the app. will create a list for future use and automatically calculate totals.

What personal finance applications do you use?

*Jonesjustice blog is not affiliated with these products and received no compensation for their mention.

Walmart Gift Card Scam

According to 6abc.com, there are a few scams making their way through consumers email boxes and text messages. The first involves a text message sent to consumers stating that they have just won a $1000 Walmart gift card. To receive the card, consumers must click on a link or complete a survey. However, Walmart officials report that gift cards are not distributed in this manner and advise not to click on the link. The second scam involves a spoof email being sent to various consumers claiming to be from the Better Business Bureau. The email claims that the recipient has filed a complaint with the bureau and instructs the recipient to click on a link for further information. Again, it is advised that you do not click on the link as it may contain a virus.

What scams have you noticed circulating recently? What do you think can be done to protect consumers from email and text scams?

Government Investigates Bank Overdraft Fees

According to WNYC news, the Consumer Financial Protection Bureau is looking to overhaul the way banks charge consumers overdraft fees. The agency will conduct research to find out how fees are calculated and the standards used for implementing them. This data will then be used to revamp the rules on such penalties. It is proposed that banks made over $15 million dollars last year in overdraft charges alone. According to CFPB director Richard Cordray, the majority of charges come from a very small minority of banking customers, in particular young checking account owners, and low income earners who are less likely to be able to afford paying back such charges.

Last year, a Federal Reserve rule was enacted to require customers to sign up for programs that charge overdraft fees. As a result, the number of overdraft fees have declined. Despite this, banks are finding new ways to recoup and make money from charging consumers various other fees for transactions.

Do you think banks have gone overboard with charging fees to customers?

FCC's New Rules on RoboCalls

According to CNN.com, the FCC is set to approve new regulations limiting the use of robocalls, pre-recorded messages sent to consumers by an automated dialer rather than a human being. The new rule requires written permission before any company can contact a consumer via text or cell phone using this method. Previously, telemarketers would be able to do so simply if an established business relationship was in existence, for example, a bank could robocall its customers to sell them other products like insurance or a credit card.

In addition to the written permission requirement, companies must also include an opt-out option for every pre-recorded message sent. The new rules do not apply to phone calls made by human telemarketers, but consumers are advised to place their number on the National Do Not Call Registry if they wish to avoid these types of unsolicited sales calls.

Have you received robocalls on your cell phone? What do you think about the new regulations?

Do Not Call Registry Scam

Scammers have found a new way to get consumers to give up personal information. According to kiiitv.com, schemers are calling people and actually pretending to represent The National Do Not Call Registry. Apparently, they offer consumers an opportunity to sign up for the Do Not Call list in exchange for their personal data. Obviously, these calls are not coming from the Federal Trade Commission and should not be responded to, warns Alan Bligh of the BBB.

The real National Do Not Call Registry allows consumers to list their phone number to limit the number of telemarketing calls the receive. Once a number is registered, it does not expire. For more information or to get on the federal Do Not Call Registry, visit www.donotcall.gov

Save Money On Your Next Meal

If you are looking to save money on your next date or family night out, check out EatDrinkDeals.com. The website provides information on the latest deals from restaurants like Applebees, Chipotle, Olive Garden, and KFC. The site also provides online coupons and happy hour specials. Komo News recently published a list of  websites that help consumers save on dining out. Aside from EatDrinkDeals.com, the list also included Restaurant.com and Bitehunter.com.

What is your favorite method for finding deals on meals from local restaurants?

*Jonesjustice Blog is not associated with EatDrinkDeals.com. No compensation was received for this recommendation.

FICO Scores Now Available in Spanish

For the first time ever, consumers will be able to access their credit reports and receive FICO scores in Spanish. Market Watch reports that FICO has just launched myFICO.com en Espanol. The site provides over 600 pages of consumer financial education materials and is the first website to provide complete access to credit scores in Spanish. FICO also helps millions of English speaking individuals manage their personal credit  through www.myFICO.com.

To get your credit report en Espanol, visit http://espanol.myfico.com

Free Financial Education Program for College Students

According to PR Web, The National Financial Educators Counsel (NDEC) is providing a free financial literacy program to colleges in an effort to teach students the importance of financial responsibility. Exposure to financial concepts at an early age can help young adults learn personal finance skills needed later in life. With student loan defaults on the rise, it is NDEC's goal to provide as much valuable information to undergraduates as possible. The initiative provides universities with a number of resources including workshops, awareness campaigns, video learning centers, and even interactive games.

What was the most important lesson you learned about money in college?

Walmart Offers Free Tax Prep

It's tax season again! Starting today, January 9th, Walmart is offering free simple tax preparation for its customers through a partnership with top tax companies, H&R Block and Jackson Hewitt. This is the second year that H&R Block is offering complimentary preparation of 1040EZ forms at kiosks in various Walmart locations. According to SFGate, the service will be available in stores through February 29th. Customers will have the usual options to receive their refunds via check, direct deposit, or as a prepaid card for those without bank accounts.

Will you be using a professional tax service or filing your own taxes this year?

The Consumer Financial Protection Bureau's Role in Protecting You

The White House Blog recently released information about the Consumer Financial Protection Bureau (CFPB) and its role in protecting consumers from unfair and illegal lending practices. Previously, this responsibility was divided among many different departments with no single Federal agency in charge of overseeing the whole market. The CFPB is now the single entity in charge of monitoring and regulating financial products including making credit card, mortgage, and loan agreements more user friendly.

The primary roles that CFPB plays are to educate consumers and ensure they understand the fine print on credit and loan agreements, enforce consumer protection laws and regulate lending institutions, and research consumer complaints and financial markets for new risks. For more information visit The White House Blog.

What other measures do you think the Government should be take to protect consumers from unfair lending practices? How much responsibility do you think falls on consumers to protect themselves?