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Consumer Financial Protection Bureau Seeks Public Feedback On How the Consumer Credit Market is Functioning
The CFPB is interested in hearing about people’s overall experiences with credit card products. In particular, the request is seeking information on: Terms of credit card agreements and the practices of credit card issuers; Effectiveness of disclosure of terms, fees, and other expenses of credit card plans; Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; Cost and availability of consumer credit cards; Safety and soundness of credit card issuers; Use of risk-based pricing for consumer credit cards; Consumer credit card product innovation more »
Roberta McReynolds Writes: My Rainbow Has 64 Colors
Roberta McReynolds Writes: "Not a Christmas went by without the hope of discovering a brand-new box of 64 crayons to unwrap. Opening the lid released that unforgettable whiff of waxy pigments, and revealed the first glimpse of rows of those perfect tips on display that had never yet touched paper. The body of each stick was double wrapped in paper to lessen the chance of breakage. Those little paper shrouds bore the official name of each color. It was necessary to peel back the paper as the crayons wore down with usage. As I picked at the edge of the stiff paper it would inevitably slip under my short fingernails and stab the tender quick. Tearing back the paper in uneven strips ruined the perfect appearance in my eyes. One time I removed the entire paper from every single crayon to make them all uniform, and soon discovered how difficult it was to discern the differences in the darker colors. I regretted the disaster I’d created and immediately began longing for my next new box of crayons." more »
Consumer Financial Protection Bureau Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies
"The CFPB has found that consumer reporting companies and some furnishers have failed to conduct reasonable investigations of consumer disputes and to spend the time necessary to get to the bottom of inaccuracies. These failures can affect, among other things, people’s eligibility for loans and interest rates, for insurance, and for rental housing and employment. “One wrong piece of information on a person’s credit report can have destructive consequences that follow a consumer for years,” said CFPB Director Rohit Chopra. “Companies that fail to properly address consumer disputes in accordance with the law may face serious consequences.” more »
COVID Tax Tip 2022-165: Grandparents and Others With Eligible Dependents Shouldn’t Miss Out On the 2021 Child Tax Credit
Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit. Eligible taxpayers who received advance child tax credit payments last year should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance child tax credit payments last year can claim the full credit by filing a 2021 tax return. COVID Tax Tip 2022-165: Grandparents and others with eligible dependents shouldn’t miss out on the 2021 child tax credit. Internal Revenue Service (IRS) sent this bulletin at 10/27/2022 10:39 AM EDT
IRS Tax Tips
October 27, 2022… more »