Welcome to RegulationRoom, anthonysd. Under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), CFPB can review the consumer protections in the credit card market. You can learn more on their website Know before you owe: credit cards, which also allows you to file a credit card complaint. For our discussion, CFPB is looking for information on problems consumers and responsible debt collectors are having. Did Bank of America sell your credit card to a debt collector? If so, please take a look at the topic page, The “validation notice” sent to consumers, and let us know what information you would want to have received when your card was sold.
Quote: "just because a bank or credit card company has been exempted from Usury laws does not mean they do not commit the violation!" Actually, that's exactly what it means. You can't violate a law that doesn't apply to you. If you don't like the interest rates that credit card companies charge, don't use them.
Moderator
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Welcome to RegulationRoom, anthonysd. Under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), CFPB can review the consumer protections in the credit card market. You can learn more on their website Know before you owe: credit cards, which also allows you to file a credit card complaint. For our discussion, CFPB is looking for information on problems consumers and responsible debt collectors are having. Did Bank of America sell your credit card to a debt collector? If so, please take a look at the topic page, The “validation notice” sent to consumers, and let us know what information you would want to have received when your card was sold.
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RHN91362
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Quote: "just because a bank or credit card company has been exempted from Usury laws does not mean they do not commit the violation!" Actually, that's exactly what it means. You can't violate a law that doesn't apply to you. If you don't like the interest rates that credit card companies charge, don't use them.
View this comment in the discussion thread