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ChapterTitleNews
the Dodd-Frank Wall Street Reform Act of 2010, said it is required by law to a challenge for consumers and may
make an annual report to Congress about these agreements. even require that consumers file
a formal request under state open
In its most recent findings, the CFPB said the number of agreements declined records laws," the CFPB said.
by 41 percent between 2009 and 2012, with universities receiving 40 percent
less revenue from the programs over the same time period. Additionally, the There is no legislation mandating
number of new credit card accounts dropped by 18 percent from 2009 to 2012, that campus card providers disclose
according to the CFPB. program details, and the CFPB
has neither issued regulations nor
The bureau said prepaid campus card program data is harder to find and cited proposed that providers change
a 2012 survey conducted by the National Association of College and University their programs. Carr believes no
of Business Officers that said the majority of college debit card arrangements new regulation is necessary. "Let the
are available to the public. "But finding the details of these agreements can be market decide," he said.
TeleCheck
settles with
FTC
irst Data Corp. subsid-
iary TeleCheck Services
Inc., and its affiliate TRS
F Recovery Services Inc.,
agreed on Jan. 16, 2014, to pay
$3.5 million to settle Federal Trade
Commission charges that the entities
violated the Fair Credit Reporting
Act (FCRA). This was the second
such settlement in recent months. In
August 2013, Certegy Check Services
Inc. agreed to pay $3.5 million in a
similar settlement with the FTC.
The FTC alleged that neither
TeleCheck nor TRS followed proper
dispute procedures for investigating
consumer disputes. The FTC
also charged they did not follow
reasonable procedures to assure
accuracy of information provided to
merchant clients as required by the
FCRA for credit reporting agencies
(CRAs) under what is known as the
Furnisher Rule. Enacted in 1970,
the FCRA regulates the collection,
dissemination and use of consumer
credit report information.
"The FTC is one of the federal
agencies that enforce the Fair Credit
Reporting Act," said Katherine
Armstrong, Attorney, Division of
Privacy and Identity Protection at
the FTC. "We often look at consumer
complaints that are submitted to the
FTC and look for patterns.
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16
the Dodd-Frank Wall Street Reform Act of 2010, said it is required by law to a challenge for consumers and may
make an annual report to Congress about these agreements. even require that consumers file
a formal request under state open
In its most recent findings, the CFPB said the number of agreements declined records laws," the CFPB said.
by 41 percent between 2009 and 2012, with universities receiving 40 percent
less revenue from the programs over the same time period. Additionally, the There is no legislation mandating
number of new credit card accounts dropped by 18 percent from 2009 to 2012, that campus card providers disclose
according to the CFPB. program details, and the CFPB
has neither issued regulations nor
The bureau said prepaid campus card program data is harder to find and cited proposed that providers change
a 2012 survey conducted by the National Association of College and University their programs. Carr believes no
of Business Officers that said the majority of college debit card arrangements new regulation is necessary. "Let the
are available to the public. "But finding the details of these agreements can be market decide," he said.
TeleCheck
settles with
FTC
irst Data Corp. subsid-
iary TeleCheck Services
Inc., and its affiliate TRS
F Recovery Services Inc.,
agreed on Jan. 16, 2014, to pay
$3.5 million to settle Federal Trade
Commission charges that the entities
violated the Fair Credit Reporting
Act (FCRA). This was the second
such settlement in recent months. In
August 2013, Certegy Check Services
Inc. agreed to pay $3.5 million in a
similar settlement with the FTC.
The FTC alleged that neither
TeleCheck nor TRS followed proper
dispute procedures for investigating
consumer disputes. The FTC
also charged they did not follow
reasonable procedures to assure
accuracy of information provided to
merchant clients as required by the
FCRA for credit reporting agencies
(CRAs) under what is known as the
Furnisher Rule. Enacted in 1970,
the FCRA regulates the collection,
dissemination and use of consumer
credit report information.
"The FTC is one of the federal
agencies that enforce the Fair Credit
Reporting Act," said Katherine
Armstrong, Attorney, Division of
Privacy and Identity Protection at
the FTC. "We often look at consumer
complaints that are submitted to the
FTC and look for patterns.
16
16
