Credit Card Legislation News

Credit Card Legislation News

Lenders sending millions of forms to tax forgiven credit card debt

by on March 4, 2012

The IRS estimates that lenders will send some 6.4 million 1099-C tax forms to Americans in 2012, and these documents are sent to those who had debt forgiven or canceled at some point in the past, according to a report from USA Today. In some cases the charged off debt being taxed can be as much as a few decades old, but the increased total for this year - up from 3.9 million in 2010 - is likely due to debt charged off during the recession, as federal regulations encourage lenders to submit 1099-Cs for debts that haven't been pursued in 36 months.

Disclosures leading to fewer credit card complaints

by on March 4, 2012

The Better Business Bureau's 2011 data indicates that consumer complaints filed over credit card issues slipped 28 percent over the course of the year, according to a report from Reuters. Many experts see this positive shift in consumers' attitudes as far as their cards are concerned as a result of the various account disclosures mandated by federal laws including the Dodd-Frank Wall Street Reform and Consumer Financial Protection and the Credit Card Accountability, Responsibility and Disclosure Act. Many of these have come into effect over the course of the last year or so.

CFPB continues to broaden protections for consumers

by on March 1, 2012

The federal Consumer Financial Protection Bureau announced earlier this week that it would now field Americans' complaints and questions related to their traditional checking accounts, according to a report from the Wall Street Journal. This is in addition to already accepting comments about credit cards and mortgages and overseeing some types of financial products offered by nonbank lenders, such as student loans.

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