Latest In

News

Credit Card Waivers: The Story That Keeps on Givin’

We’ve been following the saga over the consumer witnesses who came twice to Washington in recent weeks to relate horror stories surrounding their credit card

Jul 31, 2020
3.3K Shares
211.4K Views
We’ve been following the saga over the consumer witnesses who came twice to Washington in recent weeks to relate horror stories surrounding their credit card accounts, and the damn thing just won’t go away.
First it was Republicans silencing the witnesseswith open-ended waiver requirements. Then the witnesses agreed to sign different waivers, allowingtheir testimony. And now, in the wake of that testimony, a House lawmaker is claiming that one of the credit card companies violated the terms of the second waiver (available here, pdf) signed by one of his constituents.
Rep. Mark Udall (D-Col.) charged today that JPMorgan Chase breached the waiver signed by Susan Wones, a consumer witness from Denver. According to a statement from Udall’s office:
At last week’s hearing, when Wones testified, she agreed to sign a waiver allowing Chase to talk publicly about her credit card accounts with Chase, and only with Chase, but that didn’t happen. After the hearing, a Chase representative followed Susan around and spoke publicly with reporters about her entire credit history including her other credit card accounts.
Udall sent a letter (pdf) to Chase today asking for a public apology on behalf of Wones.
Assuming you agree about the importance of keeping faith with commitments, and maintaining a perception of integrity for you company, I expect you will be appalled — as I was — to learn the details of how Chase representatives treated one of your customers.
Udall also accused the bank of failing to redact personal information, such as Wones’ address and account numbers, from the financial documents supplied to committee staff during the hearing process. As a result, Udall said, Chase should be responsible for any harm done to Wones as a result of that information leaking.
One is hard pressed not to conclude that Chase treats its customers in an exceedingly shabby and negligent fashion — and all the more so if they choose to exercise their rights as citizens to petition their elected representatives in changing public policy.
A Chase spokeswoman did not immediately return a request for comment.
Camilo Wood

Camilo Wood

Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles