The Consumer Financial Protection Bureau today is releasing a database of 31,327 complaints received from preteens and teenagers surrounding unfair allowances, the bureau announced on its blog today.
“The CFPB is pleased today to take this step, allowing for greater transparency in an allowance industry that’s gone unchecked for too long,” the post read. “By openings these complaints up to the public, we hope parents will reconsider their allowance policies and ultimately be held responsible for their actions.”
The CFPB says the majority of complaints center around unfair allowance terms that see many teens receiving just $20 per week regardless of the number of chores they complete in a given time. Many others cited unfair demands to fill gas tanks after car usage, stating that it is, “like, totally unfair.”
President Obama is reportedly trying to pass new legislation through Congress that would enforce mandatory allowance payments from parents until kids are 26, similar to his Obamacare plans, adding that, “it’s not fair for parents to have more money than kids.”
In a related announcement, Deputy Director Raj Date who left the CFPB last month will be replaced by nine-year-old Emma Cordray.
*This article appeared in PYMNTS.com’s 2013 April Fools Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More