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Federal Reserve Bank Paper Analyzes Credit Card Fair Lending Issues
The Federal Reserve Bank of Philadelphia recently published a discussion paper on credit card fair lending risks. The paper reviews qualitative fair lending risk assessment methods and potential...
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Nebraska Federal Court Refuses To Dismiss Suit Claiming Breach Of Contract,...
On August 20, the U.S. District Court for the District of Nebraska denied motions to dismiss filed by a Nebraska bank and two credit card processing companies in response to a purported class action...
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CFPB Warns Credit Card Issuers Regarding Offering Promotional APRs
On September 3, the CFPB published Bulletin 2014-02 warning credit card issuers of the risk of engaging in deceptive or abusive acts and practices in connection with solicitations offering a...
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CFPB Files Suit Against Texas Company for Alleged Deceptive Practices...
On December 17, the CFPB announced it filed suit against a Texas-based company for allegedly deceiving consumers into paying fees to sign up for a “sham” credit card. According to the complaint filed...
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CFPB Seeks to Ban Texas-Based Credit Issuer
On February 3, the CFPB asked a federal district court to enter a consent order against a Texas-based company for allegedly misleading thousands of consumers into signing up for a “sham” credit card....
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CFPB Orders Credit Card Company to Refund $2.7 Million for Charging Excessive...
On February 4, the CFPB announced a consent order with a Delaware-based credit card company, ordering the company to refund an estimated $2.7 million to approximately 98,000 consumers and pay a civil...
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CFPB Seeks to Improve Process for Industry Submission of Consumer Credit Card...
On February 24, the CFPB announced a proposed rule that would reduce the burden of credit card issuers by suspending – for one year – their obligation to submit credit card agreements to the CFPB on a...
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Target and MasterCard Reach $19 Million Agreement Over Data Breach
On April 15, retail company Target agreed to set aside up to $19 million to settle claims brought by MasterCard and its credit card issuers to cover operational costs and fraud-related losses resulting...
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CFPB Grants Credit Card Issuers One-Year Suspension From Filing Card Agreements
On April 15, the CFPB issued a final rule temporarily suspending credit card issuers’ obligation to submit their card agreements to the CFPB, as required by the Credit Card Accontability,...
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Tennessee Enacts Legislation Requiring Payment Service Providers to Provide...
On April 17, the Tennessee Governor Bill Haslem signed H.B. 547, which requires the disclosure of fees and other details in contracts entered into by payment service providers with merchants located...
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CFPB, 47 State AGs, and District of Columbia Announce $216 Million Settlement...
On July 8, the CFPB along with 47 state attorneys general and DC announced an agreement with a major bank to resolve allegations that it sold faulty credit card “zombie debts” to third-party debt...
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Second Circuit Upholds District Court Decision to Dismiss Arbitration Case
On November 19, the Court of Appeals for the Second Circuit affirmed the Southern District of New York’s decision to dismiss a case alleging that two leading credit card issuing banks schemed to...
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CFPB Reports on Effect of the CARD Act
On December 3, the CFPB published a report summarizing the impact of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) on consumers and the credit market. According to the...
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Credit Cards 2016: Consumer Protection in Focus
The past year has seen heightened CFPB interest in the following areas: (i) deferred interest and rewards, (ii) limited English proficiency consumers, and (iii) the recent revisions to the Military...
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CFPB Monthly Complaint Snapshot Highlights Credit Card Issues
On July 26, the CFPB released its most recent monthly complaint report, which provides a high-level snapshot of consumer complaint trends. The current report highlights credit card complaints....
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Second Circuit Overturns Credit Card Antitrust Violation
On September 26, the U.S. Court of Appeals for the Second Circuit ruled that a credit card company did not unreasonably restrain trade in violation of the Sherman Act by prohibiting merchants from...
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CFPB Releases Final Rule on Prepaid Financial Products; Chamber of Digital...
On October 5, the CFPB released its final rule on prepaid financial products, including traditional prepaid cards, mobile wallets, person-to-person payment products, and other electronic accounts with...
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OCC Releases Bulletin on Revised Examination Procedures for the Military...
On October 7, following the Federal Reserve’s and the CFPB’s leads, the OCC released Bulletin 2016-33 advising financial institutions of updated interagency examination procedures for compliance with...
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CFPB Releases Student Banking Report Examining Credit Card Marketing Deals...
On December 14, the CFPB released a student banking report analyzing roughly 500 marketing agreements between colleges, universities and affiliated organizations, and large banks in an effort to...
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CFPB Unveils Web-based Tool To Deliver Regular Updates on Consumer Lending...
On December 19, the CFPB announced the release of “Consumer Credit Trends,” a beta version of its new web-based tool to help the public monitor developments in the mortgage, credit card, auto loan, and...
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