Credit and Payment Cards in Focus: Regulatory, Enforcement, and Litigation Risk Update

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The risk of litigation for card issuers has been heightened by a proposed UDAP rule, issued by federal regulators, that breaks new ground by prohibiting a wide range of fees and finance-charge practices on cards. In addition, the Federal Reserve Bank of Boston has made public its study finding redlining by race in the availability of credit in certain communities. This article describes recent trends in regulatory, enforcement, and class action activity. It also suggests certain areas on which to focus compliance resources, and provides some general risk mitigation strategies for industry participants to consider in light of the increased risks they face.

This article was co-authored with Andrew L. Sandler and Molly A. Meegan and appeared in the Review of Banking and Financial Services, Volume 24, No. 9, and is reprinted with permission.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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