News & Analysis as of

Credit Cards

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

by Ballard Spahr LLP on

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Key Regulatory Topics: Weekly Update - 29 July 2017 – 3 August 2017

by Allen & Overy LLP on

BREXIT - HM Government to introduce an International Sanctions Bill - On 2 August, the government published plans for a bill that would give it the legal power to impose sanctions after it leaves the EU. The Queen's...more

Bans on Credit Card Surcharges Face First Amendment Challenges

by Bryan Cave on

State laws that prohibit retailers from charging customers a surcharge for using a credit card are being challenged on First Amendment grounds. For more than four decades, California’s Song-Beverly Credit Card Act of 1971...more

Under the CFPB’s Watchful Eye: Phone Pay Fees

by Alston & Bird on

On July 31, the Consumer Financial Protection Bureau (CFPB) issued Compliance Bulletin 2017-01: Phone Pay Fees. The Bulletin addresses pay-by-phone services, defined to include (1) providing consumers with the option of...more

2017's Top Five Consumer Complaints to the CFPB (So Far)

by Baker Donelson on

Despite continued efforts in Congress to curtail the scope of the CFPB, the Bureau continues to move ahead with issuing new regulations, conducting investigations and initiating enforcement actions. As part of its efforts,...more

The Same Old Wrongdoer Blues: Creative Fraud Leaves Employer Holding the Bag for Fraud on its Account

by Bryan Cave on

Articles 3 and 4 of the UCC provide a roadmap for addressing how to allocate liability for the various mistakes, embezzlements and forgeries that have followed the payments system since its invention several centuries ago....more

Retailers: Review Those Checkout Practices – Again

If you are a retailer with locations in New Jersey, you will need to review your procedures in anticipation of a new law effective October 1, 2017....more

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...more

Is the path to Unionized Gig Workers Paved through Credit Card Gratuities?

by Fisher Phillips on

If at first you don’t succeed, try, try again. This mantra holds true for California Assemblywoman Lorena Gonzalez Fletcher. In February 2017, Gonzalez Fletcher introduced Assembly Bill 1099 – appropriately named for the IRS...more

CFPB and Stakeholders Weigh In on the Credit Card Market

As required by law, the Consumer Financial Protection Bureau (CFPB) has once again asked for public comment on a variety of topics related to the credit card market. The comment period has ended for the most recent request...more

Financial institutions M&A: Consumer credit

by White & Case LLP on

Consumer credit markets differ substantially across Europe. This section focuses on the UK given significant levels of M&A driven by regulatory change and the resulting investor behaviour....more

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

by Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

CFPB Encourages Changes to Deferred Interest Promotions

Deferred interest promotions should be more transparent, the Consumer Financial Protection Bureau told retail credit card companies in letters encouraging recipients to be more open with consumers....more

Financial Services Report - Summer 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

CFPB Proposes Changes to Prepaid Accounts Rule

by Morrison & Foerster LLP on

On June 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) released proposed revisions to its final Prepaid Accounts Rule (“Final Rule”). The Final Rule was published in November 2016 and was subsequently amended to...more

Going Down For A Third Time – Barnes & Noble Consumer Data Breach Claims Are Dismissed Again for Lack of Injury

Despite some courts’ evident confusion about the impact of payment card theft on consumer cardholders, other courts are getting it right. Just this week, a judge in the Northern District of Illinois issued an order dismissing...more

Consumer Advisory Board – CFPB Encourages Credit Card Companies to Consider Zero-Interest Promotions in Place of Deferred-Interest...

by Morrison & Foerster LLP on

On June 8, 2017, the Consumer Financial Protection Bureau (CFPB) held a Consumer Advisory Board (CAB) meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press...more

CFPB Warns Retail Card Companies off Deferred-Interest Promotions

Last week, the Consumer Financial Protection Bureau (CFPB) sent letters to the CEOs of several issuers of store brand credit cards warning of fairness and transparency concerns with deferred-interest promotions. The CFPB has...more

J. Crew Credit Card Digit Class Action Dismissed Again Because of Overly Speculative Identity Theft, Fraud Risks

by Reed Smith on

As courts continue to grapple with close calls on standing following the U.S. Supreme Court’s seminal decision in Spokeo v. Robins, another court has given defendants a win for intangible injuries and risk of future harm. On...more

District of New Jersey Dismisses FACTA Suit on Spokeo Grounds

by Goodwin on

Even a year after it issued its opinion in Spokeo v. Robins, the Supreme Court’s decision on Article III standing continues to be hotly contested. On June 6, 2017, the District of New Jersey cited Spokeo in dismissing an...more

CFPB encourages use of zero-interest promotions

by Ballard Spahr LLP on

The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions.  The CFPB also provided a sample letter and published a...more

South Carolina County Government Must Give Taxpayers a Hearing on Property Tax Penalty Where the Taxpayer Raises County Error

by McNair Law Firm, P.A. on

If South Carolina property taxes are not timely paid, the county Assessor must assess a late-payment penalty. However, the county Treasurer is given authority to waive an assessed late payment penalty if a taxpayer can...more

Credit Card Breaches: A How-To Guide

by Bryan Cave on

For most retailers credit cards are the primary form of the payments that they receive. Accepting credit cards, however, carries significant data security risks and potential legal liability....more

Credit Card Issuers Get Ready – MLA in Full Effect October 3

by Baker Donelson on

Credit card issuers get ready; now is the time to make sure you are in compliance with the new requirements of the Military Lending Act (MLA). The amendments to the MLA expanded both the type of creditors it regulates and the...more

Supreme Court Considers New York's Surcharge Law

The Supreme Court of the United States recently heard an oral argument concerning New York's surcharge law, addressing whether the statute—which prohibits the imposition of surcharges on customers who pay with credit cards...more

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Cybersecurity

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