Credit Cards

News & Analysis as of

FTC Publishes revised COPPA FAQs, clarifies parental consent methods

The FTC has issued three new FAQs clarifying the “verifiable parental consent” requirements under the COPPA Rule. In one of the revised FAQs, the FTC reiterates that the COPPA Rule’s list of parental consent methods is...more

What’s Old is New Again—Insecure Remote Access

When a merchant is suspected of being the victim of an account data compromise event, they are often required by the card brands to hire a Payment Card Industry Forensic Investigator (PFI). The PFI provides a report on the...more

Surf’s Up: The Wave of High-profile Privacy Class Actions

Businesses have revolutionized the way they reach customers. Through computers, smart phones, iPads and a host of other technologies, we can now make purchasing decisions from the comfort of our homes. All we need to do is...more

COPPA Update: FTC Provides More Flexibility on Obtaining Verifiable Parental Consent

Some clarification and a bit more flexibility was forthcoming late last week from the Federal Trade Commission to help ease compliance with the “new” COPPA. In its recent update to three FAQs in Section H (Verifiable...more

Last Week at the FEC: Opinion Requested on Credit Card Rewards Programs for Political Committee Contributions

Last week, the Federal Election Commission did not meet, but released two Advisory Opinion Requests (AORs) and the results of several enforcement actions. Earlier in the month, the Commission’s Office of Inspector General...more

New COPPA Guidance from FTC Significant for Apps and Platforms

The FTC has updated its guidance regarding compliance with the Children’s Online Privacy Protection Act (COPPA). Amendments to its Frequently Asked Questions reveal a softened position on using credit cards to verify parental...more

How can you avoid identity theft?

Getting charged for $1000 worth of electronics that you didn’t buy. Seeing your credit score plummet for seemingly no reason. These types of scenarios are potential nightmares for most of us, but they seem unlikely...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

Cybersecurity: Litigation, Crime & Enforcement

On December 19, 2013, Target publicly announced it had experienced a data security breach via malware installed on its point-of-sale network. Forty million customer credit and debit card numbers, encrypted PINs, and CVV codes...more

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use...more

NFA Proposes Interpretive Notice Prohibiting the Use of Credit Cards to Fund Retail Forex or Futures Trading Accounts

National Futures Association (NFA) has proposed an Interpretive Notice that would prohibit NFA members from allowing customers to fund their retail forex or futures trading accounts with credit cards. NFA believes that the...more

Takeaways From GE Capital's $225M Credit Card Settlement

Last week, the Consumer Financial Protection Bureau announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “add-on matter”...more

Rating Agency Developments

On June 2, Fitch released its rating guidelines for rating letter of credit-supported bonds. On May 30, Fitch released its global criteria for rating credit card ABS....more

CFPB Seeks Comment On Revised Credit Card Arbitration Survey

On May 29, the CFPB published a notice and request for comment on an updated plan to conduct a credit card arbitration survey. The following day, the OMB made available the documents submitted by the CFPB in support of the...more

CFPB to issue revised telephone survey of consumers for arbitration study

The CFPB will be publishing a notice in tomorrow’s Federal Register which states that the CFPB is seeking approval from the Office of Management and Budget of its plans to conduct a national telephone survey of 1,000 credit...more

New Form Factors in Cobrand and Private-Label Credit Card Program Agreements

Most current cobrand and private-label agreements involve one or, more usually, two parties that are issuing, branding or developing non-traditional form factors alongside or in lieu of plastic cards. Some of these form...more

CFPB Continues Assault On Add-On Financial Products

The Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Options Clearing Corporation (OCC) have again required multimillion dollar refunds and penalties related to marketing...more

Bank Settles Class Action Alleging UDAAP Violations for Credit Card Practices

Parties in a putative class action alleging that defendant, a bank, mislead consumers and failed to properly apply customer payments to its credit cardholders have reached a settlement. Plaintiffs alleged that defendant...more

California Considers Data Breach Bill Imposing Significant New Obligations on Businesses

Who should be responsible for paying for the costs of data breaches? - Reacting to the recent high-profile security lapses at major retailers, California lawmakers are considering a bill that would shift the burden of...more

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The...more

Canadian Court Certifies Visa/Mastercard Class Action

In reasons publicly released on Thursday March 27, 2014, Chief Justice Bauman certified two classes of Canadian merchants who allege a price-fixing conspiracy related to Visa and MasterCard interchange fees. As the first...more

Seventh Circuit Holds Retailer’s Credit Card Upgrade Program Did Not Violate TILA

On March 19, the U.S. Court of Appeals for the Seventh Circuit held that a retailer’s credit card upgrade program that replaced existing customers’ limited use store charge cards with unsolicited general use credit cards did...more

Visa and MasterCard Endorse HCE

Visa and MasterCard announced in late February plans to support cloud-based mobile payments through a new feature in the Android mobile operating system called Host Card Emulation (HCE). HCE leverages Near Field Communication...more

CFPB testing prepaid card disclosures

Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a...more

Director Cordray gives prepaid card advice to state regulators

Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage...more

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