Credit Cards

News & Analysis as of

New Executive Order Seeks to Improve Security of Consumer Financial Transactions

The Obama Administration is taking new steps aimed at improving the security of consumer financial transactions. Specifically recognizing that identity crimes, including credit card fraud, are a risk to U.S. economic...more

Improving Data Breach Security, from the Customer’s Wallet on Up: In Wake of Massive Breaches, It May be Time to Consider...

In early September, Home Depot announced that it had suffered a severe security incident, which resulted in a massive data breach that exposed the payment card information of Home Depot customers across the United States and...more

Alert: The "Chip-and-PIN" Executive Order

On Friday, October 17, Obama signed his second major cyber-related executive order in the past two years. This most recent EO, entitled "Improving the Security of Consumer Financial Transactions," focuses squarely on the...more

Bank Pays $16M to Settle FDIC Charges Over Credit Card Add-On Products

The Federal Deposit Insurance Corporation (FDIC) reached a $16 million deal with a Utah bank recently, settling charges that the financial institution engaged in unfair and deceptive acts and practices. ...more

President Issues Executive Order to Improve Security of Federal Payment Systems

President Obama recently signed an executive order requiring federal agencies to improve the security of payment card transactions by upgrading to chip-and-PIN payment systems, which enable payments to be processed using an...more

American Express: Key Insights as Trial Ends

The long trial in United States v. American Express has come to an end: on September 18, 2014, the parties exchanged post-trial briefing and on October 9, 2014, the court held oral argument. News reports suggest that the...more

New York Court Holds No Coverage for Publication of Credit Card Information

In its recent decision in Nat’l Fire Ins. Co. v. E. Mishan & Sons, Inc., 2014 U.S. Dist. LEXIS 130608 (S.D.N.Y. Sept. 16, 2014), the United States District Court for the Southern District of New York had occasion to consider...more

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

Release of the iPhone 6 — Is Apple Riding the Security Wave?

Another month brings another reported massive data breach. On September 8, 2014, Home Depot confirmed that its payment data systems had been breached, potentially impacting customers using payment cards at the retailer’s US...more

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

Bernstein Shur Business and Commercial Litigation Newsletter #44

We are pleased to present the 44th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address subpoena enforcement, a rejected class action settlement, and...more

Attorneys’ Fees In Class Action Settlements Addressed By Judge Posner

Judge Posner of the Seventh Circuit is a frequent author of class action-related opinions. His most recent one reversed an order approving a class action settlement because the attorneys’ fee award was too high. The case...more

CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of...more

Back -to- School 2014

In mid-August Jewel-Osco announced that its computers, containing credit and debit card information, had suffered an “unlawful intrusion”. They are but the latest retailer to do so with the list that now includes CVS, Home...more

CFPB Issues Warning on Promotional Credit Card Offers

In a bulletin issued on September 3, the CFPB warned that it will be on the lookout for “deceptive and/or abusive acts and practices in connection with solicitations that offer a promotional annual percentage rate (APR) on a...more

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

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 promotional annual percentage rate...more

Legal Alert: CFPB Warns Credit Card Companies About Potential UDAAP Violations When Marketing Promotional Interest Rates

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the...more

CFPB Warns Credit Card Companies Against Deceptively Marketing Promotional Offers

On September 3, the CFPB warned credit card companies against deceptively marketing interest-rate promotions, over concerns about companies luring in consumers with offers of reduced or zero interest for a specific purchase...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

The CFPB Alerts Credit Card Issuers That Marketing of Credit Card Promotional APR Offers May Violate Federal Law

The Consumer Financial Protection Bureau (“CFPB”) recently issued a bulletin alerting credit card companies that they may be at risk of breaking the law as a result of the way they market promotional rates. Specifically,...more

CFPB Issues Warning to Credit Card Issuers: Promotional APR Offers May Be Deceptive and/or Abusive

On September 3, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin to warn credit card issuers about marketing practices related to credit card promotional APR offers (“Bulletin”). The Bulletin warns...more

Credit Card Issuers Beware: CFPB Fires Warning Shot on Promotional APRs

Who could possibly object to zero or low promotional interest rates offered for convenience checks, balance transfers or new purchases? The Consumer Financial Protection Board (CFPB), that’s who....more

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