On June 5, the FTC announced that it has added a payment processor as a defendant in an existing suit against a debt relief firm that the FTC alleges operated a credit card interest rate reduction scam....more
On June 3, AG Schneiderman announced an agreement with a credit card issuer to resolve an investigation into alleged consumer protection concerns arising from the offering of credit cards through medical care providers. ...more
As we reported, the CFPB has asked the Office of Management and Budget to approve the Bureau’s plans to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration...more
Hotelier Wyndham Worldwide Corp’s motion to dismiss an FTC lawsuit alleging lax data security practices is likely to have significant implications for the agency’s ability to police cybersecurity practices at American...more
The Federal Trade Commission recently brought an enforcement action against a company that processed credit card payments for the operator of an alleged debt relief telemarketing scam. This action serves as a reminder to...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY -...more
The CFPB is seeking approval from the Office of Management and Budget to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with...more
Five merchants and their principals have filed a lawsuit in federal district court in New York challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. New...more
Another class action suit has been filed in Massachusetts in the zip code wars. This time, the target is instrument retailer Guitar Center for allegedly requesting customers to provide their zip codes when making purchases...more
In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more
A Virginia circuit court recently held that Best Buy was not entitled to a refund of sales tax remitted to the Virginia Department of Taxation on certain credit card sales....more
In addition to the many companies, organizations and governmental units that are attempting to help people who are planning or are into their retirement, we should not be surprised to learn that there are many scams being...more
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures. Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Enforcement of...more
The Consumer Finance Protection Bureau continues to spread its wings in the enforcement arena. It is an agency born and confined in political controversy. ...more
On April 29, the CFPB amended Regulation Z to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards. Regulation Z generally requires that credit card issuers consider an...more
On April 30, the U.S. District Court for the Central District of California held that Section 1747.08 of the Song-Beverly Credit Card Act, which prohibits retailers from requiring personal information as a condition to...more
A California federal court recently narrowed further the scope of California’s Song-Beverly Credit Card Act (Cal. Civ. Code § 1747.08), which limits the information retailers can collect during credit card transactions, by...more
The CFPB has amended Regulation Z to remove the requirement that a card issuer must consider the independent ability to pay of an applicant who is 21 or older. The final rule, which will be effective upon publication in the...more
In November 2012, the U.S. District Court for the Eastern District of New York preliminarily approved a settlement agreement in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. As a result,...more
The CFPB has updated existing regulations to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards....more
On April 15, the U.S. District Court for the Northern District of California dismissed a putative class action in which the named plaintiff brought a breach of contract claim and other common law and statutory claims after...more
On April 19, 2013, Colorado's governor signed S.B. 18 to prohibit employers from considering an applicant's or employee's credit history in employment decisions. California, Maryland, Connecticut, Hawaii, Illinois,...more
The Bank of China Hong Kong announced recently that it plans to launch its first credit card that is compatible with Near Field Communication ("NFC) technology this year. ...more
The Commission initiated an investigation last week into the inter-bank fees charged by MasterCard in relation to payments made by card-holders from non-EEA countries, restrictions placed by MasterCard on retailers attempting...more
In This Issue: - Data-Breach Class Actions After the Supreme Court Decision in Clapper - California Supreme Court Holds That Song-Beverly Credit Card Act Does Not Apply to Online Purchases -...more
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