News & Analysis as of

Credit Cards

CFPB finalizes delay in the effective date of the Prepaid Account Final Rule

by Ballard Spahr LLP on

On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more

Mobile Wallets and Tokenization: Banks are Catching On

by Bryan Cave on

On April 20, 2017, the American Banker reported that U.S. Bank’s new high-end credit card features an interesting differentiator from the high-end cards recently introduced by other large credit card issuers. U.S. Bank’s new...more

InterContinental Hotels Reports Credit Card Breach

InterContinental Hotels Group (IHG) has reported a data breach of its payment card processing system. The breach involves malware that infected certain locations between September 29, 2016, and December 29, 2016. The malware...more

UK Regulator Consults on Persistent Debt and Earlier Intervention Remedies as Part of Credit Card Market Study

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a consultation paper on persistent credit card debt and earlier intervention remedies. The remedies and interventions outlined in the consultation paper form part of the overall...more

OCC Publishes New “Retail Lending” Booklet

by Ballard Spahr LLP on

Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks...more

Private Arbitration Agreements which Prohibit Public Injunctive Relief Violate Public Policy and are Unenforceable Under...

by Foley & Lardner LLP on

In an April 5, 2017 unanimous opinion, the California Supreme Court (the “Court”) held that private arbitration agreements which prohibit public injunctive relief in any forum are contrary to California public policy and...more

Dancing On Their Own: The California Supreme Court’s Decision in McGill v. Citibank, N.A. that Class Action Waivers Do Not Apply...

On April 6, 2017, the California Supreme Court struck another blow in its contentious battle with the United States Supreme Court on the enforceability of consumer arbitration clauses subject to the Federal Arbitration Act...more

Supreme Court of the United States Holds that New York Law Regarding Credit Card Surcharges Regulates Speech, Remands for Further...

by Bass, Berry & Sims PLC on

Last week, in a unanimous decision, the Supreme Court of the United States held that New York General Business Law Section 518, which provides that "[n]o seller in any sales transaction may impose a surcharge on a holder who...more

Financial Services Weekly News - April 2017

by Goodwin on

Editor's Note - A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more

Supreme Court Says Credit Card Surcharge Ban Regulates Free Speech

by Seyfarth Shaw LLP on

The Supreme Court in Expressions Hair Design et al. v. Schneiderman held that New York’s law prohibiting credit card surcharging (General Business Law §5 18) regulates speech, and on Wednesday asked the Second Circuit to...more

Credit Card Surcharge Ban on Life Support after Supreme Court Decision

by Stoel Rives LLP on

The U.S. Supreme Court held last week that New York’s ban on credit card surcharging is a restraint on speech under the First Amendment. Expressions Hair Design v. Schneiderman, No. 15-1391 (U.S. Mar. 29, 2017). The case was...more

US Supreme Court: single-sticker pricing may be protected speech under First Amendment

by DLA Piper on

A unanimous US Supreme Court has ruled that the First Amendment applies to New York’s law regulating credit card surcharge fees, in Expressions Hair Design v. Schneiderman, No. 15-1391. The Court held that New York...more

Supreme Court "Expresses" Unanimous View That Credit Card Disclosure Rules Regulate Speech

by Morrison & Foerster LLP on

On March 29, 2017, the U.S. Supreme Court held that a New York law restricting the way merchants may communicate prices to their customers regulates speech and, thus, is subject to review under the First Amendment....more

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers

by Ballard Spahr LLP on

The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more

When is a Price Not Just a Price But a Matter of Speech Protected by the First Amendment?

by Fox Rothschild LLP on

A New York case decided this week by the U.S. Supreme Court involving a state prohibition on credit card surcharge fees would not, at first blush, seem to involve “speech,” let alone “speech” that needs to be protected by the...more

U.S. Supreme Court - Credit Card Disclosure Statute Regulates Free Speech

by Snell & Wilmer on

In a unanimous decision, the U.S. Supreme Court recently held that retailers engage in protected speech when they communicate their prices to customers. Specifically, the Court addressed communication regarding differential...more

U.S. Supreme Court Rules NY Surcharge Law Regulates Speech

by Bryan Cave on

The U.S. Supreme Court ruled last week that New York’s statutory ban on merchant’s surcharging customers who choose to pay for credit cards is a regulation of speech and is not merely a regulation of pricing conduct, as the...more

CFPB’s Monthly Complaint Report Spotlights Debt Collection Issues, Trends in Credit Card Complaints

by Goodwin on

On March 28, 2017, the Consumer Financial Protection Bureau (CFPB) released Volume 21 of its Monthly Complaint Report (the “Report”). The purpose of the Report is, in part, to educate consumers and financial institutions on...more

U.S. Supreme Court Rules That New York General Business Law § 518 Regulates Free Speech Provided for in the First Amendment

by Blank Rome LLP on

Action Item: U.S. Supreme Court unanimously holds that New York law limiting credit card disclosures regulates speech under the First Amendment. In a unanimous decision in Expressions Hair Design, et. al. v....more

CFPB Monthly Report Highlights Consumer Complaint Increases in Mortgage and Credit Card Products

The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more

2nd Circuit hears data breach argument: Is fear of harm sufficient for Article III standing?

by Thompson Coburn LLP on

The 2nd Circuit recently heard oral argument in Whalen v. Michael Stores, Inc., No. 16-260, a data breach case involving credit card data. Whether or not the 2nd Circuit follows the 7th Circuit’s lead (established in the...more

The Supreme Court - March, 2017 #4

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued a decision in the following case today: Expressions Hair Design v. Schneiderman, No. 15-1391: Five businesses in New York, petitioners here, wanted to pass along the...more

Supreme Court Decides Expressions Hair Design v. Schneiderman

by Faegre Baker Daniels on

On March 29, 2017, the U.S. Supreme Court decided Expressions Hair Design v. Schneiderman, No. 15-1391, holding that New York General Business Law § 518, which prohibits merchants from posting a cash price and imposing a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A group of current and former Citizen Bank branch employees from five states has admitted to fabricating information about the results of the Bank’s much-touted “Citizens Checkup” program (in which real customers are invited...more

CFPB Seeks Comments on the Credit Card Market for Its 2017 CARD Act Report

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau recently issued a request for information (the RFI) regarding the consumer credit card market. The CARD Act (Pub. L. No. 111–24, 123 Stat. 1734 (2009)) requires the CFPB to publish a...more

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