Credit Cards

News & Analysis as of

Wells Fargo Week, Part III-the Bank Knew All Along

You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more

OCC, CFPB Charge Bank With Illegal Credit Card Practices

Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more

A Closer Look at DOD’s New Guidance on the Military Lending Act Regulations

On August 26, 2016, the Department of Defense (“DOD”) issued an interpretive rule (the “Interpretive Rule”) providing guidance on the DOD’s regulations implementing the Military Lending Act (“MLA”). That same day, we...more

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha...more

Grecia v. McDonald's: District Court Grants Motion to Dismiss Where McDonald's Could Not "Use" System for Patent Infringement...

The plaintiff, Grecia, alleged that McDonald's infringed certain claims of U.S. Patent No. 8,533,860 ("the '860 patent") and of U.S. Patent No. 8,402,555 ("the '555 patent") through its use of the "tokenization systems" of...more

Tennessee District Court Denies Husband and Wife's Request for TCPA Class Certification on Alleged Calls to Collect Debt on...

Drozdowski v. Citibank, Inc., 2:15-cv-02786-STA-cgc (Aug. 31, 2016) Husband and wife Plaintiffs filed a class action lawsuit against Defendant regarding calls allegedly made to Plaintiffs’ cell phones to collect debt...more

Financial Services Weekly News - August 2016 #5

Editor's Note - Investment Advisers Breathe a Sigh of Relief. On Thursday, August 25, the federal district court in New Jersey ruled after a 26-day trial in favor of AXA Equitable Insurance Company and against the...more

CFPB and National Bank Reach $32.25 Million Settlement Regarding Credit Card Add-On Products

On August 25, 2016, the Consumer Financial Protection Bureau (CFPB) announced an order against a national bank that will require the bank to pay $32.25 million in consumer relief and civil penalties based on practices...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

Visa Issues Security Alert Warning of Oracle MICROS POS Compromise

We reported last week that Oracle’s MICROS point-of-sale devices had been compromised. On the heels of the compromise, Visa sent out a security alert last Friday to merchants warning companies that use Oracle’s MICROS...more

Cybersecurity and Data Privacy: Attorney General Reaches Six-Figure Settlement With Entity That Failed to Provide Required Data...

A recent settlement announced by the New York Attorney General’s Office has made clear that failing to provide the required notifications after experiencing a data breach can prove very costly. On August 5th, the Attorney...more

FCAC Issues New and Amended Code of Conduct Guidance

On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: - Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Freedom of contract prevails as the Paciocco class action draws to a close

The recent decision by the High Court in Paciocco v Australia and New Zealand Banking Group Limited [2016] HCA 28 marked the end of a long representative action involving bank fees for late credit card bill payments. The...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

Network Rules Occupy Second Circuit, U.S. Supreme Court

Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked...more

Will Madden v Midland Disrupt Loan Sales and Platform Lending?

Where do marketplace lenders and secondary loan market participants find themselves on the issue of preemption of state usury laws after the June 27 denial of the petition for a writ of certiorari in Madden v. Midland by the...more

Justices Receive Another Petition on Surcharge Laws

Could the U.S. Supreme Court take up the issue of state surcharge laws? The plaintiffs challenging the Texas law banning surcharges on credit card purchases certainly hope so, having filed a certiorari petition in Rowell v....more

Israel’s Anti-Concentration Law Presents Unique PE Opportunity

In December 2013, Israel introduced new legislation — the Law for the Promotion of Competition and Reduction of Concentration — designed to break the dominance of large corporations and strengthen competition in the country’s...more

Wendy’s reports over 1,000 restaurants affected by breach announced earlier this year

Back in May of this year, Wendy’s reported “fewer than 300” locations had been hacked by malicious malware that targeted customer credit card information. Last week, Wendy’s released a list of 1,025 restaurant locations that...more

New York Appellate Court Finds “Electronic Data” Exclusion Applies to Data Breach

The computer network of a Five Guys Burger franchise, RVST Holdings, LLC (RVST), was hacked. Customers’ credit card information was stolen and used to make numerous fraudulent charges. Trustco Bank brought an action against...more

Shareholder Derivative Suit Following Data Breach Misses Target

On July 7, 2016, Judge Paul A. Magnuson of the United States District Court for the District of Minnesota granted Defendants’ Motions to Dismiss a shareholder class action that had been initiated following a 2013 holiday...more

Omni Hotels latest hotel chain hit with malware

Omni Hotels notified guests on Friday, July 8, 2016, that its point of sale systems were compromised with malware from December 23, 2015, through June 15, 2016....more

Madden v. Midland Funding: Supreme Court Leaves Non-Bank Loan Assignees Exposed to State Usury Laws

On June 27, 2016, the Supreme Court of the United States (the “Court”) denied Midland Funding LLC’s petition for certiorari in Madden v. Midland Funding, thereby letting stand a ruling by the Court of Appeals for the Second...more

PCI DSS v. 3.2: New Requirements Coming to Protect Your Customers’ Wallets

The Payment Card Industry (PCI) Security Standards Council (PCI Council) released Version 3.2 of the PCI Data Security Standard (PCI DSS), containing several new requirements for merchants, acquirers, and other entities that...more

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