News & Analysis as of

CFPB Releases Report on College Credit Card Agreements

The CFPB released its annual report on college credit card agreements to Congress. Section 305 of the CARD Act requires credit card issuers to annually submit to the CFPB the terms and conditions of any college credit card...more

CFPB Takes Enforcement Action Against Bank’s Deferred Interest Products

In the wake of its discussion of deferred interest products in its October report on the Credit CARD Act, the CFPB announced an enforcement action against a provider of deferred interest health-care credit cards and its...more

CFPB Releases Annual Report On College Cards, Urges Disclosure Of Campus Marketing Agreements

On December 17, the CFPB released its annual report to Congress on college credit card agreements, prepared pursuant to the CARD Act. The report follows an inquiry launched earlier this year into financial products marketed...more

CFPB Brings First Enforcement Action Involving Deferred Interest Products, Imposes Novel and Burdensome Application Requirements...

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) announced a consent order with GE Capital Retail Bank and its subsidiary CareCredit (collectively “CareCredit”) related to what the CFPB alleges were unfair and...more

CFPB Examinations Of Card Rewards Program Underway

On November 15, Bloomberg reported that the CFPB is examining credit card issuers’ rewards programs. The article quotes CFPB Director Cordray stating that rewards programs can involve “detailed and confusing rules” and that...more

Director Cordray confirms CFPB plans to examine credit card rewards programs

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs. Director Cordray is reported to have indicated that the CFPB will be...more

Installment IV: The Do’s & Don’ts of Business Credit Cards

For contingency fee based plaintiff’s attorneys, a business credit card can offer one way to partially finance certain firm expenses. However, credit cards usually have limits, and always carry penalties and fees. Virtually...more

CFPB Credit Card Report Identifies Practices For Further Scrutiny

On October 2, the CFPB released its first review of the consumer credit card market. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the CARD Act) requires the CFPB to prepare a report every two...more

CFPB Signals Additional Concerns about Consumer Credit Card Market with Report on CARD Act

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released the “CARD Act Report,” a report summarizing the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more

CFPB Plans Continued Scrutiny of Credit Card Practices

The Consumer Financial Protection Bureau has issued a report on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has affected the consumer credit card market. The report describes the...more

CFPB wants information about the CARD Act’s impact

The CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry....more

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