News & Analysis as of

Credit Cards Consumer Financial Protection Bureau

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...more

CFPB and Stakeholders Weigh In on the Credit Card Market

As required by law, the Consumer Financial Protection Bureau (CFPB) has once again asked for public comment on a variety of topics related to the credit card market. The comment period has ended for the most recent request...more

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

by Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

CFPB Encourages Changes to Deferred Interest Promotions

Deferred interest promotions should be more transparent, the Consumer Financial Protection Bureau told retail credit card companies in letters encouraging recipients to be more open with consumers....more

Financial Services Report - Summer 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

CFPB Proposes Changes to Prepaid Accounts Rule

by Morrison & Foerster LLP on

On June 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) released proposed revisions to its final Prepaid Accounts Rule (“Final Rule”). The Final Rule was published in November 2016 and was subsequently amended to...more

Consumer Advisory Board – CFPB Encourages Credit Card Companies to Consider Zero-Interest Promotions in Place of Deferred-Interest...

by Morrison & Foerster LLP on

On June 8, 2017, the Consumer Financial Protection Bureau (CFPB) held a Consumer Advisory Board (CAB) meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press...more

CFPB Warns Retail Card Companies off Deferred-Interest Promotions

Last week, the Consumer Financial Protection Bureau (CFPB) sent letters to the CEOs of several issuers of store brand credit cards warning of fairness and transparency concerns with deferred-interest promotions. The CFPB has...more

CFPB encourages use of zero-interest promotions

by Ballard Spahr LLP on

The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions.  The CFPB also provided a sample letter and published a...more

Credit Card Issuers Get Ready – MLA in Full Effect October 3

by Baker Donelson on

Credit card issuers get ready; now is the time to make sure you are in compliance with the new requirements of the Military Lending Act (MLA). The amendments to the MLA expanded both the type of creditors it regulates and the...more

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

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

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

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

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

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

CFPB Initiates Third CARD Act Review

by Morrison & Foerster LLP on

On March 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information (2017 RFI) regarding the consumer credit card market. In accordance with Section 502(a) of the Credit Card...more

CFPB Solicits Comments for its 2017 Credit Card Market Report

On Friday, the Consumer Financial Protection Bureau (CFPB) published a request for information about the credit card market. The CFPB uses responses to those requests, in conjunction with other data and research, to publish...more

CFPB flags new issues in latest credit card review

by Ballard Spahr LLP on

The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more

CFPB Orders Prepaid Card Service Provider and Processor to Pay $13 Million

by Goodwin on

On February 1, 2017, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a credit card service provider and a credit card provider over a disruption of service for prepaid credit card...more

Financial Services Weekly News - January 2017 #2

by Goodwin on

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

Financial Services Weekly News - December 2016 #3

by Goodwin on

Editor's Note - The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more

CFPB unveils Consumer Credit Trends web-based tool

by Ballard Spahr LLP on

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

CFPB releases report on college credit card agreements and compliance bulletin

by Ballard Spahr LLP on

The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more

What To Know About CFPB's New Prepaid Card Rule

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau issued its final rule to amend provisions of Regulation E and Regulation Z to further regulate prepaid card products, or “prepaid accounts.” As discussed below, the rule generally...more

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