News & Analysis as of

CFPB proposes temporary suspension of TILA requirement for credit card issuers to submit card agreements quarterly

The CFPB has issued a proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public...more

CFPB Takes Aim at Relationships between Universities and Credit and Debit Card Issuers

Financial institutions marketing credit and debit cards to college and university students should prepare for likely investigations and enforcement actions by the Consumer Financial Protection Bureau and other regulatory...more

CFPB Orders Credit Card Company to Refund $2.7 Million for Charging Excessive Credit Card Fees

On February 4, the CFPB announced a consent order with a Delaware-based credit card company, ordering the company to refund an estimated $2.7 million to approximately 98,000 consumers and pay a civil penalty of $250,000 for...more

CFPB Seeks to Ban Texas-Based Credit Issuer

On February 3, the CFPB asked a federal district court to enter a consent order against a Texas-based company for allegedly misleading thousands of consumers into signing up for a “sham” credit card. Under the terms of the...more

Banking & Financial Service E-Note - January 2015

In this issue: - Denial of Plan Confirmation & Finality - Supreme Court's Resolution of Circuit Split May Apply to Chapter 11 - Third DCA Issues Opinion Defining When and How Acceleration Occurs and Addressing...more

Proposed Settlement Would Shut Down “Sham Credit Card” for Good

Union Workers Credit Services (UWCS) doesn’t offer open-ended credit services and isn’t affiliated with union workers, according to the Consumer Financial Protection Bureau. Back in December, the Bureau sued UWCS, alleging...more

CFPB Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees

Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit...more

CFPB Seeks Court Approval of Consent Order Shutting Down Alleged Sham Credit Card

Last December, the CFPB sued a Texas-based company, Union Workers Credit Services, alleging that the company deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card...more

Consumer Financial Protection Bureau Attempts to Regulate Telecom

Since it opened in 2011, the Consumer Financial Protection Bureau ("the Bureau" or "CFPB") has issued thousands of pages of regulations, mostly directed at the home mortgage industry, and aggressively exercised its authority...more

CFPB Files Suit Against Texas Company for Alleged Deceptive Practices Targeting Union Workers

On December 17, the CFPB announced it filed suit against a Texas-based company for allegedly deceiving consumers into paying fees to sign up for a “sham” credit card. According to the complaint filed in the Northern District...more

CFPB report highlights inadequate disclosure of campus financial products

In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

CFPB Releases Proposed Prepaid Product Rule

Why it matters - The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more

CFPB announces pilot to promote consumer savings

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and...more

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

CFPB Proposes to Treat Prepaid Cards Like Checking Accounts and Credit Cards

The CFPB yesterday proposed a new rule that would regulate prepaid accounts. The rule, which is 870 pages long, would apply not only to plastic prepaid cards, but also to some mobile and electronic prepaid accounts not...more

A Hard Rain Has Started to Fall, A Product-by-Product Review of the CFPB’s First 60 Enforcement Actions

Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more

Pushing for Security, President Signs Executive Order on Chip-and-PIN Tech

Why it matters - In an effort to push retailers to adopt heightened security for credit and debit cards, President Barack Obama signed an executive order mandating chip-and-PIN technology for government cards. ...more

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of...more

CFPB Issues Warning on Promotional Credit Card Offers

In a bulletin issued on September 3, the CFPB warned that it will be on the lookout for “deceptive and/or abusive acts and practices in connection with solicitations that offer a promotional annual percentage rate (APR) on a...more

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