Consumer Finance Monitor Podcast Episode: What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part I
Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast
Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Analyzing the Credit Card Competition Act of 2023 - Payments Pros: The Payments Law Podcast
Rewards Programs and Co-Brand Relationships Between Credit Card Issuers and Merchants - The Consumer Finance Podcast
CFPB’s Increasingly Active Interest in Credit Reporting - FCRA Focus Podcast
On May 9, 2024, the CFPB released a comprehensive report detailing its findings on challenges reported by consumers regarding their credit card rewards programs. This report, as well as remarks made by CFPB Director Rohit...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) published an Issue Spotlight focusing on consumer complaints relating to credit card rewards programs. The report notes that credit card companies often...more
Disclaimer: The information in this post is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice...more
After targeting credit card late fees in its proposed rule, the CFPB has set its sights on further attacking credit card pricing through interest rates. The CFPB published a blog late last month stating that credit card...more
A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more
Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first report on the results of its updated Terms of Credit Card Plans survey. The report found that for the first half of 2023, small banks and...more
On February 22, the CFPB released a blog post on credit card interest rates stating that the interest rate margins are at an all-time high. According to the Bureau, the margin is the difference between the average APR and the...more
On February 16, the CFPB published the results of a report that found, on average, larger banks charged higher credit card interest rates than smaller banks and credit unions. The CFPB’s data suggested larger banks charge...more
In a new data spotlight issued last week, the Consumer Financial Protection Bureau (“CFPB”) found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued...more
On October 25, the CFPB released its sixth biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report found that in 2022 credit card companies charged...more
On October 25, the CFPB released a report on credit card interest rates and fees in 2022 highlighting the impact of the cost to consumers. The report found that credit card companies charged consumers more than $105 billion...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
On May 4, 2023, the CFPB issued a report titled Medical Credit Cards and Financing Plans (the “Report”) that summarized the new developments in medical financing and the associated risks with these products. ...more
On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post, highlighting its current efforts in the credit card market. According to the post, interest rates on credit cards have risen...more
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at...more
After more than half a year without a leader, the WTO is poised to welcome its “first woman and first African” to the role in the form of Nigerian economist and former finance minister Dr. Ngozi Okonjo-Iweala. ...more
The 2d Circuit has upheld by a 2-1 margin the insider-trading conviction of former SAC Capital Advisors portfolio manager Mathew Martoma. Martoma’s counsel had challenged the propriety of the jury instructions in light of the...more
The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more
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
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 cards are central to the financial lives of most American consumers. Credit cards represent a key medium for U.S. consumer spending. In the first six months of 2015 alone, there were some 14.5 billion U.S. general...more
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
The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the...more
On September 3, the CFPB warned credit card companies against deceptively marketing interest-rate promotions, over concerns about companies luring in consumers with offers of reduced or zero interest for a specific purchase...more
The Consumer Financial Protection Bureau (“CFPB”) recently issued a bulletin alerting credit card companies that they may be at risk of breaking the law as a result of the way they market promotional rates. Specifically,...more