Credit Cards

News & Analysis as of

Update: Midland Funding v. Madden

In an amicus curiae brief, the US Solicitor General recommends that the petition for certiorari in Madden be denied, but agrees that the Second Circuit’s decision is incorrect and emphasizes the importance of banks being able...more

Justice Department Sides With Financial Industry on Madden Case

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

How to Draft an Effective Data Breach Incident Response Plan

The best way to handle any emergency is to be prepared. When it comes to data breaches, incident response plans are the first step organizations take to prepare. Furthermore, many organizations are required to maintain one....more

PCI Council Reacts Again to Data Security Threats

Responding to the increasingly significant threats to customer payment information, the Payment Card Industry Security Standards Council (‘PCI SSC’) has published an update to its data security standard (‘PCI DSS’). Version...more

Superior Court Dismisses Warranty Of Accuracy Claim

This decision holds that Delaware does not recognize a claim for the implied warranty of accuracy for a report of an inspection company. Of course, that does not mean there is no breach of contract claim for inspection...more

Can Credit Card Debt Collectors Continue to Charge Interest and Late Charges After Charging-Off the Debt?

A federal district court in Oklahoma recently dismissed a putative class action asserting that defendants’ credit card debt collection activities violated the Fair Debt Collection Practices Act (“FDCPA”). The case, Walkabout...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19493 - Standard Oil of Connecticut, Inc. v. Administrator, Unemployment Compensation Act - SC19493 Dissent - Standard Oil of Connecticut, Inc. v. Administrator,...more

[Webinar] Robins Kaplan Tribal Litigation Update: How Tribes may be able to recover damages from recent antitrust lawsuits - May...

On July 13, 2012, Robins Kaplan LLP reached a $7.25 billion settlement with Visa, MasterCard and major US banks for alleged anticompetitive practices and price fixing in setting credit card interchange fees. One of the lead...more

Credit Card Theft Plaintiffs Discover Warm Home After 7th Circuit Rulings

One of the great scourges for retail companies in the digital age has been the ever-present threat of massive data breaches by hackers attempting to steal millions of consumers ’debit and credit card information. In...more

New York AG Takes Action Against Credit Card Processing Company for Alleged Deceptive Practices

Recently, New York AG Schneiderman filed a lawsuit against a New York-based credit card processing company, several affiliated companies, and select owners and officers of the companies over alleged fraudulent and deceptive...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

Your daily dose of financial news The Brief – 4.20.16

As Yahoo took stock of its suitors yesterday, it released word that its business “continued to deteriorate in the first quarter, putting more pressure on the company to find a buyer quickly for its Internet operations.”...more

CFPB Releases FDCPA Annual Report

The Consumer Financial Protection Bureau (CFPB) recently released its fifth annual Fair Debt Collection Practices Act (FDCPA) Annual Report, detailing the CFPB and FTC’s activities throughout 2015 related to debt collection...more

Trump Hotels investigating second credit card breach

KrebsOnSecurity has reported that sources from the banking industry have advised of a pattern of fraud on credit cards used at Trump Hotel Collection (Trump) properties. Trump has confirmed that it is investigating the...more

CFPB issues guidance on resumption of quarterly credit card agreement submissions

The CFPB has issued guidance to credit card issuers regarding the resumption of the requirement to submit card agreements to the CFPB on a quarterly basis. The next submission is due on or before May 2, 2016. In April 2015,...more

FTC Launches Study of Assessment Process for Payment Card Industry Data Security Standards

On March 7, the FTC announced a study of Payment Card Industry Data Security Standard (“PCI DSS”) assessments – the audits required of certain merchants pursuant to rules imposed by payment card brands such as Visa and...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

Payment Systems Regulator Issues Final Guidance On Its Approach To The Interchange Fees Regulation

The UK’s Payment Systems Regulator (PSR) has published its final “Guidance on [its] approach as a competent authority for the EU Interchange Fee[s] Regulation“. This guidance explains how the PSR will monitor and enforce the...more

Overview of Financial Protections for Military Service Members, Including the New Military Lending Act

The U.S. Department of Defense (“DOD”) has put into effect the newly amended Military Lending Act (“MLA”) rule, which applies the protections of the MLA’s strict lending restrictions to consumer credit card issuers and...more

Further delay of final prepaid card rule reported

Politico has reported that the CFPB is not expected to issue a final prepaid card rule until this May or June “according to two sources familiar with the talks.” In November 2014, the CFPB issued a proposed rule for prepaid...more

Federal Court in New York Dismisses State-Law Claims Against National Bank and Service Provider on Preemption Grounds

On March 9, the U.S. District Court for the Southern District of New York upheld the preemption of state-law claims brought against a national bank and its non-bank servicer provider. Edwards v. Macy’s Inc., No. 14-cv-8616...more

Madden Update – Petition Request Bodes Well for High Court Review but Raises New Questions

The US Supreme Court’s recent request for an opinion from the US Solicitor General to help inform the Court’s decision on whether to review the Second Circuit’s decision in Madden v. Midland Funding, LLC indicates that the...more

How to Select a Qualified Security Assessor (“QSA”)

Retailers that accept credit cards are typically required by the payment card brands to show that they are in compliance with the Payment Card Industry Data Security Standards or “PCI DSS” at least once a year. How a retailer...more

New Agency Guidance on Applying CIP Requirements to Prepaid Cardholders

In response to continuing concerns about the vulnerability of prepaid cards to criminal and terrorist abuse, five regulators issued interagency joint guidance today clarifying bank obligations to identify prepaid card...more

FTC Issues Inquiry into Credit Card Companies’ Compliance with Payment Card Industry Data Security Standards

On March 7, the FTC announced that it issued orders to nine companies requiring them to file a Special Report regarding their assessments of other companies’ compliance with the Payment Card Industry Data Security Standards...more

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