Credit Cards

News & Analysis as of

Cuba Si! Trade With Cuba … Not Quite Yet

There has been much fanfare surrounding the reestablishment of diplomatic relations with Cuba, starting with President Obama’s announcement of the resumption of bilateral relations, and followed by the formal establishment of...more

Seventh Circuit Allows Data Breach Class Action to Proceed Against Neiman Marcus, Despite Lack of Current Harm to Credit Card...

Data breaches are often followed by class action suits in which the affected individuals seek damages. Corporations defending against such suits have used a 2013 Supreme Court case, Clapper v. Amnesty International, 133 S....more

CFPB: Principles for Faster Payment Systems

On July 9, 2015, the CFPB published a set of Consumer Protection Principles it believes should guide the financial industry in the development of newer, faster methods of payment. These Principles, though merely suggestions,...more

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

Capital Controls

On 18 July 2015, the Greek Government passed a law ending the bank holiday period imposed on 28 June 2015. At the same time, restrictions continue on cash withdrawals and the transfer of funds....more

Lessons From CFPB’s Latest Debt Collection Settlement

On Wednesday, July 8, the Consumer Financial Protection Bureau announced its latest — and largest — settlement of claims of unfair and deceptive debt collection practices. The Office of the Comptroller of the Currency and 47...more

CFPB, 47 State AGs, and District of Columbia Announce $216 Million Settlement to Resolve Credit Card Debt-Buying Investigation

On July 8, the CFPB along with 47 state attorneys general and DC announced an agreement with a major bank to resolve allegations that it sold faulty credit card “zombie debts” to third-party debt buyers, which included...more

Cyber Liability Insurance – Does Your Retail Business Need It?

The news is full these days of hackers stealing credit card and other customer information from United States retailers such as Home Depot, Target, and Neiman Marcus (and the federal government) among others. These...more

Increased Risk for Buyers of Credit Card Loans

Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more

Credit Card Issuer Debt Collection Consent Order: The CFPB’s Latest Rulemaking Through Enforcement Effort

On Wednesday, July 8, the CFPB announced its latest — and largest — settlement of claims of unfair and deceptive debt collection practices. The OCC and 47 State Attorneys General all were part of the overall settlement. The...more

JP Morgan Chase to Pay $216 Million Over Credit Card Debt Sales Practices

This week, JP Morgan Chase & Co. agreed to a settlement with the Consumer Financial Protection Bureau (CFPB), the Office of Comptroller of the Currency, and 47 states to settle probes into its credit card debt collection...more

CFPB Brings Two More Enforcement Actions Targeting Add-On Credit Products

Last week, the Consumer Financial Protection Bureau (CFPB) filed two more enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been...more

CFPB Action Regarding Allegedly Unfair Billing Of Credit Card Add-On Products And Services

On July 1, 2015, the Consumer Financial Protection Bureau (“CFPB”) filed complaints and proposed consent orders against two credit card add-on product vendors – Affinion Group Holdings, Inc. (and its affiliated companies) and...more

CFPB Tackles Credit Card Vendors For Alleged Unfair Billing of Ancillary Products

Today, the CFPB filed proposed consent orders against two credit card add-on product vendors for allegedly billing consumers for credit monitoring and identity theft protection services they did not receive. Under the...more

Pew urges CFPB to finalize prepaid card rule

In its new report containing its findings from a survey of prepaid card users, The Pew Charitable Trusts urges the CFPB’s “speedy adoption” of its proposed prepaid card rule. The CFPB’s proposal, which would mandate new...more

DOJ Targets Payday Lender Using RICO

On June 22, 2015, the US Attorney’s office for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to violate RICO, 18 U.S.C. § 1962(d); (2) one...more

Trump Hotels investigating credit card breach

Trump Hotel Collection, the luxury hotel brand owned and operated by Republican candidate for President Donald Trump, announced this week that it is investigating a credit card breach affecting its properties. It has been...more

Rating Agency Developments

On June 26, Fitch released its updated criteria for rating credit card asset-backed securities. On June 23, Fitch released its updated criteria for rating thermal power projects. On June 23, Fitch released its updated global...more

Co-branding Credit Cards with Charities: Commercial Co-Venture Issues

A cobranded credit card program in which the “merchant” is in fact a charity may be subject to special rules relating to the regulation of “commercial co-ventures” (also known as “cause-related marketing”). Issuers and...more

Visa And MasterCard: Card Issuers May Disclose Breached Merchant Names

Credit union and other card issuers got clarification from Visa and MasterCard this month on when they are contractually permitted to disclose the identities of merchants involved in data breaches. In substantially similar...more

Valid at Inception Rule Shot Down by the Second Circuit

Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

Second Circuit Refuses to Stay Injunction During American Express Appeal

On Tuesday, the U.S. Court of Appeals for the Second Circuit rejected American Express Co.’s request to stay an injunction ordered by a judge in the Eastern District of New York which prevented Amex from imposing certain...more

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

NBA Doesn’t Preempt State Usury Claims Against Assignee of National Bank, Second Circuit Rule

Why it matters - In a potentially troubling ruling, the Second Circuit Court of Appeals refused to find the National Bank Act (NBA) preempted state law usury claims against an assignee of a national bank. In a putative...more

Second Circuit Decision Could Disrupt Secondary Market for Bank-Originated Loans

A May 22, 2015 decision by the U.S. Court of Appeals for the Second Circuit appears to disturb the generally settled body of law concerning the status of non-bank investors with respect to applicable usury laws for...more

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