Credit Cards

CFPB Targets Auto Financing For Enforcement

by Michael Volkov on 5/14/2013

The Consumer Finance Protection Bureau continues to spread its wings in the enforcement arena. It is an agency born and confined in political controversy. ...more

CFPB Amends Credit Card Ability-To-Pay Rule

by BuckleySandler LLP on 5/13/2013

On April 29, the CFPB amended Regulation Z to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards. Regulation Z generally requires that credit card issuers consider an...more

California Federal Court Holds Online Purchase Transactions For Shipped Merchandise Not Covered By Song-Beverly Credit Card Act

by BuckleySandler LLP on 5/8/2013

On April 30, the U.S. District Court for the Central District of California held that Section 1747.08 of the Song-Beverly Credit Card Act, which prohibits retailers from requiring personal information as a condition to...more

On-Line Sales of Shipped Goods Held Outside Reach of California’s Song-Beverly Credit Card Act

by Ropes & Gray LLP on 5/7/2013

A California federal court recently narrowed further the scope of California’s Song-Beverly Credit Card Act (Cal. Civ. Code § 1747.08), which limits the information retailers can collect during credit card transactions, by...more

CFPB eliminates independent ability-to-pay requirement for credit card applicants 21 or older

by Barbara S. Mishkin | Ballard Spahr LLP on 5/2/2013

The CFPB has amended Regulation Z to remove the requirement that a card issuer must consider the independent ability to pay of an applicant who is 21 or older. The final rule, which will be effective upon publication in the...more

Previously Banned Fees Charged to Consumers Now Permissible for Visa and MasterCard Transactions

by Patrick Horan | Schnader Harrison Segal & Lewis LLP on 5/1/2013

In November 2012, the U.S. District Court for the Eastern District of New York preliminarily approved a settlement agreement in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. As a result,...more

CFPB Amends Card Act Rule To Make It Easier For Stay-At-Home Spouses And Partners To Get Credit Cards

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/30/2013

The CFPB has updated existing regulations to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards....more

California Federal Court Dismisses Credit Card Interest Rate Class Action

by BuckleySandler LLP on 4/25/2013

On April 15, the U.S. District Court for the Northern District of California dismissed a putative class action in which the named plaintiff brought a breach of contract claim and other common law and statutory claims after...more

Colorado Ninth State to Prohibit Credit Checks for Employment Purposes

by Katharine Parker, Daniel Saperstein | Proskauer Rose LLP on 4/24/2013

On April 19, 2013, Colorado's governor signed S.B. 18 to prohibit employers from considering an applicant's or employee's credit history in employment decisions. California, Maryland, Connecticut, Hawaii, Illinois,...more

New-Tech Credit Cards On The Way

by Pillsbury Social Media, Entertainment &... on 4/23/2013

The Bank of China Hong Kong announced recently that it plans to launch its first credit card that is compatible with Near Field Communication ("NFC) technology this year. ...more

European Commission Opens Antitrust Investigation into MasterCard

by Orrick - Structured Finance Group on 4/18/2013

The Commission initiated an investigation last week into the inter-bank fees charged by MasterCard in relation to payments made by card-holders from non-EEA countries, restrictions placed by MasterCard on retailers attempting...more

Privacy & Cybersecurity Update - April 2013

by Joshua Gruenspecht, Ken Kumayama, Stuart D. Levi, Sigrid Neilson, Shari Piré, Pierre Servan-Schreiber | Skadden, Arps, Slate, Meagher & Flom LLP on 4/15/2013

In This Issue: - Data-Breach Class Actions After the Supreme Court Decision in Clapper - California Supreme Court Holds That Song-Beverly Credit Card Act Does Not Apply to Online Purchases -...more

Visa/MasterCard Interchange Fee Litigation – May 28, 2013 Deadline to Respond to Class Action Settlement Agreement

by Ropes & Gray LLP on 4/15/2013

All entities that accept Visa- or MasterCard-branded credit and/or debit cards must decide, on or before May 28, 2013, how to respond to the settlement agreement with Visa and MasterCard on behalf of a class covering...more

CFPB Releases Public Complaint Database

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 4/11/2013

On March 28, the Bureau of Consumer Financial Protection (CFPB) announced the release of a public database of federal consumer financial complaints with information on more than 90,000 individual complaints on financial...more

California’s Community Property Law

by Law Office of Steven M. Bishop on 4/10/2013

Fox Business News recently ran an interesting question from a viewer named David. He asked whether an authorized user on a credit card (as distinct from a joint credit card holder) is responsible for all charges incurred if...more

Yet Another Zip Code Class Action Filed in Massachusetts

by Amy Malone | Mintz Levin - Privacy & Security on 4/9/2013

Earlier this month, we reported on the privacy case against craft giant Michaels Stores in which the plaintiff alleged that Michaels illegally collected zip codes during credit card transactions. The case was ultimately...more

Little Tucker Act Does Not Waive Sovereign Immunity For Alleged Violation Of Fair Credit Reporting Act

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 4/5/2013

The United States Supreme Court recently held that the Little Tucker Act does not waive the sovereign immunity of the United States in an action for damages alleging a violation of the Fair Credit Reporting Act (“FCRA”). The...more

CFPB Narrows Application Of Credit Card Fee Limit

by BuckleySandler LLP on 4/3/2013

On March 28, the CFPB published a final rule to remove from Regulation Z a limitation on fees charged prior to credit card account opening. Effective immediately, the rule amends a restriction adopted by the Federal Reserve...more

Your Complaints Just Went Public! The CFPB Expands Online Access to Consumer Complaint Data

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 4/1/2013

Keeping its promise to make consumer complaints available for all the consumer financial products and services it oversees, the Consumer Financial Protection Bureau yesterday announced that it has added some 90,000 additional...more

Court Limits Use of Zip Codes in Massachusetts Credit Card Transactions

by Thomas I. Elkind | Foley & Lardner LLP on 4/1/2013

In a recent decision, Tyler v. Michaels Stores, Inc., the Massachusetts Supreme Judicial Court held that zip codes are “personal identification information” and that a merchant asking for that information during a credit card...more

Massachusetts Supreme Court Rules ZIP Codes Are Definitely “Personal Identification Information”

by Erin Aures | Proskauer - Privacy & Data Security on 4/1/2013

In a recent ruling arising from certain certified questions in Tyler v. Michaels Stores, Inc., Civ. No. 11-10920-WGY (D. Mass. Jan. 6, 2012, the Massachusetts Supreme Court interpreted “personal identification information”...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

by BuckleySandler LLP on 3/29/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

CFPB issues final rule excluding credit card pre-account opening fees from 25% limit

by Barbara S. Mishkin | Ballard Spahr LLP on 3/28/2013

The CFPB has published a final rule in today’s Federal Register amending Regulation Z (Truth in Lending) to remove fees paid before a credit card account is opened from the scope of the 25% limit on total fees that may be...more

Check the White Pages for Personal Information: Massachusetts Decision Highlights the Expansion of Consumer Privacy Litigation

by Abby Sher | Cozen O'Connor on 3/26/2013

Last week, in Tyler v. Michaels Stores, Inc., the Supreme Judicial Court of Massachusetts responded to certified questions presented by the district court and interpreted a Massachusetts statute to reflect the state’s...more

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/26/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Members rushed out of town at the end of last week for a two-week...more

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