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Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers

The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more

CFPB unveils Consumer Credit Trends web-based tool

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...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

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

CFPB highlights credit card complaints in fourth monthly complaint report

The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more

CFPB enters into consent order with company charged with deceptive health care credit enrollment practices

The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a...more

CFPB extends comment period on credit card issues

In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more

CFPB finalizes temporary suspension of TILA requirement for quarterly submission of credit card agreements

The CFPB has issued a final rule adopting its 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...more

CFPB launches another credit card review

The CFPB has issued another request for information about the credit card market. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. In October 2013, the CFPB...more

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 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 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

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

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

CFPB testing prepaid card disclosures

Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a...more

Director Cordray gives prepaid card advice to state regulators

Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage...more

U.S. Chamber of Commerce challenges CFPB’s data collection

The CFPB’s data collection efforts are drawing fire from the U. S. Chamber of Commerce. Those efforts became a focus of attention as a result of an April 2013 report by Carter Dougherty of Bloomberg which revealed that the...more

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

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

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

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

CFPB wants information about the CARD Act’s impact

The CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry....more

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