In Consumer Financial Protection Bureau (CFPB) news, the CFPB published its Summer 2019 supervisory highlights, and focused on auto loan originations, credit card account management, debt collection, credit furnishing and...more
In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card...more
A credit card servicer and marketer will refund the initial $125 fee it charged to each of hundreds of New Yorkers as part of an agreement with the state’s attorney general....more
Court to CFPB: Unconstitutional and Wrong on RESPA -
The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more
10/14/2016
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Department of Business Oversight ,
Federal Trade Commission (FTC) ,
Kickbacks ,
Lead Generators ,
Mortgages ,
PHH Corp. v CFPB ,
RESPA ,
Truth in Lending Act (TILA)
Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more
Could the U.S. Supreme Court take up the issue of state surcharge laws? The plaintiffs challenging the Texas law banning surcharges on credit card purchases certainly hope so, having filed a certiorari petition in Rowell v....more
Why it matters -
Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more
9/25/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Deferred Interest Products ,
Dodd-Frank ,
Enforcement Actions ,
Loans ,
Settlement Agreements ,
Terms and Conditions ,
Third-Party ,
Unfair or Deceptive Trade Practices
The Department of Defense (DoD) released its final rule amending the implementing regulations of the Military Lending Act (MLA), incorporating a broader range of credit products under its coverage and potentially implicating...more
Why it matters -
Already unhappy with the Consumer Financial Protection Bureau's (CFPB) creation of a public database of complaints featuring consumer narratives, financial institutions now have even more to worry about:...more
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
Why it matters -
Pursuant to a consent order entered into with the Consumer Financial Protection Bureau (CFPB), Continental Finance Company must refund $2.7 million to approximately 98,000 customers and pay a $250,000...more
Why it matters -
The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more
State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency -
The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more
3/14/2014
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Chadbourne & Parke LLP v Troice ,
Class Action ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Ponzi Scheme ,
SCOTUS ,
SLUSA ,
Virtual Currency