News & Analysis as of

Credit Cards

Freedom To Surcharge—Ninth Circuit Rules Businesses Can Charge Card Fees

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Ninth Circuit upholds district court decision granting five businesses injunctive relief, finding that state law banning credit card surcharges is unconstitutional as applied to the five businesses. ...more

Financial Litigation Roundup: Key Federal Rulings in 2017

In case you missed it, here is our list of the most significant financial services rulings in 2017 from the Supreme Court of the United States and major federal appellate courts. While there were no decisions of overwhelming...more

CFPB releases report on college credit card agreements

by Ballard Spahr LLP on

The CFPB released its sixth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act. ...more

Ninth Circuit Rules California "No Credit Card Surcharge" Law Violates First Amendment

by Ballard Spahr LLP on

A California law that prohibits merchants from imposing a surcharge on credit card purchases violates the First Amendment of the U.S. Constitution, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has...more

The Consumer Credit Market: The CFPB’s 2017 CARD Act Report

The Consumer Financial Protection Bureau recently published its biennial assessment of the consumer credit card market, titled “The Consumer Credit Card Market.” This report is based in part on responses provided by market...more

NY’s Highest Court Will Consider Credit Card Surcharge Ban

The New York Court of Appeals will consider the state’s law prohibiting merchants from imposing credit card surcharges, following certification of that question by the Second Circuit, on remand from the U.S. Supreme Court....more

CFPB changes tone in third biennial CARD Act report

by Ballard Spahr LLP on

The CFPB issued its third biennial report on the credit card market last week.  The report represents the first major report issued by the CFPB since former Director Cordray’s resignation and President Trump’s designation of...more

CFPB Releases the 2017 CARD Act Report: Early Takeaways from the New CFPB’s First Report on the Consumer Credit Card Market

by Morrison & Foerster LLP on

On December 27, 2017, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its biennial report on the consumer credit card market (“2017 Report” or “Report”), which summarizes its views on the state of the...more

Tale of Two Arbitrations: Demonstrating The FAA In Flux

Whenever people ask me why I choose arbitration law to write and talk about, one of the reasons I give is that the law is in flux, creating a demand for information and analysis. Despite the fact that the Federal Arbitration...more

Joint and Several Liability for Payment Processor That Facilitated Fraud

by Morrison & Foerster LLP on

On December 13, the Eleventh Circuit Court of Appeals affirmed the decision of the U.S. District Court for the Middle District of Florida finding a credit card payment processor jointly and severally liable, under a theory of...more

Madden Fix Legislation Moves Forward

The House Financial Services Committee, by a vote of 42 to 17, passed a bill that would affect a “Madden fix,” moving the legislation forward to the full House of Representatives for consideration....more

Financial institutions M&A trends: UK consumer credit - Growth in specialty finance, but payday lenders continue to experience...

by White & Case LLP on

Dealmaking across the UK consumer credit landscape varies materially. While deal volume in the specialty finance and market place lending space continues to remain high, by contrast, M&A activity in the payday lending space...more

FTC Files Complaint to Stop Alleged Credit Card Interest-rate Reduction Scam

by Weiner Brodsky Kider PC on

The FTC recently filed a complaint in federal district court in Florida to stop an alleged credit card interest-rate reduction scam.  In its complaint, the FTC alleges that the operation deceived numerous consumers struggling...more

Disclosure Failures Result in New York AG Action

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

Red Notice Newsletter - November 2017

ANTICORRUPTION DEVELOPMENTS – SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action - On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more

Some Cyber Monday Shopping Tips

As you enjoy the holiday weekend, and even some Cyber Monday shopping, keep in mind these online shopping tips from the FTC: ..Know the seller and the item. Put the company or product name in a search engine, along with...more

Forever 21 Latest Retailer to Suffer Credit Card Breach

Forever 21 has warned customers who used a credit card at any of its stores between March and October 2017 that their credit card may have been compromised....more

CFPB Encourages Financial Institutions to Provide Consumers with Greater Control over Payment Methods

by MoFo Reenforcement on

Following the Equifax security breach, it was reported that the Consumer Financial Protection Bureau (CFPB) started to focus on cardholder transaction controls, such as how they are being offered in the marketplace to aid in...more

Unfair And Deceptive Trade Practices Claims In Data-Breach Lawsuits

by Ellis & Winters LLP on

Section 5 of the Federal Trade Commission Act provides a powerful tool for the federal government to regulate companies’ data-security practices. Rather than adopt specific data-security standards, the FTC often uses Section...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The latest on the economic woes on Venezuela, including the status of the country’s bonds and the foreign investors that they’ve attracted (and who are now selling)....more

Federal Reserve Enters Consent Order to Sanction Deceptive Practice Involving Credit Card Product

by Davis Wright Tremaine LLP on

The Board of Governors of the Federal Reserve System (Federal Reserve) recently exercised its authority to enforce laws prohibiting unfair or deceptive acts or practices committed by a financial institution under the Federal...more

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

by Ballard Spahr LLP on

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 October 2017 “special edition” complaint report highlights servicemember complaints

by Ballard Spahr LLP on

The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more

Breaking Insights: U.S. Senate Disapproves Consumer Financial Protection Bureau's Rule

U.S. Senate disapproves Consumer Financial Protection Bureau's rule prohibiting arbitration clauses in consumer contracts with Vice President Pence casting the tie-breaking vote....more

CFPB Highlights Supervisory Findings Related to Credit Cards

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau’s (CFPB) most recent Supervisory Highlights report identified a number of areas of non-compliance by credit card issuers that were confidentially resolved in the supervisory process....more

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Cybersecurity

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