News & Analysis as of

Credit Cards Consumer Financial Protection Bureau

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

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

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

Will the Future Bring a Surge of Class Actions against Banks and Credit Card Companies?

On July 10, 2017, the Consumer Financial Protection Bureau formally issued its long-anticipated final rule banning class waivers in future arbitration agreements for banks, lenders, debt counselors, credit card issuers,...more

MLA Compliance Deadline For Credit Card Accounts Is Tuesday, October 3

by Ballard Spahr LLP on

The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an...more

Protecting Your Identity After a Data Breach

by Jones Day on

In light of recent high-profile breaches of highly sensitive data, this is a good time to remind individuals of how to protect their identity and credit information....more

CFPB Releases Summer 2017 Supervisory Highlights

by Ballard Spahr LLP on

Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution...more

Equifax Breach: Three Takeaways from the First Four Days

by Mintz Levin on

On September 7, 2017, Equifax, one of the three large credit reporting bureaus, announced a cybersecurity incident impacting approximately 143 million U.S. consumers. According to Equifax, the breach occurred mid-May through...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The 2d Circuit has upheld by a 2-1 margin the insider-trading conviction of former SAC Capital Advisors portfolio manager Mathew Martoma. Martoma’s counsel had challenged the propriety of the jury instructions in light of the...more

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

by Ballard Spahr LLP on

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Under the CFPB’s Watchful Eye: Phone Pay Fees

by Alston & Bird on

On July 31, the Consumer Financial Protection Bureau (CFPB) issued Compliance Bulletin 2017-01: Phone Pay Fees. The Bulletin addresses pay-by-phone services, defined to include (1) providing consumers with the option of...more

2017's Top Five Consumer Complaints to the CFPB (So Far)

by Baker Donelson on

Despite continued efforts in Congress to curtail the scope of the CFPB, the Bureau continues to move ahead with issuing new regulations, conducting investigations and initiating enforcement actions. As part of its efforts,...more

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...more

CFPB and Stakeholders Weigh In on the Credit Card Market

As required by law, the Consumer Financial Protection Bureau (CFPB) has once again asked for public comment on a variety of topics related to the credit card market. The comment period has ended for the most recent request...more

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

by Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

CFPB Encourages Changes to Deferred Interest Promotions

Deferred interest promotions should be more transparent, the Consumer Financial Protection Bureau told retail credit card companies in letters encouraging recipients to be more open with consumers....more

Financial Services Report - Summer 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

CFPB Proposes Changes to Prepaid Accounts Rule

by Morrison & Foerster LLP on

On June 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) released proposed revisions to its final Prepaid Accounts Rule (“Final Rule”). The Final Rule was published in November 2016 and was subsequently amended to...more

Consumer Advisory Board – CFPB Encourages Credit Card Companies to Consider Zero-Interest Promotions in Place of Deferred-Interest...

by Morrison & Foerster LLP on

On June 8, 2017, the Consumer Financial Protection Bureau (CFPB) held a Consumer Advisory Board (CAB) meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press...more

CFPB Warns Retail Card Companies off Deferred-Interest Promotions

Last week, the Consumer Financial Protection Bureau (CFPB) sent letters to the CEOs of several issuers of store brand credit cards warning of fairness and transparency concerns with deferred-interest promotions. The CFPB has...more

CFPB encourages use of zero-interest promotions

by Ballard Spahr LLP on

The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions.  The CFPB also provided a sample letter and published a...more

Credit Card Issuers Get Ready – MLA in Full Effect October 3

by Baker Donelson on

Credit card issuers get ready; now is the time to make sure you are in compliance with the new requirements of the Military Lending Act (MLA). The amendments to the MLA expanded both the type of creditors it regulates and the...more

CFPB finalizes delay in the effective date of the Prepaid Account Final Rule

by Ballard Spahr LLP on

On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more

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Cybersecurity

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