Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We expect continued focus by the CFPB on “junk”...more
On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
A prepaid card company agreed to pay the Federal Trade Commission $53 million to settle charges that the company tricked consumers about access to their funds....more
The Consumer Financial Protection Bureau (CFPB) entered into a Consent Order on January 31 with UniRush, a prepaid debit card company, and its processor over a breakdown in October 2015 that left RushCard holders unable to...more
IRS remains committed to its priority efforts to stop offshore tax evasion wherever it occurs. It pursues cases in all jurisdictions of the world. Over the years, numerous individuals have been identified as evading US...more
A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more
Employers in Pennsylvania will be able to pay employee wages using payroll debit cards under an amendment to the banking code signed by Governor Tom Wolf on November 4, 2016. The new legislation goes into effect 180 days...more
On August 6, 2015, a California federal judge requested further briefing on whether the arbitration clause in a lender’s Visa gift card user agreement may be unenforceable against a putative class action plaintiff – raising...more
We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more
In a continued effort by federal and state legislators to curb alleged abuse by financial institutions on college campuses, several members of Congress sent a letter to the Department of Education expressing their support for...more
On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its rulemaking authority to...more
The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more