The Fed, FDIC, and OCC have issued a “Statement on Reference Rates for Loans” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). LIBOR, which many creditors currently use as the index for...more
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory...more
8/28/2020
/ CARD Act ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Regulation AA ,
Regulation Z ,
Regulatory Flexibility Act ,
Request For Information ,
Unfair or Deceptive Trade Practices
The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be...more
The CFPB has released its eighth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. (The first two reports were issued by the Federal Reserve Board.)...more
In an 8-1 decision, the U.S. Supreme Court has ruled in Rotkiske v. Klemm that the FDCPA’s one-year statute of limitations (SOL) runs from the date of the alleged violation and not from a consumer’s discovery of the...more
12/12/2019
/ Cause of Action Accrual ,
Credit Cards ,
Debt Collection ,
Default Judgment ,
Discovery Rule ,
Equitable Tolling ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Service of Process ,
Statute of Limitations
The CFPB’s fourth biennial report on the credit card market was issued at the end of August.
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to perform periodic market...more
9/9/2019
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Security Freeze ,
Debit and Credit Card Transactions ,
Debt Collection ,
Fraudulent Charges ,
Point of Sale Terminals ,
Rewards Programs ,
Risk Management ,
Third-Party Service Provider
The CFPB published a request for information in yesterday’s Federal Register seeking information to inform its next review of the credit card market. The CARD Act requires the Bureau to conduct such a review every two...more
The CFPB has released its seventh annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more
1/3/2019
/ Annual Reports ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Credit Cards ,
Educational Institutions ,
Marketing ,
Reporting Requirements ,
Students
A consumer's alleged oral revocation of consent to receive autodialed or prerecorded calls to his cell phone was ineffective under the Telephone Consumer Protection Act (TCPA) when his credit card agreement provided that...more
The CFPB released its sixth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. ...more
1/9/2018
/ Annual Reports ,
Banking Sector ,
CARD Act ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Credit Cards ,
Disclosure Requirements ,
Marketing ,
Reporting Requirements ,
Students
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
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
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
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more
3/10/2017
/ Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Debt Collection ,
Deferred Interest Products ,
EMV ,
Innovation ,
Online Banking ,
Request For Information ,
Rewards Programs ,
Subprime Loans
The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more
12/16/2016
/ Banking Sector ,
CARD Act ,
CFPB Bulletins ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Agreements ,
Credit Cards ,
Department of Education ,
Higher Education Act ,
Reporting Requirements ,
Students ,
Universities
The U.S. Supreme Court has agreed to decide whether state laws that prohibit merchants from imposing a surcharge on credit card purchases violate the First Amendment. The petition for certiorari granted by the Supreme Court...more
The Federal Trade Commission (FTC) has issued orders to obtain information about the process by which businesses audit their compliance with the Payment Card Industry Data Security Standards (PCI DSS) and the role of such...more
A debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) when it filed a summary judgment motion in a collection action after the debtor had sought enforcement of a credit card agreement’s arbitration...more
A federal district court in Texas has dismissed a lawsuit brought by several merchants challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. In Rowell v....more
In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus...more
Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...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
The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers.
The CFPB states in the blog post that, because health care...more
The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more
The Consumer Financial Protection Bureau has issued a report on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has affected the consumer credit card market. The report describes the...more