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Senators Sanders and Hawley Propose Legislation Capping Credit Card Interest Rates

On February 4, Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation aimed at immediately capping credit card interest rates at 10% for a period of five years. This initiative follows a...more

CFPB Urges Other Regulators to Take Action on So-Called Bait-and-Switch Credit Card Rewards Tactics

On December 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a circular to “other law enforcement agencies,” urging them to take action against certain credit card practices. The CFPB highlights alleged...more

CFPB’s Latest FAQs Broaden Interpretive Rule for Pay-in-Four BNPL Products

On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL)...more

CFPB Rules Buy Now, Pay Later Lenders Must Offer Key Credit Card Protections

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an “interpretive rule,” subjecting “Buy Now, Pay Later” (BNPL) transactions to provisions of Regulation Z applicable to “credit cards.” Among other...more

CFPB Issues Final Credit Card Late Fee Rule

We discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee proposed rule here 13 months ago, and today, the Bureau announced that it has finalized the rule (Final Rule) setting a safe harbor...more

CFPB Reports That College-Sponsored Financial Products Have Higher Fees and Less Favorable Terms

The Consumer Financial Protection Bureau (CFPB or Bureau) released its 14th annual report to Congress in fulfillment of its requirements under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. For the...more

California AG Submits Response to Federal Agencies’ Request for Information on Medical Payment Products

As discussed here, on July 7th the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services, and the U.S. Department of Treasury (collectively, the agencies) jointly issued a Request for...more

CFPB Focuses on Medical Credit Cards and Installment Loans in Latest Report

Citing research that found about half of U.S. adults find it difficult to afford the cost of their healthcare, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report focusing on medical credit cards and...more

CFPB Focusing on Increasing Competition in Credit Card Market

On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post, highlighting its current efforts in the credit card market. According to the post, interest rates on credit cards have risen...more

CFPB Suggests Anti-Competitive Motive Behind “Suppressed” Credit Card Payment Reporting

As previously reported here, on May 25, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it described as the “practice of suppressing payment data” by credit card issuers...more

CFPB Proposes to Dramatically Cut Safe Harbor for Credit Card Late Fees

Today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate...more

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021....more

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