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Banking Sector Financial Services Industry Credit Cards

Goodwin

Want to Have Customers Cover Payment Processing Fees? What You Need to Know About Credit Card Surcharging

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Credit card surcharging is on the rise. Imposing a surcharge in a compliant manner is more than adding a fee at the point of sale. Below we review on a high level the legal and commercial considerations for merchants before...more

Ballard Spahr LLP

Senators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

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Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more

Sheppard Mullin Richter & Hampton LLP

Illinois ‘Swipe Fee’ Law Faces Continued Pushback as Court Partially Extends Injunction

On February 6, 2025, the U.S. District Court of the Northern District of Illinois declined to issue a preliminary injunction to stop an Illinois “swipe fee” law that would ban certain credit and debit card fees from applying...more

Sheppard Mullin Richter & Hampton LLP

California Increases the Pressure on Alleged “Junk Fees”: New Law Targets ATM Charges

The topic of “junk fees” has been in the headlines, spurred by legislative action across various sectors. From regulations on credit card late fees to the Federal TICKET Act targeting concert event fees, lawmakers are...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

Holland & Hart LLP

Open Banking Rules are Finally Here: What's Next for the Financial Services Industry

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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated Open Banking Rule (the Open Banking Rule) under Section 1033 of the Dodd-Frank Act, fundamentally reshaping the data-sharing...more

Mogin Law LLP

Why the Capital One-Discover Merger Makes Sense

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When federal agencies review bank mergers, the competition issues typically relate to the number and location of physical branches and the extent of any overlap in the areas served. By contrast, the proposed $35 billion...more

Goodwin

CFPB Files Proposed Judgment in Bank Suit Regarding the Opening of Unauthorized Accounts

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​On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed stipulated final judgment and ​order in its suit against a national bank accused of allegedly opening unauthorized accounts...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Shipkevich PLLC

Credit Card Rewards Programs Oversight – The Next Notch in the CFPB’s Payments Space Regulatory Belt

Shipkevich PLLC on

In another move highlighting the Consumer Financial Protection Bureau's (the “Bureau” or “CFPB”) continued focus on the payments space, the CFPB has issued a new report finding consumers are encountering numerous problems...more

Cooley LLP

CFPB Study Finds Consumers Pay More When Pricing Is Complex

Cooley LLP on

On April 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a report on a study investigating the effects of complex pricing structures and increased competition on consumer choices. The CFPB found that...more

Goodwin

The CFPB’s “Junk Fees” Initiative: Recent Developments and Trends

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The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Sheppard Mullin Richter & Hampton LLP

The CFPB Finalizes Credit Card Late Fee Rulemaking

On March 6, the CFPB finalized its credit card late fee rule (previously discussed here) aimed at ensuring that late fees charged on consumer credit card accounts are “reasonable and proportional.” The rule amends Regulation...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports larger banks charge higher interest rates on credit cards than smaller banks

On February 16, the CFPB published the results of a report that found, on average, larger banks charged higher credit card interest rates than smaller banks and credit unions. The CFPB’s data suggested larger banks charge...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 18: Credit Unions, Fintech and Financial Innovation with Rodney Hood

Credit unions have been a crucial component of the American financial services ecosystem for over a century. Rodney Hood – former Chair of the National Credit Union Administration (NCUA) – joins RegFi co-hosts Jerry Buckley...more

Orrick, Herrington & Sutcliffe LLP

The CFPB’s Overdraft Proposal: What Financial Institutions Need to Know

The CFPB has proposed a long-anticipated rule targeting overdraft fees.  Billed as part of its effort to rein in “junk fees,” the proposal could have a significant effect on the nature and availability of overdraft protection...more

Orrick, Herrington & Sutcliffe LLP

CFPB report analyzes college banking and credit card agreements

On December 19, the CFPB released a report titled College Banking and Credit Card Agreements: Annual Report to Congress, which found that some college-sponsored financial products marketed towards students have less...more

Alston & Bird

Payments Docket – December 2023

Alston & Bird on

The latest edition of the Payments Docket, our roundup of key litigation involving the payments industry, features fintechs and nonbanks continuing to face regulatory scrutiny, a pair of processors failing to process...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0

Ballard Spahr LLP on

Our special guest is Zarik Khan, Founder and Managing Director of Finsolute Advisors. Congress is now considering whether to enact the CCCA, a bill that would require credit card issuers with assets over $100 billion to...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights - Issue 2, July 2023

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking - "Poorly deployed chatbots can impede customers from resolving problems." Why this is important: The Consumer Financial Protection Bureau...more

Alston & Bird

Payments Docket - May 2023

Alston & Bird on

The latest edition of the Payments Docket, our roundup of key litigation involving the payments industry, features fintechs and nonbanks continuing to face regulatory scrutiny, crypto going bankrupt, and banks are paying for...more

Hudson Cook, LLP

CFPB Fines National Bank $9 Million for Improper Handling of Credit Card Billing Error Notices and Claims of Unauthorized Use

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The CFPB settled a lawsuit originally filed in January 2020 against a large national bank, claiming it violated the Truth in Lending Act and its implementing Regulation Z, as well as the Consumer Financial Protection Act, by...more

Ballard Spahr LLP

Consumer Bankers Association Challenges CFPB Proposal to Lower Credit Card Late Fees

Ballard Spahr LLP on

On April 17, the Consumer Bankers Association (CBA) issued a news release responding to the CFPB’s proposal to lower the credit card late fee safe harbor amount to $8. The CFPB claims that, even though Congress banned...more

Troutman Pepper Locke

State of the Union Address Highlights Governmental Focus on Elimination of So-Called “Junk Fees”

Troutman Pepper Locke on

As we previously reported on the blog, the Consumer Financial Protection Bureau (CFPB) recently published a proposed rule that would dramatically cut the safe harbor for credit card late fees. In his State of the Union...more

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