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Consumer Financial Products › CARD Act › Fees

Orrick, Herrington & Sutcliffe LLP

Banking and business groups ask district court to vacate CFPB’s Credit Card Late Fees Rule

Orrick, Herrington & Sutcliffe LLP on

On February 20, several business groups and trade associations filed a motion for summary judgment in the U.S. District Court for the Northern District of Texas in their lawsuit seeking to vacate the CFPB’s final rule...more

Troutman Pepper Locke

CFPB Fixes Spotlight on Credit Card Rewards Programs

Troutman Pepper Locke on

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) published an Issue Spotlight focusing on consumer complaints relating to credit card rewards programs. The report notes that credit card companies often...more

Mayer Brown

CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees—Litigation Immediately Follows

Mayer Brown on

On March 5, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge from $30 or $41, in most cases, to a mere...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report: Credit Card Companies Charged Consumers $130B in Interest and Fees

Sheppard Mullin Richter & Hampton LLP on

On October 25, the CFPB released its sixth biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report found that in 2022 credit card companies charged...more

McGlinchey Stafford

The Fuss About Junk Fees, Pt. 1: Biden, CFPB, and FTC Collaborate

McGlinchey Stafford on

Anyone who has financed the purchase of a good or service, had a bank account, bought a car, or purchased sporting event tickets has almost assuredly encountered what the Biden Administration and various regulatory agencies...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Credit Cards

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the credit card industry. As evidenced by the timeline, federal regulators (primarily the CFPB) are beginning to renew their focus on credit...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

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