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Enforcement Actions Credit Cards Financial Services Industry

Alston & Bird

Payments Docket | July 2025

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The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features the CFPB dropping most of its caseload, several states’ decisions to pick up the slack, and...more

Orrick, Herrington & Sutcliffe LLP

Financial services trade association pens letter to new CFPB leadership

On February 3, a trade association representing the financial services industry sent a letter to new CFPB leadership commending it for the agency-wide pause of all rulemaking, litigation and other activities and suggesting a...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Goodwin

CFPB Enters into Consent Orders with Tech Company and Bank Over Credit Card Allegations

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On October 23, 2024, the CFPB announced that it had entered into separate consent orders with a large tech company and a bank over a joint credit card venture. The CFPB alleges that the credit card, which combined the tech...more

Ballard Spahr LLP

CFPB sues Horizon Card Services and CEO, saying they cheated low-income people through membership scheme

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The CFPB earlier this month filed suit against Horizon Card Services and its CEO and sole shareholder Robert Kane for allegedly tricking subprime consumers into signing up for a high-fee credit card that only allowed them to...more

Hudson Cook, LLP

CFPB Sues Credit Card Issuer and its Owner and CEO for Alleged Deceptive Marketing and Improper Fees

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On September 13, 2024, the CFPB filed a lawsuit against the company and its owner and CEO, alleging deceptive and abusive acts and practices in violation of the CFPA and violations of TILA and its implementing regulation....more

Ballard Spahr LLP

CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed

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The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....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

Hudson Cook, LLP

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossessions and Sales Practices.

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On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

Hudson Cook, LLP

CFPB Bites of the Month - May 2024 - CFPB: Light My Way, Virginia May

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In this month's article, we share some of our top "bites" covered during the May 2024 webinar....more

Hudson Cook, LLP

CFPB Bites of the Month - February 2024 - "I Got You, CFPB".

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In this month's article, we share some of our top "bites" covered during the February 2024 webinar....more

Goodwin

2023 Year in Review: Credit, Debit, or Prepaid Cards and Consumer Banking

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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

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

The Volkov Law Group

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

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Bank of America joined the club of consumer abusers – Wells Fargo had been the well-established leader of this club and the poster-child for abusive consumer practices.  For years, Bank of America avoided federal...more

Ballard Spahr LLP

CFPB and OCC announce consent orders with Bank of America involving deposit account representment fees and credit cards

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The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also...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

Troutman Pepper Locke

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

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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

Orrick, Herrington & Sutcliffe LLP

FTC orders card company to let merchants use other debit networks

On December 23, the FTC ordered a payment card company to stop blocking merchants from using competing debit payment networks. According to an agency investigation, the company allegedly violated provisions of the Durbin...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Issue 10, 2022

A recent survey by PricewaterhouseCoopers revealed that U.S. executives now consider cyberattacks the number one risk their companies face. Concerns about cybersecurity have moved beyond the Chief Information Security Office...more

Sheppard Mullin Richter & Hampton LLP

FTC Targets Credit Services Company For False “Pre-Approved” Credit Offers

On September 1, the FTC issued an administrative complaint and consent order alleging that a credit services company harmed consumers by making false claims of “pre-approved” credit offers, enticing many consumers to apply...more

Cadwalader, Wickersham & Taft LLP

Non-Creditor Advertising of Credit Pre-Approvals Likely Deceptive

The federal banking regulators have guidance in place regarding the advertising of credit pre-approvals, and, of course, Regulation Z and the Truth In Lending Act have provisions regarding how and when a pre-approval can be...more

Goodwin

CFPB Fines Bank for Accessing Customer Credit Reports and Opening Accounts, Credit Cards, and Lines of Credit Without Customers’...

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​​​​​​​On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 30, 2021)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Holland & Knight LLP

CFPB Proposes Settlement with Debt Collector for Failing to Investigate Identity Theft Reports

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With the ongoing COVID-19 pandemic, credit card companies may face increased scrutiny, as Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio recently stated that "credit reports play a huge role in...more

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