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Financial Institutions › Credit Cards › Interest Rates

Orrick, Herrington & Sutcliffe LLP

Fed of New York releases paper analyzing credit card interest rates

Orrick, Herrington & Sutcliffe LLP on

On March 31, the New York Fed published a research paper discussing credit card interest rates and what is behind how they are set. The research explored the relationship between the federal funds rate and the annual...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Ballard Spahr LLP

Colorado provides some (but not enough) guidance on new general-purpose credit card carve-out

Ballard Spahr LLP on

In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...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

Ballard Spahr LLP

More States Mull Interest Rate Preemption and “Anti-Evasion” Legislation

Ballard Spahr LLP on

Rhode Island, Minnesota, and Nevada have joined the list of jurisdictions considering proposals to legislatively opt out of federal interest rate preemption established under the federal Depository Institutions Deregulation...more

Troutman Pepper Locke

CFPB Issues First Report on Results of Its Updated Terms of Credit Card Plans Survey

Troutman Pepper Locke on

Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first report on the results of its updated Terms of Credit Card Plans survey. The report found that for the first half of 2023, small banks and...more

Ballard Spahr LLP

Federal banking regulators issue statement on loan reference rates and advise prompt transition from LIBOR

Ballard Spahr LLP on

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

Davis Wright Tremaine LLP

The Consumer Credit Card Market

Davis Wright Tremaine LLP on

Credit cards are central to the financial lives of most American consumers. Credit cards represent a key medium for U.S. consumer spending. In the first six months of 2015 alone, there were some 14.5 billion U.S. general...more

Robinson+Cole Data Privacy + Security Insider

FTC refunds consumers for telemarketing scam

Robinson+Cole Data Privacy + Security Insider on

The FTC recently announced that it is sending more than $969,000 to 10,387 customers who were bilked out of their funds through a telemarketing scam operated by Innovative Wealth Builders (IWB)....more

Troutman Pepper

Valid at Inception Rule Shot Down by the Second Circuit

Troutman Pepper on

Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

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