CFPB Encourages Financial Institutions to Provide Consumers with Greater...
On November 20, 2017, the CFPB released a November 17, 2017 letter that Director Richard Cordray sent to “the CEO’s of several banks, credit unions, and financial companies” asking that they consider...
View ArticleJoint and Several Liability for Payment Processor That Facilitated Fraud
On December 13, the Eleventh Circuit Court of Appeals affirmed the decision of the U.S. District Court for the Middle District of Florida finding a credit card payment processor jointly and severally...
View ArticleCFPB Amends Prepaid Accounts Rule and Delays its Effective Date
On January 25, 2018, the CFPB finalized amendments to its final Prepaid Accounts Rule, which was published in November 2016. The Bureau stated that the 2018 Amendments finalize revisions proposed in...
View ArticleCFPB Initiates Fourth Review of the Consumer Credit Card Market
On January 31, 2019, the Consumer Financial Protection Bureau published a Request for Information regarding the consumer credit card market. In accordance with Section 502(a) of the CARD Act, the...
View ArticleAttorneys General Push Against OCC’s Attempts to Codify “Valid When Made” Rule
On January 21, 2020, twenty-two State Attorneys General and the Hawaii Office of Consumer Protection submitted a comment letter to the Office of the Comptroller of the Currency in opposition to its...
View ArticleSupreme Court “Expresses” Unanimous View That Credit Card Disclosure Rules...
On March 29, 2017, the U.S. Supreme Court held that a New York law restricting the way merchants may communicate prices to their customers regulates speech and, thus, is subject to review under the...
View ArticleConsumer Advisory Board – CFPB Encourages Credit Card Companies to Consider...
On June 8, 2017, the CFPB held a Consumer Advisory Board meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press release a sample letter...
View ArticleCFPB Proposes Changes to Prepaid Accounts Rule
On June 15, 2017, the CFPB released proposed revisions to its final Prepaid Accounts Rule. The Final Rule was published in November 2016 and was subsequently amended to delay the general effective date...
View ArticleCFPB and Card Issuers Resolve ECOA Action Involving Cards Offered in U.S....
On August 23, 2017, the CFPB announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B, against American Express...
View ArticleCFPB Releases Fifth Report on the Consumer Credit Card Market
On September 29, 2021, the Consumer Financial Protection Bureau released its fifth biennial report on the consumer credit card market. The Report summarizes the impact of the Credit Card Accountability...
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