Credit Cards

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When the CFPB and Department of Justice withdrew a joint statement on the consideration of immigration status under the Equal Credit Opportunity Act in January 2026, we pointed out that “the agencies could have, but did not, [seek] to reduce compliance burdens by providing helpful guidance on how creditors may appropriately consider an applicant’s immigration status under ECOA.… Continue Reading

On June 1, 2026, Chief Judge Virginia Kendall of the U.S. District Court for the Northern District of Illinois issued a major follow-up opinion in Illinois Bankers Association v. Raoul that substantially alters the court’s February 2026 summary judgment decision regarding the Illinois Interchange Fee Prohibition Act (“IFPA”).

The new opinion was issued after the Seventh Circuit vacated the district court’s February ruling and remanded the case for reconsideration in light of the Office of the Comptroller of the Currency’s April 2026 Interim Final Rule and Interim Final Order addressing the IFPA.… Continue Reading

In a pair of coordinated actions on April 24, 2026, the Office of the Comptroller of the Currency (OCC) moved to reaffirm and expand the scope of National Bank Act (NBA) preemption to credit and debit card interchange fees and the use of electronic payment transaction data.

The OCC issued (i) an interim final rule clarifying that interchange fees are protected “non-interest charges,” and (ii) an interim final order expressly preempting the Illinois Interchange Fee Prohibition Act (IFPA).… Continue Reading

We are releasing today on our Consumer Finance Monitor podcast our host Alan Kaplinsky’s discussion with Marisa Calderon, President and CEO of Prosperity Now, about two high-profile policy proposals raised or embraced by President Trump as part of a broader populist affordability agenda:

  1. A nationwide 10% cap on credit card interest rates for one year.
… Continue Reading

For the first time since 2017, the total number of college- and university-affiliated credit card issuers did not decrease, but stayed at 133, according to the CFPB’s annual “College Credit Card Agreements” report.

The Credit Card Accountability, Responsibility and Disclosure Act requires the bureau to issue an annual report on the agreements between credit card issuers, institutions of higher education and certain organizations affiliated with such institutions.… Continue Reading

Senator Elizabeth Warren has sent a sharply worded letter to CFPB Acting Director Russell Vought that crystallizes an unusual moment in consumer financial services regulation: a populist-sounding call from President Trump to cap credit card interest rates at 10 percent, paired with what Warren characterizes as a deliberate dismantling of the very agency that would be central to implementing any such reform.… Continue Reading

We recently blogged about President Trump’s Truth Social post in which he announced his intent to impose a 10% per annum interest rate cap on credit cards for one year beginning on January 20, 2026, the one-year anniversary of his second term of office. On January 21, during his speech delivered at the World Economic Forum in Davos, Switzerland, he announced his support for legislation to accomplish that result.… Continue Reading

In a Truth Social post, President Trump backed a bill called the Credit Card Competition Act (sometimes called the Durbin-Marshall credit card mandate), saying it will help put an end to what he calls “out-of-control swipe fee rip-offs.” Swipe fees — more formally known as interchange fees — are the charges merchants pay every time a customer pays with a credit card.… Continue Reading

On January 9, 2026, President Donald Trump announced via Truth Social that he supports a temporary 10% cap on credit card interest rates (a concept raised during his 2024 presidential campaign), beginning on January 20, 2026. He described the proposal as an effort to address high credit card APRs and improve affordability for consumers.… Continue Reading

In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that the National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act (WCA), reversing a judgment in two debt collection actions.

The court, thereby, determined that this state-level consumer protection was not preempted by the NBA.… Continue Reading