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The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2023 and will take effect January 1, 2024.… Continue Reading

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 announced that it has entered into a second consent order with the Bank for alleged violations arising from certain of the Bank’s credit card-related practices. … Continue Reading

During his remarks in a meeting with private sector companies on June 15, 2023, President Biden described junk fees as “these hidden charges that companies sneak into your bill to make you pay more and without you really knowing it initially.”  President Biden was joined by representatives from Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation — companies that currently provide or have committed to providing all-in pricing in response to the President’s call to action on “junk fees” in his State of the Union.… Continue Reading

Earlier this month, the CFPB published a report on specialty financial products, such as medical credit cards and installment loans, which are sold to patients as a way to address the growing costs of medical care. The report focuses on some of these financial products, which patients once used primarily for elective care but now use to cover everything from emergency room visits to medications to regular checkups, as well as dental and vision visits and treatment.… Continue Reading

The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation adjustments.… Continue Reading

Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms, has filed a comment (the “Auriemma Roundtables Comment”) on the credit card penalty fees proposal (the “Proposed Rule”) issued by the Consumer Financial Protection Bureau (CFPB). … Continue Reading

On April 17, the Consumer Bankers Association (CBA) issued a news release responding to the CFPB’s proposal to lower the credit card late fee safe harbor amount to $8.  The CFPB claims that, even though Congress banned excessive credit card late fees, credit card companies have exploited a regulatory loophole “to escape scrutiny for charging an otherwise illegal junk fee.” … Continue Reading

Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register.  The changes include a substantial reduction in the safe harbor amounts and the elimination of the annual inflation adjustments. … Continue Reading

The CFPB has announced that it has made changes to its semi-annual survey of credit card terms.  According to the CFPB, the changes are “designed to increase price competition in the credit card market by allowing people to comparison shop for the best prices and products.”

The Fair Credit and Charge Card Disclosure Act of 1988 requires the CFPB to collect data semi-annually from the largest 25 credit card issuers and at least 125 additional issuers selected by the CFPB based on geography and other considerations. … Continue Reading

Move over, Tax Day!  This year, April 15 falls on a Saturday so the IRS moved the tax filing deadline to April 18.  What will you do with all that extra time?  Don’t worry, Visa’s got you covered.

Visa recently notified its business network that new rules for debt repayment are coming on April 15, 2023. … Continue Reading