The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program.

The CFPB instituted the CAS Policy in 2019 in an attempt to encourage innovation through the testing of financial products that could benefit consumers but might pose

On July 16, 2020, the Consumer Financial Protection Bureau (CFPB) issued an updated 2020 Complaint Bulletin and again focused on complaints related to COVID-19.

The Complaint Bulletin reflects 2020 consumer complaint data through June 15, 2020, and focuses on complaints filed through May 31, 2020 that mention COVID-19 keywords. Of the 187,547 complaints received in

The CFPB has proposed amendments to Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products.  In 2017, the United Kingdom’s Financial Conduct Authority, the regulator that oversees

The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be provided in writing.

The Bureau discusses the use of E-Sign consent to provide disclosures electronically that pursuant to underlying law, such

The CFPB has issued a statement regarding its supervisory and enforcement approach to Regulation Z billing error resolution timeframes in light of the COVID-19 pandemic.

In the statement, the Bureau acknowledges that some creditors and entities such as merchants, particularly those that are small businesses, may be facing significant operational disruptions as a result of

Increasing regulatory, competitive and economic challenges are causing a new focus on credit cards by medium and smaller-sized financial institutions.  We are joined by Robert Curry, Managing Partner and Chief Business Officer of Bassett Capital Group, LLC, an expert on credit card portfolio management, acquisition and divestiture, for a discussion of the types of business

The CFPB has released its eighth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act.  (The first two reports were issued by the Federal Reserve Board.)

The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or

The CFPB has released the Summer 2019 edition of its Supervisory Highlights.  The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt collection, furnishing, and mortgage originations.

Key findings include the following:

Auto loan originations.  Auto lenders were found to have engaged in an abusive

The CFPB’s fourth biennial report on the credit card market was issued at the end of August.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to perform periodic market reviews.  The CFPB’s first CARD Act report was issued in October 2013, its second report was issued in December