CFPB, Federal Agencies, State Agencies, and Attorneys General
On Tuesday, May 14, 2019 in Minneapolis, and on Wednesday, May 15, 2019 in Sioux Falls, Ballard Spahr will host complimentary card issuer workshops. The workshops are intended to assist companies involved in issuing, marketing, or servicing credit or prepaid cards in meeting their compliance obligations as they face a constantly changing regulatory landscape.
Seasoned…
In this week’s podcast, we look at co-brand credit card rewards and loyalty programs from the differing perspectives of banks and their merchant partners, including why these programs are important and the issues and challenges they present. We also discuss marketplace trends, assess the risks created by the current regulatory environment, and offer steps for…
The CFPB published a request for information in yesterday’s Federal Register seeking information to inform its next review of the credit card market. The CARD Act requires the Bureau to conduct such a review every two years. The Bureau’s first three reviews were published in October 2013, December 2015, and December 2017.…
In this week’s podcast, we discuss key issues that need to be considered by banks and their merchant partners when entering into credit card co-branding relationships, including defining the scope of exclusivity, the terms of second-look programs, the role of the payment networks, and the handling of consumer data ownership and usage rights.
To listen…
The CFPB and New York Attorney General have agreed to a settlement with Sterling Jewelers Inc. of a lawsuit they filed jointly in a New York federal district court alleging federal and state law violations in connection with credit cards issued by Sterling that could only be used to finance purchases made in the company’s…
The NY Attorney General and the plaintiffs in Expressions Hair Design v. Schneiderman have filed a joint motion with the U.S. Court of Appeals for the Second Circuit asking the court to vacate the district court’s final judgment in the case, remand with an order to the district court to dismiss the complaint with prejudice,…
The New York Court of Appeals has issued an opinion in Expressions Hair Design v. Schneiderman interpreting the state’s law that prohibits merchants from imposing a surcharge on credit card purchases (Section 518 of the state’s General Business Law). The court concluded that if a merchant posts its prices and charges lower prices to cash…
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. The Bureau’s most recent prior Supervisory Highlights report was its Summer 2017 edition, which was issued in September 2017.
On October 10, 2018, from 12 p.m. to 1 p.m.…
I am pleased to announce that Chris Ford, an attorney who has led some of the country’s largest and most innovative Fintech and payment systems transactions, has joined Ballard Spahr as a partner in the firm’s Consumer Financial Services Group. He will be based in the firm’s Washington, D.C. office.
Chris advises clients on large-scale…
The CFPB has issued a report focusing on end-of-year credit card borrowing and repayment of credit card balances in the following year. The report is based on data from the Bureau’s Consumer Credit Panel, a nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies.
The…
