CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB released its sixth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act.
The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or certain affiliated organizations (such as alumni associations). The information in the report…
The CFPB issued its third biennial report on the credit card market last week. The report represents the first major report issued by the CFPB since former Director Cordray’s resignation and President Trump’s designation of Mick Mulvaney as Acting Director.
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB…
The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance transfer credit cards issued by the Bank to consumers through independent service organizations (ISO). The Consent Order requires…
The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an open-end (not home-secured) consumer credit plan.” Although the final rule permits the Secretary of Defense to extend the…
The CFPB has published 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 in effect on June 1, 2017 and will take…
The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions. The CFPB also provided a sample letter and published a new blog on its website for consumers to explain how deferred-interest and zero interest promotions operate and the key differences between them.…
The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. On April 13, 2017, from 12:00 p.m. to 1:00 p.m.ET, Ballard Spahr will hold a webinar, “The CFPB’s Consumer Credit Card Market RFI and Other Important Recent…
The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive, or abusive acts or practices. The consent order also settles allegations that the company displayed advertisements…
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. Based on its previous biennial reviews, the CFPB issued its first and second reports…
The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of credit card add-on products and the billing of consumers for such products. The consent order requires…
