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.
CFPB releases report on college credit card agreements
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
CFPB releases report on college credit card agreements and compliance bulletin
The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly disclose their credit card marketing agreements.
Like the CFPB’s 2014 and 2015 annual reports, the new report consolidates the CFPB’s
CFPB CARD Act report signals continued scrutiny of credit card practices
The CFPB has issued its second biennial report on the credit card market. In addition to setting forth the CFPB’s general findings about market conditions, the report discusses “areas of concern for consumers,” including deferred interest products, subprime credit cards, and rewards programs. The areas of concern noted in the report are likely to be
CFPB extends comment period on credit card issues
In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of
May 18, 2015 for comments.
In a notice published in yesterday’s Federal Register, the CFPB has extended the comment period for four of the topics until
June 17, 2015.
CFPB launches another credit card review
The CFPB has issued another request for information about the credit card market. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. In October 2013, the CFPB issued its first report to Congress on the results of its first review. In that report, the
CFPB Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees
Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit card fees. The consent order also imposes a civil penalty on Continental in the amount of $250,000.
In the consent order, the CFPB
CFPB publishes annual CARD Act, HOEPA and QM adjustments
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 made by the final rule are effective January 1, 2015.
The CARD Act requires the CFPB
Credit card issuers can expect continued CFPB scrutiny
The CFPB is keeping the heat on credit card issuers. While subtitled “A review of the impact of the CARD Act on the consumer credit card market,” the CARD Act report issued yesterday by the CFPB contains more than the CFPB’s impact findings. Most notably, the report also describes the CFPB’s plans to scrutinize add-on
CFPB wants information about the CARD Act’s impact
The CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry. Signed into law in 2009 and implemented through a series of changes to Regulation Z that became effective in three stages spanning August 2009 to October 2011, the CARD Act