The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory Flexibility Act, which requires the CFPB to review certain rules within 10 years of their publication
CARD Act
CFPB issues annual report on TILA, EFTA, and CARD Act
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017. The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal agencies with relevant enforcement authority and provides data on reimbursements required as a result of…
CFPB issues fourth biennial report on credit card market
By John L. Culhane, Jr. on
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…
CFPB issues request for information for next CARD Act review
By John L. Culhane, Jr. on
Posted in Credit Cards, Regulatory and Enforcement
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
By John L. Culhane, Jr. on
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
By John L. Culhane, Jr. on
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
By Barbara S. Mishkin on
Posted in Credit Cards, Regulatory and Enforcement
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
By Barbara S. Mishkin on
Posted in Credit Cards, Regulatory and Enforcement
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
By Barbara S. Mishkin on
Posted in Credit Cards, Regulatory and Enforcement
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
By Joel E. Tasca on
Posted in CFPB Enforcement, Regulatory and Enforcement
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…