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
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
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
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
Testimony to Congress earlier this week from Gail Hillebrand, CFPB Associate Director for Consumer Education and Engagement, seems to suggest a way for card issuers to deal with concerns about the Reg. Z rule that the Fed adopted to implement the CARD Act’s ability-to-pay requirement, at least while the CFPB considers whether to change the
It’s not often that Barney Frank agrees with the American Bankers Association but, when it comes to Regulation Z’s ability to pay rule for credit cards, it seems that Representative Frank now thinks the ABA got it right and the Fed got it wrong. The Reg. Z rule, adopted by the Fed in final
The CFPB has received its first opinion from a federal court regarding the validity of a rule it was tasked with enforcing. In a September 23, 2011 opinion, the U.S. District Court for the District of South Dakota held that the revised version of Regulation Z, § 226.52, promulgated by the Federal Reserve Board,