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Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms, has filed a comment (the “Auriemma Roundtables Comment”) on the credit card penalty fees proposal (the “Proposed Rule”) issued by the Consumer Financial Protection Bureau (CFPB). … Continue Reading

The CFPB has announced that it has made changes to its semi-annual survey of credit card terms.  According to the CFPB, the changes are “designed to increase price competition in the credit card market by allowing people to comparison shop for the best prices and products.”

The Fair Credit and Charge Card Disclosure Act of 1988 requires the CFPB to collect data semi-annually from the largest 25 credit card issuers and at least 125 additional issuers selected by the CFPB based on geography and other considerations. … Continue Reading

In May 2022, the CFPB sent letters to the chief executive officers of six major credit card issuers regarding their companies’ payment furnishing practices.  On February 16, the CFPB published a blog post about its key findings based on the issuers’ responses to those letters and released the letter it sent to the issuers summarizing its key findings.… Continue Reading

The issue of whether a home equity line of credit (HELOC) that can be accessed using a credit card is a “credit card plan” subject to the Truth in Lending Act’s setoff prohibition is currently before the U.S. Court of Appeals for the Fourth Circuit.  The American Bankers Association recently filed an amicus brief in the case in support of the appellee bank’s position that the prohibition does not apply to HELOCs. … Continue Reading

In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates.  The CFPB reported that over 175 million Americans have at least one credit card, half of which carry a balance that continues to accrue increasingly high interest rates. … Continue Reading

The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program.

The CFPB instituted the CAS Policy in 2019 in an attempt to encourage innovation through the testing of financial products that could benefit consumers but might pose regulatory uncertainty. … Continue Reading

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 and consider the rules’ effect on small entities.   … Continue Reading

The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be provided in writing.

The Bureau discusses the use of E-Sign consent to provide disclosures electronically that pursuant to underlying law, such as Regulation Z, must be provided in writing. … Continue Reading

The CFPB has issued a statement regarding its supervisory and enforcement approach to Regulation Z billing error resolution timeframes in light of the COVID-19 pandemic.

In the statement, the Bureau acknowledges that some creditors and entities such as merchants, particularly those that are small businesses, may be facing significant operational disruptions as a result of the pandemic. … Continue Reading