CFPB, Federal Agencies, State Agencies, and Attorneys General
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 2015, and its third report was issued in December 2017. … Continue Reading
On Tuesday, May 14, 2019 in Minneapolis, and on Wednesday, May 15, 2019 in Sioux Falls, Ballard Spahr will host complimentary card issuer workshops. The workshops are intended to assist companies involved in issuing, marketing, or servicing credit or prepaid cards in meeting their compliance obligations as they face a constantly changing regulatory landscape.… Continue Reading
In this week’s podcast, we look at co-brand credit card rewards and loyalty programs from the differing perspectives of banks and their merchant partners, including why these programs are important and the issues and challenges they present. We also discuss marketplace trends, assess the risks created by the current regulatory environment, and offer steps for reducing such risks.… Continue Reading
In this week’s podcast, we discuss key issues that need to be considered by banks and their merchant partners when entering into credit card co-branding relationships, including defining the scope of exclusivity, the terms of second-look programs, the role of the payment networks, and the handling of consumer data ownership and usage rights.… Continue Reading
The CFPB and New York Attorney General have agreed to a settlement with Sterling Jewelers Inc. of a lawsuit they filed jointly in a New York federal district court alleging federal and state law violations in connection with credit cards issued by Sterling that could only be used to finance purchases made in the company’s stores. … Continue Reading
The CFPB has released its seventh 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). … Continue Reading
The New York Court of Appeals has issued an opinion in Expressions Hair Design v. Schneiderman interpreting the state’s law that prohibits merchants from imposing a surcharge on credit card purchases (Section 518 of the state’s General Business Law). The court concluded that if a merchant posts its prices and charges lower prices to cash customers, it must post the price charged to credit card customers.… Continue Reading
The CFPB has issued a report focusing on end-of-year credit card borrowing and repayment of credit card balances in the following year. The report is based on data from the Bureau’s Consumer Credit Panel, a nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies.… Continue Reading
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 to perform periodic market reviews. … Continue Reading
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). … Continue Reading
