CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has released its eighth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. (The first two reports were issued by the Federal Reserve Board.)
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 CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. The Bureau’s most recent prior Supervisory Highlights report was its Summer 2017 edition, which was issued in September 2017.
On October 10, 2018, from 12 p.m.… Continue Reading
The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an open-end (not home-secured) consumer credit plan.” Although the final rule permits the Secretary of Defense to extend the exemption for up to one year (October 3, 2018), the DoD declined to do so and is allowing the exemption to expire next week.… Continue Reading
The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions. The CFPB also provided a sample letter and published a new blog on its website for consumers to explain how deferred-interest and zero interest promotions operate and the key differences between them.… Continue Reading
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. Based on its previous biennial reviews, the CFPB issued its first and second reports to Congress in, respectively, October 2013 and December 2015.… Continue Reading
The CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21, 2011, the day on which the CFPB officially opened its doors for business. In its first and second biennial reports on the credit card market, the CFPB identified deferred interest products and rewards programs as “areas of concern” for consumers. … Continue Reading
The CFPB has issued guidance to credit card issuers regarding the resumption of the requirement to submit card agreements to the CFPB on a quarterly basis. The next submission is due on or before May 2, 2016.
In April 2015, the CFPB issued a final rule that suspended for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website. … Continue Reading
The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro area.
General findings include the following:
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. … Continue Reading
The CFPB has issued a final rule adopting its proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website. The suspension does not affect the TILA/Reg Z requirement for such issuers to post their credit card agreements on their own publicly available websites. … Continue Reading
