The CFPB has announced plans to produce a list of companies offering existing customers free access to their credit score. According to the CFPB, “educating and empowering consumers to take more control over their financial lives” constitutes a core part of the Bureau’s mission. Credit scores are vitally important to the Bureau in this regard
Payment Card Industry Security Standards Council Announces New Protections for Payment Devices
The Security Standards Council of the Payment Card Industry (“PCI”) announced updates to its payment device standard, which will enable stronger protections for cardholder data, including data such as cardholders’ personal identification numbers (PINs) and cardholder data stored on the magnetic stripe of cards or on mobile devices. The updated standard addresses the increased threats
CFPB Orders First National Bank of Omaha to Pay $32 Million for Credit Card Add-On Products
On August 25, the Consumer Financial Protection Bureau ordered First National Bank of Omaha to pay more than $32 million for alleged unlawful credit card practices related to add-on products and services. In addition to a penalty of $4.5 million, the bank must provide $27.75 million in relief to nearly 257,000 consumers.
The CFPB’s order