As we discussed in March, the Consumer Financial Protection Bureau is soliciting public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers.
To allow interested persons additional time to consider and submit their responses, the CFPB announced it is extending the comment period on
On May 5, Virginia Governor Terry McAuliffe signed an executive directive which sets enhanced security requirements for the purchase card program used by state agencies, including the implementation of “chip and pin” technology by December. The directive further instructed Virginia’s treasurer, comptroller, and secretaries of finance and technology to implement enhanced payment technologies that “meet
On May 5, the Federal Trade Commission obtained court approval of a settlement against CardFlex, Inc. and its CEO and President, Andrew Phillips, and Executive Vice President of Operations, John Blaugrund. The lawsuit, captioned FTC v. CardFlex Inc. et al., No. 3:14-cv-00397 (D. Nev.), involved allegations that the defendants operated a $26 million credit
According to a study released by the Consumer Financial Protection Bureau on May 5, 26 million Americans have no credit rating at all, making them “credit invisible.” The report found that one in 10 adults have no credit history – many of them black, Hispanic, or living in low-income neighborhoods.
In broad terms, consumers with
On April 9, PayPal Holdings Inc. (“PayPal”) issued a regulatory filing indicating that it may soon face a lawsuit from the Consumer Financial Protection Bureau. The CFPB is targeting the activities of PayPal’s payments service, which lets consumers buy products before paying for them. In August 2014 and January 2015, the CFPB requested
On April 15, the Consumer Financial Protection Bureau issued a final rule suspending for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit card issuers submit their card agreements to the CFPB on a quarterly basis. The CFPB publishes the agreements to a public database on its
On April 14, a putative class action was filed in Wisconsin federal court against the Oneida Tribe of Indians of Wisconsin, claiming that they failed to comply with the credit card receipt truncation requirement of the Fair and Accurate Credit Transactions Act (“FACTA”). According to the named plaintiff, the Oneida Tribe included more than the
On April 6, the Consumer Financial Protection Bureau announced its next Community Bank Advisory Council meeting, which will be held at 3:00 p.m. EDT on April 22 in the CFPB’s offices at 1275 First Street, N.E., in Washington, D.C. The meeting will focus on credit scores and consumer reporting as well as implications for small
On March 25, the Network Branded Prepaid Card Association (“NBPCA”) announced that it had lodged a formal request with the Consumer Financial Protection Bureau to prevent the imposition of overly broad restrictions on prepaid accounts. The NBPCA is a non-profit trade association that supports the growth and success of network branded prepaid cards and represents
On March 17, the Consumer Financial Protection Bureau announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and