Some merchants prefer their customers to pay for their purchases with cash so they can avoid transaction fees associated with credit card purchases. Transaction fees can be either passed along to the consumer or absorbed by the merchant. To encourage payment in cash, many merchants post prices reflecting increased rates for credit
As America’s check collection system continues to move away from being paper-based, the Federal Reserve Board is updating the liability provisions of Regulation CC to reflect this reality. After receiving comments on its proposed rule from financial institutions, trade associations, clearinghouses, and others, the Board published a final rule that amends Subpart C of Regulation
The states of most complaint, you ask? – California, Florida, Texas, New York, and Georgia.
In October, the Consumer Financial Protection Bureau released its Complaint Snapshot, which supplements the Consumer Response Annual Report and provides an overview of trends in consumer complaints received by the Bureau.
The Snapshot revealed that the CFPB has received 1.5
The subject of marijuana and banking has garnered more and more attention as an increasing number of States decriminalize or legalize its use, medicinally and recreationally. Still, no matter what State law might say about the matter, a wide array of commercial and banking activity remains criminal insofar as it is connected with marijuana. This
On May 31, the Fourth Circuit Court of Appeals affirmed a $150,000 sanctions award against three consumer attorneys and their law firms for bad faith conduct and misrepresentations.
The opinion reads like a detective story and lays out, in the Court’s own words, “a mosaic of half-truths, inconsistencies, mischaracterizations, exaggerations, omissions, evasions, and failures to
On May 14, the Supreme Court struck down the Professional and Amateur Sports Protection Act (“PAPSA”), a federal law that prohibited most states from allowing sports-related gambling. The ruling now clears the way for any state to legalize gambling on sports.
PAPSA made it “unlawful” for a state to “authorize” any gambling operation based on
Even though both parties agreed the plaintiffs lacked standing to bring suit under the Fair and Accurate Credit Transaction Act (“FACTA”), the Seventh Circuit recently reversed the district court’s dismissal for lack of standing, and instead ordered the district court to remand the case to state court.
The FACTA putative class action, originally filed in
As newspaper articles, academic studies, and politicians’ speeches have repeated, statistics suggest that a student loan crisis may be building. The share of students graduating with more than $50,000 in student loan debt has more than tripled since 2000, increasing from 5% in 2000 to 17% in 2014. As a result, this group of “large-balance
The Ninth Circuit Court of Appeals recently held that an agreement between a district attorney and private law firms to litigate actions in the name of the district attorney based on a contingency fee agreement does not violate due process.
The decision came after Eric Heryford, District Attorney for Trinity County, California, filed a suit
On February 27, the Federal Trade Commission filed an Agreement Containing Consent Order (“Agreement”) with respect to an administrative Complaint that the FTC had filed against PayPal, Inc. The Agreement requires PayPal to correct the issues that the FTC alleged in the Complaint as violations of the Gramm-Leach-Bliley Act, the Privacy Rule and Regulation P,