Payment Processing + Cards

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Last week, the Consumer Financial Protection Bureau ordered Continental Finance Company LLC, a credit card lender, to refund an estimated $2.7 million to approximately 98,000 consumers.  The CFPB found that the company’s subprime credit cards misrepresented certain fees and hit consumers with illegal charges.  The order also requires the company to pay a civil penalty…

On February 5, Illinois Attorney General Lisa Madigan testified before the U.S. Senate, calling on Congress to enact a strong, meaningful federal data breach notification law, while at the same time lobbying Congress to avoid preempting states from enforcing their own data protection laws.

Before the Senate’s Subcommittee on Commerce, Science and Transportation in a…

On January 16, 2014, Troutman Sanders secured a victory for client Paris Baguette America, Inc. when District Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York dismissed with prejudice a putative class action alleging that Paris Baguette willfully violated the Fair and Accurate Credit Transaction Act by printing…

On February 3, 2015, the Consumer Financial Protection Bureau asked a federal district court to enter a consent order that would permanently ban a Texas company, Union Workers Credit Service, from offering any credit products or services after it duped thousands of consumers into signing up for a sham credit card.  The CFPB claims that…

The plaintiffs in a putative class action accusing The Container Store Inc. of retaining the ZIP codes of credit card-paying customers have asked a Massachusetts federal judge to grant final approval to a class action settlement.

Plaintiffs and class representative Judith Monteferrante sued the chain in June 2013, alleging it illegally requested and kept the…

On January 23, the Seventh Circuit Court of Appeals heard oral arguments in a class action suit against Neiman Marcus Group LLC over the alleged 2013 hack that compromised the credit card numbers of 350,000 shoppers.

The suit was one of multiple proposed class actions filed after hackers infiltrated Neiman Marcus’ payment security system with…

On January 28, 2015, the Consumer Financial Protection Bureau issued a bulletin warning financial institutions about entering into agreements with third parties that share or hide information related to regulatory exams, as well as warning entities under investigation about sharing information with third parties.

The bulletin is intended to assist supervised entities in complying with…

New rules on overdraft protections and fees are one of the top items on the CFPB regulatory agenda this year.  In its Fall 2014 Rulemaking Agenda, the CFPB noted that they were “continuing to research overdraft services and considering whether rules governing overdraft and related services are warranted and what such rules may be”…

Last week, the Consumer Financial Protection Bureau (CFPB) announced four appointments to its leadership team.

In addition to naming Anthony Alexis as assistant director of enforcement, the CFPB also announced the hiring of Leandra English as deputy chief operating officer, Agnes Bundy Scanlan as the regional director of supervision examination, and Jeffrey Sumberg as chief…

On January 5, the Federal Communications Commission announced that it was creating a new complaint portal.  As shown on the FCC form for complaints, which can be found here (Word format) and here (.pdf), this portal is very much designed to capture complaints arising from the Telephone Consumer Protection Act (TCPA) and, specifically, automatic telephone…