Payment Processing + Cards

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On January 16, the American Bankers Association (ABA) issued a letter opposing a proposal offered by the Department of Defense to amend the regulations that implement the Military Lending Act.  Although the ABA had already joined other trade associations in a December 18 joint comment letter criticizing this proposal, the organization submitted this latest letter…

On January 20, the U.S. Supreme Court declined to take up a challenge by retailers to the Federal Reserve’s controversial rules for debit card “swipe fees,” effectively ending their fight over the Dodd-Frank Act’s Durbin amendment.  The court’s rejection of the appeal means a March 2014 ruling by the U.S. Court of Appeals for the…

On January 16, the CFPB announced it is accepting applications for membership on the Consumer Advisory Board (CAB), Community Bank Advisory Council, and Credit Union Advisory Council.

Members of the CAB and the Advisory Councils include representatives of consumers, communities, and the financial services industry, as well as academics. Membership on the CAB lasts three…

On January 7, online retailer Zappos.com Inc. reached a long-awaited settlement with nine states over a 2012 data breach that compromised personal and financial information of nearly 24 million of the company’s customers.  Pennsylvania Attorney General Kathleen Kane said in a published statement that a hacker was able to access sensitive data pertaining to millions…

Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”

According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit…

On December 31, the United States Court of Appeals for the Ninth Circuit, in dismissing a class action appeal as moot, ruled that the putative class representative had not retained a personal stake in the class certification motion after voluntarily settling his individual claims.

In Campion v. Old Republic Protection Company, Inc., the plaintiff…

On December 29, a putative class action was filed against Airgas, Inc. for printing expiration dates on credit and debit card receipts.  The putative class action, Aliano et al. v. Airgas USA LLC et al., Case No. 14CH20024 (Cook County), alleges violations of the Fair Credit Reporting Act and identity theft.  Airgas is an…

On December 29, the Consumer Financial Protection Bureau issued a report calling for stricter and more extensive regulations to the Military Lending Act.  The report, titled The Extension of High-Cost Credit to Servicemembers and Their Families, comes on the heels of a recent action by the CFPB, in which Virginia and North Carolina…

Vermont Attorney General William Sorrell has announced that he has settled claims against Stonebridge Benefit Services, Inc., a company that markets discount membership programs, and J.C. Penney Company, Inc., from which Stonebridge obtained consumer credit card information.

Texas-based Stonebridge sells membership programs that provide discounts for various goods and services.  Customers’ credit cards are subject…

On December 23, the Consumer Financial Protection Bureau issued a proposed rule amending Regulation E, 12 C.F.R. §§ 205.1 et seq. – which implements the Electronic Fund Transfer Act, 15 U.S.C. §§ 1693 et seq. – and Regulation Z, 12 C.F.R. §§ 226.1 et seq. – which implements the Truth in Lending Act, 15 U.S.C.