Payment Processing + Cards

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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…

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…