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Category Archives: Credit Cards

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CFPB and OCC settle claims of alleged unlawful practices for credit card add-on products

Posted in CFPB Enforcement, Credit Cards

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of credit card add-on products and the billing of consumers for such products.  The consent order requires… More >

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

Posted in Credit Cards

The CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area.  The CFPB began taking credit card complaints on July 21, 2011, the day on which the CFPB officially opened its doors for business.  In its first and second biennial… More >

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

Posted in Credit Cards, Mortgages

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank.  The adjustments reflect changes in the Consumer Price Index in effect on June 1, 2016 and will take… More >

CFPB CARD Act report signals continued scrutiny of credit card practices

Posted in Credit Cards

The CFPB has issued its second biennial report on the credit card market.  In addition to setting forth the CFPB’s general findings about market conditions, the report discusses “areas of concern for consumers,” including deferred interest products, subprime credit cards, and rewards programs.  The areas of concern noted in the report are likely to be… More >

CFPB highlights credit card complaints in fourth monthly complaint report

Posted in CFPB General, Credit Cards

The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports.  The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro area. General findings include the following: As of October 1, 2015, the CFPB handled approximately 726,000 complaints nationally, including approximately… More >

CFPB extends comment period on credit card issues

Posted in Credit Cards

In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market.  The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the CFPB has extended the comment period for four of the topics until June 17, 2015. … More >

CFPB finalizes temporary suspension of TILA requirement for quarterly submission of credit card agreements

Posted in Credit Cards

The CFPB has issued a final rule adopting its proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website.  The suspension does not affect the TILA/Reg… More >

CFPB launches another credit card review

Posted in Credit Cards

The CFPB has issued another request for information about the credit card market.  The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act.  In October 2013, the CFPB issued its first report to Congress on the results of its first review.  In that report, the CFPB… More >

CFPB proposes temporary suspension of TILA requirement for credit card issuers to submit card agreements quarterly

Posted in Credit Cards

The CFPB has issued a proposal to suspend for one year the Truth in Lending Act/ Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website.  The suspension would not affect the TILA/Reg Z requirement for such… More >

CFPB announces new Project Catalyst project

Posted in Credit Cards

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ” designed to encourage consumer-friendly developments in markets for consumer financial products and services.”  The new project is a research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk… More >

CFPB issues bulletin on UDAAP risks in marketing credit card promotional APR offers

Posted in Credit Cards, UDAAP

The CFPB has issued a bulletin warning credit card issuers that offer certain promotional APRs of the risk that they may be engaging in deceptive and/or abusive acts or practices when making solicitations for such offers even if such solicitations are in compliance with Regulation Z.   The bulletin focuses on promotional offers that allow consumers… More >

Trade group criticizes CFPB reliance on enforcement and informal guidance

Posted in CFPB Enforcement, Credit Cards, Fair Lending

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a detailed letter to Director Cordray in which it criticizes the CFPB’s approach of “regulation by enforcement settlement combined with issuance of brief guidance statements” in lieu of engaging in rulemaking or otherwise soliciting public input.  In the letter, the Chamber expresses its strong… More >

CFPB advises consumers on deferred interest credit cards

Posted in Credit Cards

The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers.  The  CFPB states in the blog post that, because health care providers do not always explain how such cards work, the CFPB wants to “make sure” consumers are getting the… More >

CFPB calls for public disclosure of campus financial product marketing agreements

Posted in Credit Cards, Debit Cards, Deposit Accounts, Prepaid Cards

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial aid disbursement accounts.  Pursuant to the CARD Act, card issuers must submit their campus credit card agreements annually to the CFPB together with… More >

Director Cordray confirms CFPB plans to examine credit card rewards programs

Posted in Credit Cards

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs.  Director Cordray is reported to have indicated that the CFPB will be focusing on rewards program disclosures and considering the need for additional protections.   The Bloomberg report also indicated that, according to… More >

Credit card issuers can expect continued CFPB scrutiny

Posted in Credit Cards

The CFPB is keeping the heat on credit card issuers.  While subtitled “A review of the impact of the CARD Act on the consumer credit card market,” the CARD Act report issued yesterday by the CFPB contains more than the CFPB’s impact findings.  Most notably, the report also describes the CFPB’s plans to scrutinize add-on… More >

CFPB to hold credit card field hearing

Posted in CFPB General, Credit Cards

Yesterday the CFPB announced that it would hold a field hearing on credit cards in Chicago on October 2, 2013. The hearing will be held at the Harold Washington Library, located at 400 South State Street, and will commence at 11:00 a.m. CFPB Director Cordray plans to make an appearance, and testimony will be taken… More >

CFPB to hold September 30 forum on financial products marketed to college students

Posted in Credit Cards, Debit Cards, Deposit Accounts

On September 30, 2013, the CFPB will hold a forum in Washington, D.C. on financial products marketed to college students.  In January 2013, the CFPB issued a notice asking for input on a variety of issues with regard to these products, including the information shared between schools and financial institution providers, the way these products are… More >

CFPB eliminates independent ability-to-pay requirement for credit card applicants 21 or older

Posted in Credit Cards

The CFPB has amended Regulation Z to remove the requirement that a card issuer must consider the independent ability to pay of an applicant who is 21 or older.  The final rule, which will be effective upon publication in the Federal Register, retains the independent ability-to-pay requirement for applicants under the age of 21.  Issuers… More >