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Tag Archives: credit cards

CFPB flags new issues in latest credit card review; Ballard Spahr to hold April 13 webinar

Posted in Credit Cards

The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest.  The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act.  Based on its previous biennial reviews, the CFPB issued its first and second reports… 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 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 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 Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees

Posted in CFPB Enforcement

Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit card fees. The consent order also imposes a civil penalty on Continental in the amount of $250,000. In the consent order, the CFPB… 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 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 >

CFPB wants information about the CARD Act’s impact

Posted in Credit Cards

The CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry. Signed into law in 2009 and implemented through a series of changes to Regulation Z that became effective in three stages spanning August 2009 to October 2011, the CARD Act… More >

Cordray appears before Senate Banking Committee

Posted in CFPB People

Richard Cordray testified yesterday before the Senate Banking Committee about the CFPB’s Semi-Annual Report covering activities for the first half of this year.  We previously blogged about the Report. Cordray’s written testimony states:  “As of September 3, we have received 72,297 consumer complaints about credit cards, mortgages, and other financial products and services, and the pace… More >

Initial analyses of CFPB complaint data show misleading nature of data

Posted in CFPB General, Credit Cards, Hot Issues

Recall that when the CFPB launched the Consumer Complaint Database, its expressed hope that “the marketplace of ideas” – i.e., the public – would study and analyze the information disclosed in the database in order to “determine what the data show[s].” 77 FR 37559. The CFPB also stated that the purpose of the database is… More >

CFPB launches consumer complaint database

Posted in CFPB General, Credit Cards, Hot Issues

Today, the Consumer Financial Protection Bureau launched its Consumer Complaint Database, which allows the public to view consumer complaints filed against credit card issuers. The Bureau also announced that it is submitting a request to the Federal Register seeking comments on extending the database to include other financial products in addition to credit cards –… More >

American Bankers Association weighs in on proposed policy for credit card complaint data

Posted in CFPB Rulemaking, Credit Cards, Hot Issues

On January 30, 2012, the American Bankers Association delivered a comment letter  to the CFPB in which it expressed strong disagreement with the CFPB’s proposed policy statement on “Disclosure of Certain Credit Card Complaint Data“. The ABA expressed concern that the complaint data will not help and may actually mislead consumers because it is “incomplete, unrepresentative,… More >

In calling for increased regulation of reloadable prepaid cards, consumer groups should be careful what they wish for …

Posted in CFPB General, CFPB Rulemaking, Credit Cards, Debit Cards

By Jeremy T. Rosenblum and Stefanie H. Jackman Recently, the Consumers Union, Center for Public Policy Priorities, Center for Responsible Lending, Coalition of Religious Communities, National Consumer Law Center, SC Appleseed Legal Justice Center and U.S. PIRG called on the CFPB to extend various protections afforded to debit cards under the Electronic Fund Transfer Act… More >

CFPB shares manual for on-line complaint system

Posted in Credit Cards

As part of its on-line credit card complaint system, the CFPB has set up a portal to serve as the interface between the CFPB and card issuers.  (In earlier blog postings, we described the kinds of information the CFPB’s complaint form asks consumers to provide and the CFPB’s about- face on sharing discrimination claims with… More >