LenderLaw Watch
Search Results: Credit Cards
COVID-19's Impact on the Credit Card Industry
Stella Padilla
Credit Cards, What You Need To Know - Background Info On Current Issues
LenderLaw Watch continues its coverage of the impact COVID-19 has had and will have on various financial services sectors, this week focusing on COVID-19's impact on credit card issuers. Although the newly enacted CARES Act (H.R. 748, 116th Cong. (2020)), signed by President Trump into law on March 27, 2020,…
Out of the Fryer: Burger King Beats FACTA Suit
Lender Law
Class Actions, Credit Cards, FCRA
On September 27, 2017, the Southern District of Florida dismissed a Fair and Accurate Credit Transactions Act (FACTA) suit against Burger King on standing grounds. In Gesten v. Burger King Corp., Case No. 1:17-cv-22541 (S.D. Fla), the Court joined numerous other courts finding that, where a FACTA plaintiff's only alleged…
District of New Jersey Dismisses FACTA Suit on Spokeo Grounds
Class Actions, Credit Cards
Even a year after it issued its opinion in Spokeo v. Robins, the Supreme Court's decision on Article III standing continues to be hotly contested. On June 6, 2017, the District of New Jersey cited Spokeo in dismissing an amended Fair and Accurate Credit Transactions Act (FACTA) case. The decision…
CFPB's Monthly Complaint Report Spotlights Debt Collection Issues, Trends in Credit Card Complaints
CFPB, Credit Cards, Debt Collection
On March 28, 2017, the Consumer Financial Protection Bureau (CFPB) released Volume 21 of its Monthly Complaint Report (the "Report"). The purpose of the Report is, in part, to educate consumers and financial institutions on major consumer issues—which it does by providing a high-level analysis of trends in consumer complaints, focusing on one or two…
FTC Issues Order Against Debt Relief Company for Alleged Misrepresentations
Alyssa Sussman
Credit Cards, Enforcement, FTC
On February 27, 2017, the Federal Trade Commission (FTC) entered into a stipulated order for permanent injunction and monetary judgment with defendants United Debt Counselors, LLC, a debt relief company, and its principals, banning the defendants from making misrepresentations about financial products and services and requiring the defendants to pay a $9…
CFPB Releases 2016 Rulemaking Agenda
Arbitration Agreements, CFPB, Credit Cards, Debt Collection, Regulation
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending. Below are highlights of…
The CFPB Targets Lender's Credit Card Division With More Than $200MM In Penalties
Catalina E. Azuero
CFPB, Credit Cards, Debt Collection, Enforcement, Enforcement Actions, OCC, State AGs, UDAP/UDAAP
The Consumer Financial Protection Bureau (CFPB) has set its sights on debt collection practices again. In April, we wrote about the CFPB's $63 million settlement with a mortgage servicer, Green Tree Mortgage, in part for Green Tree's alleged treatment of mortgage debt. On July 8, 2015, the CFPB once again demonstrated it was…
Add-On Products Continue To Present Litigation Risks For Lenders
Add-On Products, Auto Finance, CFPB, Credit Cards, FDIC, FTC, Litigation, OCC, State AGs
The Consumer Financial Protection Bureau's recent action against two credit card vendors regarding credit monitoring and identity theft protection services is a reminder of the legal risks associated with certain add-on products. The July 1 settlement, in which the CFPB found that the vendors misled customers about the benefits of…
DOJ Targets Payday Lender Using RICO
Credit Cards, DOJ, Enforcement, Enforcement Actions, Small Dollar Lending/Lenders
On June 22, 2015, the US Attorney's office for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to violate RICO, 18 U.S.C. § 1962(d); (2) one count of conspiracy to commit mail fraud and wire fraud, 18 U.S.C. §…
Second Circuit Declines To Allow National Bank Preemption by Assignee of National Bank
Class Actions, Credit Cards, Debt Collection, FDCPA, Litigation
A national bank can charge an interest rate that exceeds state law maximums, but the bank's assignee cannot, the U.S. Court of Appeals for the Second Circuit ruled recently, in a decision that could impact the ability of debt purchasers and others to rely on an originating bank's federal preemption. The…
CFPB Director Faces Tough Questions Before House Committee on Financial Services
CFPB, Credit Cards, Debt Collection, Mortgage
On March 3, 2015 CFPB Director Richard Cordray appeared before the House Committee on Financial Services to deliver testimony regarding the Bureau's work. Director Cordray spent much of his semiannual address touting the Bureau's efforts in the mortgage space. In his written statement, Director Cordray commented on the Bureau's Qualified…
CFPB Warns Credit Card Issuers Against Deceptive Marketing of Promotional APR Offers
CFPB, Credit Cards
On September 3, 2014, the CFPB issued a Bulletin warning credit card issuers about deceptive marketing of promotional annual percentage rate (APR) offers. According to the CFPB, it has observed solicitations that offer an initial low APR for certain kinds of transactions (such as convenience checks, deferred interest rate purchases, or…
Recent DOJ & CFPB Consent Orders Highlight ECOA Risks For Servicers
CFPB, Credit Cards, Debt Collection, Default Servicing, DOJ, ECOA, Fair Lending / Fair Servicing
Synchrony Bank (formerly known as GE Capital Retail Bank) made two direct mail offers to its credit card holders, but it did not send the offers to Spanish-speaking customers. The Bank self-reported its actions, resulting in consent orders with the Consumer Financial Protection Bureau and the Department of Justice, which…
Consumer Financial Services Industry COVID-19 Hub
Tracking The Latest Announcements from Federal and State Governments, Financial Institutions and Trade Associations
For additional financial industry updates, please visit Goodwin's Consumer Financial Services Lender Law Watch blog, which will further address the potential issues they raise and what questions should be top of mind as the industry considers how to respond. Please also visit Goodwin's Coronavirus Knowledge Center, where firm lawyers from across the globe are issuing new guidance and insights to help clients fully understand and assess the ramifications of COVID-19 and navigate the potential effects of the outbreak on their businesses
2019 Consumer Finance Year in Review
A report synthesizing Goodwin's consumer finance coverage from 2019 and offers predictions and insights on what the industry can expect in 2020.
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Goodwin Consumer Financial Services Litigation Practice
Goodwin Financial Services Weekly News Roundup
The marketplace's first resource for real-time reporting on the full range of public federal and state consumer finance enforcement activity.
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