On January 3, 2018, in Italian Colors Restaurant v. Becerra, No. 15-15873, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit invalidated an application of a California law that would prohibit merchants from imposing a surcharge on credit card payments. The California law would allow offering discounts for payments by

On December 27, 2017, the CFPB released its biennial report on the state of the credit card market. The CFPB’s report found the market to be stable and growing steadily. In particular, the Bureau found that the cost of credit card credit to consumers remains stable overall, in terms of both total costs and the structure of those costs. Some trends noted in the report include the growing use of secured credit cards – which require a cash security deposit and are often used by consumers to build credit history – and the significant proportion of consumers who are interacting with their credit card accounts online and through mobile applications. The report does not make specific recommendations or signal any intent by the CFPB to pursue major regulatory initiatives with regard to credit cards.

Continue Reading CFPB Releases Credit Card Report

On November 13, 2017, the Consumer Financial Protection Bureau published two notices in the Federal Register seeking information related to consumers’ access to free credit scores.  These notices highlight the Bureau’s continued focus on credit scoring and consumer understanding of credit scores as a priority area for the CFPB.

In the first notice, the

On March 28, 2017, the Consumer Financial Protection Bureau (CFPB) released its monthly complaint report. For the month of February 2017, the products and services generating the most complaints were debt collection, credit reporting, and mortgages, collectively representing over 60% of all complaints received. This is a shift over January, where the three most

On March 10, 2017, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a request for information regarding the consumer credit market (the “RFI”). Section 502 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “CARD Act”) requires the CFPB to conduct a biennial review of the credit card market, which the RFI is designed to inform.

The RFI seeks comment on topics related to how the credit card market is functioning. The topics included in the RFI may shed light on the Bureau’s future policy making and enforcement priorities in the credit card market.  Comments are due by June 8, 2017.

Continue Reading CFPB Issues RFI on Credit Card Market