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Hudson Cook, LLP on Proposals Addressing Credit Card Lending Practices

The Credit Cardholders' Bill of Rights Act of 2008, H.R. 5244, would amend the federal Truth in Lending Act, while the Office of Thrift Supervision and the Federal Reserve Board announced proposed regulations that would prohibit certain practices deemed to be unfair practices regarding credit cards...

Pangrace and Lapine on the Consumer Credit Card Account Practices Rules

In January 2009, the Federal Reserve Board, the OTS (Office of Thrift Supervision), and the NCUA (National Credit Union Administration) adopted the Consumer Credit Card Account Practices Rules designed to protect consumers who use credit cards from unfair acts and practices. In this Commentary, Nathan...

Backgrounder: FACTA Truncation Requirements and Card Expiration Dates

The Fair Credit Reporting Act requires that the credit and debit card information printed on customer receipts not display the expiration date of the card and no more than the last five digits of the card number. This backgrounder examines that requirement. The Fair Credit Reporting Act , as amended...

Hudson Cook, LLP on the CARD Act

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the "CARD Act") was signed into law on May 22, 2009. This commentary by Daniel Laudicina of Hudson Cook, LLP highlights the major enactments under the CARD Act affecting credit card plans. He writes: Accounts Covered...

Eli Wald on the Use of Credit Cards to Pay for Legal Services, Virginia State Bar Standing Comm. on Legal Ethics, Op. 1848, 2009 Va. Legal Ethics Ops. LEXIS 1 (April 14, 2009)

Clients use of credit cards to pay for legal services has become commonplace. This opinion explores whether lawyers may pass along transactional fees charged by credit card companies to clients who are using credit cards to pay legal fees. This Emerging Issues Analysis, written by Professor Eli Wald...

Government Sues 3 Biggest Credit Cards, Settles With 2

WASHINGTON, D.C. - (AP) The Justice Department on Monday sued the three largest U.S. credit card companies for anticompetitive practices and reached a proposed settlement with two of them, MasterCard and Visa. "We want to put more money in consumers' pockets, and by eliminating credit card companies'...

Keller And Heckman LLP: Are You Covered For Cyber Attacks?

If your company collects credit cards, financial data or other personal information from consumers online, make sure you review your insurance portfolio to ensure your company is covered in the event of a "cyber attack." While virtually all companies have third-party comprehensive general liability...

Capital One Reaches $210M Settlement of Deceptive Marketing Claims

WASHINGTON, D.C. - (Mealey's) Capital One Financial Corp. on July 18 reached a $210 million settlement with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) over its allegedly deceptive credit card marketing, according to documents filed...

Chase to Pay $100M to Settle Interest Rate Increase Allegations

SAN FRANCISCO - (Mealey's) Chase Bank USA NA yesterday agreed to pay $100 million to settle claims that it increased interest rates on loan balances that were transferred to consumers' credit cards after it allegedly promised them a fixed rate, according to a settlement document the plaintiffs...

Chase Bank Agrees To Pay $100 Million To Settle Interest Rate Increase Claims

SAN FRANCISCO - (Mealey's) Chase Bank USA NA on July 23 agreed to pay $100 million to settle claims that it increased interest rates on loan balances that were transferred to consumers' credit cards after it allegedly promised them a fixed rate, according to a settlement document the plaintiffs...

Capital One To Pay $10 Million To Settle APR Class Action

LOS ANGELES - (Mealey's) Capital One Bank NA USA has agreed to pay $10 million to resolve claims that it promoted its credit card services as offering low fixed annual percentage rates and then later abruptly increased them, according to a document the lead plaintiff in a class action filed in...

Medical Credit Cards Earn a Warning from New York Regulator

With increasing numbers of health care professionals urging patients to use medical credit cards to pay for treatments not covered by their insurance plans, New York Attorney General Eric T. Schneiderman has issued a consumer alert on the risks associated with health care financing. The cards and...

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$544.8 Million in Attorneys’ Fees Awarded in Credit Card Class Action

The U.S. District Court for the Eastern District of New York has granted attorneys’ fees in the amount of $544.8 million, and expenses in the amount of $27,037,716.97, in the antitrust class action brought in 2005 by merchants against Visa, MasterCard, and a number of banks, alleging that the defendants...

Measuring The Bull’s-Eye On Target’s Back: Lessons From The T.J. Maxx Data Breach Class Actions

“ Simply put, the class action vehicle is broken .” -- Judge William Young, Overseeing The T.J. Maxx Data Breach Litigation Once my wife believes something it is very difficult to change her mind. And if her mother agrees with her then look out. I could call in Socrates to speak with...

CFPB Warns Credit Card Companies About Deceptive Marketing - Again

by Jeffrey A. Iloulian The Consumer Financial Protection Bureau (CFPB) has issued a new warning to credit card companies in order to curb recent deceptive marketing practices. This is not the first time that the CFPB has warned credit card companies to be more clear with their offerings to consumers...

Seventh Circuit Reverses Class Action “Coupon” Settlement Under the Fair and Accurate Credit Transactions Act

by Tim J. St. George , David M. Gettings and David N. Anthony In Redman v. RadioShack Corporation , 2014 U.S. App. LEXIS 18181 (7th Cir. Sept. 19, 2014) [ an enhanced version of this opinion is available to lexis.com subscribers ], the Seventh Circuit held that the lower court erred when it approved...

CA Appeals Court Approves Revised Visa and MasterCard Class Action Settlement

On October 30, a California appellate court approved a settlement in two class actions challenging Visa and MasterCard’s allegedly anti-competitive debit and credit policies. According to the court, the revised version of the $31 million settlement fixed an improper release of claims. The court...

The Status of EMV

by Jacqueline M. Allen The October 1, 2015, deadline for merchants to become EMV compliant or potentially face increased liability has come and gone. Yet, a significant number of both card issuers and merchants have not yet made the switch. EMV is the acronym for the Europay, MasterCard, and Visa...

CFPB Highlights Credit Card Complaints in Fourth Monthly Complaint Report

by Barbara S. Mishkin 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: ...