It May Get Easier to Sue Your Bank

It is currently very difficult for individuals to sue a financial institution because of an arbitration clause that appears in most contracts. This week, the Consumer Financial Protection Bureau (CFPB) announced it was considering a number of proposals to change that. Many … Continue reading Weekly Credit Card Update–August 28, 2015

Banks Offering Mobile Banking But Consumers Slow to Adapt Financial institutions are offering mobile banking faster than consumers are adapting to it, according to a recently published survey from the Federal Reserve Bank of Boston. Banks and credit unions are … Continue reading

Merchants Still Not Saving after Durbin Amendment

Nearly four years after the Durbin Amendment to the Dodd-Frank Act went into effect, the Federal Reserve Bank of Richmond has released a study assessing the impact the changes have had on merchants. Though the amendment was designed to save … Continue reading

Supreme Court Denies Retailers’ Request for Lower Debit Card Fees

Last week, after a three-year court battle over debit card processing fees, the Supreme Court finally ruled in favor of the banks to keep the existing fees. The Federal Reserve already set a cap on interchange fees after the 2010 … Continue reading Weekly Credit Card Update–January 16, 2015

Obama Seeks Laws on Data Hacking, Student Privacy President Barack Obama wants Congress to pass legislation requiring companies to inform customers within 30 days if their data has been hacked, a move that follows high-profile breaches at retailers including Target, … Continue reading Weekly Credit Card Update–December 19, 2014

Apple Pay Grows to Support 90% of U.S. Credit Cards Apple Pay has been adding support for more credit cards in the United States since the service launched. By transaction volume, the service now supports 90% of the credit cards … Continue reading

Will The Government Now Monitor Your Credit Card Data?

The Consumer Financial Protection Bureau is thinking of taking a new approach to "financial protection" by monitoring 80% of all credit card transactions in the U.S. This would be done through a controversial data mining program that would evaluate up … Continue reading

Most Americans Still Have Free Checking Accounts

When the economic downturn hit five years ago, many analysts predicted that free checking accounts would become a thing of the past. After all, regulations such as the CARD Act and Dodd-Frank bill cut some of the revenue streams of … Continue reading Weekly Credit Card Update–August 23, 2013

Capital One Makes Commercial Lending Push with Beech Street Acquisition Capital One is acquiring Beech Street Capital as it aims to grow beyond consumer lending. Capital One, one of the country's largest credit card issuers, has expanded through acquisitions over the … Continue reading

Retailers Big Winners in Court’s Swipe Fee Ruling

A federal judge today ruled against a 2011 Federal Reserve rule on fees charged for debit-card transactions. The judge sided with retailers' arguments that the Fed was too lenient on banks when it capped the fees in October of 2011. This … Continue reading

Senate Approves Cordray as CFPB Director

Two years after the creation of the Consumer Financial Protection Bureau, the agency finally has a permanent Director. Today, the Senate voted 66-34 to confirm Richard Cordray as Director of the CFPB. He has been serving as the acting director … Continue reading

Senate Committee Approves Cordray to Head CFPB

The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading

Vote on CFPB Director Set for Tuesday

After this week's confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as … Continue reading

Debit Card Swipe Fees Have Dropped Dramatically

The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading Weekly Credit Card Update–February 15, 2013

N.J. Calls Off Credit Card Pitches to Students at Public Colleges Companies that issue credit cards can no longer market them to students at New Jersey public colleges under a law Gov. Christie signed Thursday. The new law prohibits public … Continue reading

11 States Now Part of Legal Challenge to Dodd-Frank

A total of eleven state attorneys general are now part of the lawsuit that challenges the constitutionality of sections of the Dodd-Frank Act and the Consumer Financial Protection Bureau. The plaintiffs claim that the Act has no effective checks and … Continue reading

Actions by CFPB Could be Ruled Invalid

Enforcement actions against credit card issuers and new mortgage guidelines instituted by the Consumer Financial Protection Bureau may now be in jeopardy. Last Friday, a three-judge panel of the U.S. Court of Appeals unanimously agreed with Republican lawmakers that the … Continue reading Weekly Credit Card Update January 4

Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading Weekly Credit Card Update December 14

Bank of America’s Plan to Drive Mobile Banking Beyond 12 Million Users As part of a drive to sign up more people for mobile banking, Bank of America is outfitting its teller stations with quick response (QR) codes that can … Continue reading Weekly Credit Card Update November 16

Battle Plan Shifts on Dodd-Frank President Barack Obama's victory means the 2010 Dodd-Frank law will stand. But the finance industry could still cut some parts of the law because changes now are politically less risky for the administration and Democrats in … Continue reading

LowCards Weekly Credit Card Update October 5

U.S. Credit Card Lenders Shun Add-Ons as CFPB Cracks Down Chase, Bank of America and American Express are among credit card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation. Scrutiny … Continue reading

Retailers Have Reason to Celebrate Swipe Fee Anniversary

It has been exactly one year since the debit card swipe fee regulations reduced the interchange fee that merchants paid to banks and card processors. Retailers and merchants appear to be the big winners from this reduced fee that resulted … Continue reading

Constitutionality of Dodd-Frank Law Challenged by Three States

Three states have joined a lawsuit that challenges the constitutionality of a portion of the Dodd-Frank law. The attorneys general of Oklahoma, South Carolina and Michigan filed a complaint last week, saying a portion of the 2010 law--the Orderly Liquidation Authority--gives … Continue reading

Credit Card Users Could Lose in Swipe Fee Settlement

Retailers reached an antitrust settlement on interchange fees with Visa, MasterCard and several large banks that will be good for merchants but might penalize cardholders with higher prices or decreased credit card rewards. The $7.25 billion dollar settlement allows retailers to … Continue reading