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Credit Card Disclosures
Credit cards are an integral part of many consumers’ financial management portfolios. To aid our corporate members, CBA offers a full range of educational opportunities through our Committees, promoting best credit card disclosure practices and forming a link between Washington and the CBA membership to educate bankers and create a basis for CBA’s policy positions.
- June 8, 2017Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 Re: Request for Information Regarding Credit Card Market Docket No. CFPB-2017-0006 Dear Ms. Jackson: The Financial Services Roundtable 1 and the Consumer Bankers Association 2 (the “Associations”) appreciate the opportunity to provide comments on the Consumer Financial...
- June 8, 2017On Thursday, June 8, 2017, the CFPB announced it had sent letters to top retail credit card companies encouraging the use of more transparent transactions. The letter addresses the agency’s concerns with retailers using deferred-interest promotions for credit cards. “With its back-end pricing, deferred interest can make the potential costs to consumers more confusing and less transparent,” said...March 28, 2017On Tuesday, March 28, 2017, the CFPB released their monthly snapshot , highlighting consumer complaints about credit cards, which shows consumers continue to report problems when attempted to dispute charges on their card. The CFPB’s report also highlights trends seen in complaints coming from Massachusetts, and reports the Bureau had handled approximately 1,136,000 consumer complaints across all...March 22, 2017Download Whitepape r. KPMG LLP (KPMG) is pleased to announce the release of the new point-of-view document related to our Chief Compliance Officer (CCO) Survey findings , The compliance journey: Boosting the value of compliance in a changing regulatory climate . In a time of new U.S. administrative impacts to the regulatory environment, determining how to boost the value you get from your...December 14, 2016On Wednesday, December 14, 2016, the CFPB released a report raising new concerns about fees and features attached to certain college-sponsored accounts. The Bureau analyzed roughly 500 marketing deals between schools and banks, finding many allow for risky features which may lead students to incur burdensome fees. The report also examines trends in school-sponsored credit card market and issued a...March 22, 2016In this research brief, Novantas presents current highlights from our ongoing Shopper Surveys of U.S. consumers. These surveys of recent and prospective primary checking account purchasers from the end of 2015 explore the profiles, attitudes, behaviors and trends of consumers who are shopping for and/or opening primary checking accounts. Combined with additional Novantas analysis, the surveys...March 21, 2016On Monday, March 21, 2016, the OCC, Federal Reserve, FDIC, National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN), published guidance to clarify the applicability of the customer identification program (CIP) regulations implementing Section 326 of the USA PATRIOT Act to prepaid cards. The guidance specifically discusses the treatment under the CIP...March 17, 2016On Thursday, March 17, 2016, Senators Bernie Sanders (I-VT), Patty Murray (D-WA), and Dick Durbin (D-IL) introduced legislation to expand Servicemembers Civil Relief Act (SCRA) protections. Specifically, the bill would lower the cap on all loan interest rates to three percent for those on active duty. If servicemembers are eligible for hostile fire or imminent danger pay, no interest will be...June 19, 2015CFPB Issues Mid-Year Update of Student Loan Market On Thursday, June 18, 2015, the CFPB Student Loan Ombudsman issued a Mid-Year Update about complaints received regarding private student loans, and debt collection complaints about federal student loans. The report highlighted lenders policies regarding co-signer release, and found more than 90 percent of consumers who applied for co-signer...June 17, 2015June 17, 2015 By electronic delivery to: www.regulations.gov Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 Re: Request for Information Regarding Credit Card Market Docket No. CFPB-2015-0007 Dear Ms. Jackson: The Financial Services Roundtable1 and the Consumer Bankers Association2 (the “Associations”) appreciate the...