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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.
- 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...May 18, 2015May 18, 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...May 15, 2015Washington, D.C. (May 15, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the Department of Education’s new proposed regulations on college campus financial products. “Though today’s proposal seems to have improved from its original form, what is being veiled as pro-consumer reform is far from it and based on little...April 17, 2015CFPB Issues Rule Temporarily Suspending Obligation to Submit Card Agreements On Wednesday, April 15, 2015, the CFPB issued a final rule temporarily suspending the requirement for certain credit card issuers to send their agreements to the CFPB on a quarterly basis. The Bureau had been publishing the agreements in a public database on its website. Other requirements, including card issuers'...March 20, 2015CFPB Finalizes Policy on Consumer Complaint Narratives On Thursday, March 19, 2015, the CFPB announced it had finalized policy to allow for the inclusion of unverified consumer complaint narratives into its Consumer Complaint Database. With input from its membership, CBA responded to the CFPB requests for public comment on this issue in September of 2014. In its press release, the Bureau...February 27, 2015Regulators Release Guidance to Encourage Youth Savings Programs On Wednesday, February 25, 2015, the Financial Literacy Education Commission ( FLEC ) held a public meeting at the U.S. Department of Treasury in Washington, D.C., which focused on youth savings programs, and highlighted partnerships between the public and private sector to encourage strong financial skills in young people. The...February 6, 2015CFPB Announces Next Consumer Advisory Board Meeting On Tuesday, February 3, 2015, the CFPB announced the next meeting of its Consumer Advisory Board will be held February 19, 2015 from 10 a.m. – 4 p.m. in Washington, D.C. According to the agenda , the meeting will focus on financial wellness and medical debt. CFPB Files Action Over Alleged Credit Card Scam On Tuesday, February 3, 2015, the CFPB...