BNA INSIGHTS: Controversial New Regulator Begins With Aggressive Enforcement Settlement Against Financial Services Company

On July 17, 2012, the CFPB reached a groundbreaking $165 million settlement with Capital One in its first enforcement action, ordering the credit card issuer to refund $140 million to 2 million customers who purchased its credit card “add-on” products and to pay a $25 million fine into the CFPB’s Civil Penalty Fund…

Consumer Financial Protection Bureau’s First Enforcement Action Penalizes Capital One for Deceptive Marketing

Capital One Financial Corporation will pay $60 million in penalties to financial regulators and set aside $150 million to provide refunds to credit card customers who were subjected to allegedly deceptive telephone marketing…

MasterCard, Visa Resolve Antitrust Charges with Department of Justice; American Express Will Contest Attack on Merchant Rules

MasterCard and Visa will resolve antitrust charges in a Justice Department complaint filed in U.S. District Court for the…

Federal Reserve Approves Final CARD Act Rules, Tackles Penalty Fees, Recent Rate Hikes

The Federal Reserve Board June 15 approved a final rule, Regulation Z (Truth in Lending), to complete the third stage of the Fed’s implementation of…

House-Senate Conferees Begin Work on Financial Reform Bill; House Financial Services Panel Chair Predicts Interchange Limits Will Stay

Controversial Senate language that would cap interchange fees that retailers pay to payment card companies for use of their debit cards will likely be included in…

Administration Lauds New Credit Card Rules under CARD Act

President Obama called new credit card rules that took effect Feb. 22 a “turning point for American consumers.” The new rules marked the effective date of key…