Developments and Commentary

Upcoming CARD Act Webinar

Thursday, January 21, 2016 4:00 p.m. - 5:00 p.m. EST Join us for a discussion of the CFPB’s latest CARD Act Report and its potential impact on the credit card market, jointly presented by Davis Wright Tremaine’s Payments Team and the Financial Services Roundtable. We’ll explore the concerns expressed by the CFPB, ...

CFPB Enforcement Actions in 2015: A Look Back

Year-end 2015 offers an opportunity to revisit and update the Consumer Financial Protection Bureau’s (CFPB’s) report, issued last July, summarizing its supervisory and enforcement activities.  The report encompassed the period since the CFPB’s inception.  It addressed the confidential supervision process, including self-reported violations, as well as public enforcement actions.  The ...

CARD Act Report Summary

(To view a printable PDF of this post, click here.)  The CFPB recently issued its 2015 CARD Act report on the consumer credit card market (the “Report”). The Report cites a significant amount of data with respect to the credit card market, including regarding use – e.g., number of accounts, total outstanding ...

Crowdfunding – Old-Fashioned Potato Salad or New-Fangled Money Laundering Tool?

Have you ever been depressed when a Kickstarter project to make potato salad proceeded to rake in more than your annual salary?  Felt a sense of despair as an Indiegogo campaign to develop an X-rated card game went on to attract tens of thousands of dollars in funding?  The October ...

moneypillarNACHA Adopts Same-Day ACH Rule

Update: The Federal Reserve received forty comments in response to its request.   A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs.  Many commenters agreed with the Federal Reserve’s assessment that the ubiquity necessary to establish a successful same-day ACH ...

Resource Updates

Our Latest Survey of UDAAP Activity

DWT Payments Team member Adam Maarec recently published an updated Survey of Activities Identified as Unfair, Deceptive, or Abusive Under the Dodd-Frank Act. The survey covers activities that occurred during the second half of 2015. Source documents for each of the enforcement actions referenced in the survey are available in our ...

Simplification of Privacy Disclosures: An Experimental Test

PLA today posts “Simplification of Privacy Disclosures: An Experimental Test,” in which Omri Ben-Shahar and Adam Chilton, both of the University of Chicago School of Law, having studied the consumer impact of such disclosures, conclude: “Our results reveal that none of the simplification techniques help inform respondents or affect their ...

Bridge to FutureCFSC Roundup: From Issuing Credit Online to UDAAP Compliance Management

DWT’s Payments Team participated in the ABA Consumer Financial Services Committee’s Winter Meeting in Park City, Utah last week. Andrew Owens delivered a presentation on advertising and issuing credit online during the program’s kick-off event, and Adam Maarec participated in a panel on how to integrate unfair, deceptive, or abusive ...

Recent Actions Added To UDAAP Database

PLA today updates the UDAAP database with a series of enforcement actions from the CFPB and, notably, the prudential regulators. The majority of enforcement actions involving allegedly unfair, deceptive, and abusive acts and practices (UDAAP) over the last six months have been filed by the Consumer Financial Protection Bureau (CFPB) using ...

The Consumer Credit Market: A Report from the CFPB

PLA today posts “The Consumer Credit Card Market,” the Consumer Financial Protection Bureau’s biennial report on the consumer credit card market.  The CFPB’s report, required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), provides significant data on the credit card market, including the use, costs, ...