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CARD Act Report Webinar: A Deep Dive Into Key Issues

Posted in Deals and Technology, Regulatory and Compliance

DWT and the Financial Services Roundtable jointly presented a webinar on the CFPB’s latest CARD Act Report and its potential impact on the credit card market in January 2015. In case you missed it (or want to listen again), a recording of the webinar is now available by clicking here.

DWT Payments team members Andy Owens and Adam Maarec were joined by Rich Foster, Senior Vice President and Senior Counsel for Regulatory and Legal Affairs at the Financial Services Roundtable and Jeff Bloch, Vice President and Deputy Director at US Bank. They explored concerns expressed by the CFPB, including not only such “headline” issues as rewards features and terms and deferred interest products, but also the many other concerns called out at various points in the lengthy Report.

Our summary of the Report is available here and a few of the specific page numbers we mentioned or referenced during the webinar appear below.

Topic Page
Focus on rewards-based marketing 228
Vague rewards disclosures 214, 232
Rewards as a “limited purpose asset account” 229
Rewards earning and redemption 233, 234
“Social optimality” of rewards and interchange 211
Comparing 0% and deferred interest APRs 202
Deferred interest “ability to pay gap” 205
Disclosure of trailing interest 128, 130
Grace periods and promotional offers 126
Concerns with paperless statements 134
Impact of market-based rate increases 83, 84

 

We hope PLA readers find this information useful.