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On February 11, 2015, the Office of the Comptroller of the Currency (OCC) issued an “updated” installment to the Comptroller’s Handbook in a new booklet entitled “Deposit-Related Consumer Credit.” In doing so, the OCC stole a page from the playbook used by the Consumer Financial Protection Bureau (CFPB) in its notice of proposed rulemaking on prepaid products (“Prepaid Proposal”). Similar to the CFPB’s approach of treating overdraft services on prepaid cards as “credit” for purposes…
On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) released a report, entitled “The Extension of High-Cost Credit to Servicemembers and Their Families” (“Report”). According to the CFPB, the Report provides a “snapshot” of the market for “high-cost credit products” that are not currently covered by the Military Lending Act (MLA).   The CFPB released the Report together with its comment letter to the Department of Defense (DoD) on the DoD’s recent proposal to amend…
Obrea Poindexter, co-chair of the financial services practice group, along with Ryan Rogers and Jeremy Mandell, associates in the financial services practice group, will provide an overview of the CFPB’s recent prepaid card proposal on Tuesday, November 25, 2014, from 12:00 p.m. – 1:00 p.m. EST. The overview will cover the proposal’s extensive disclosures, modified error resolution and liability requirements, and treatment of overdraft services and so-called “credit features” or “credit plans” associated with prepaid…
On September 3, 2014, the CFPB issued a bulletin warning credit card issuers about marketing practices related to promotional interest offers. The bulletin focuses on consumer acceptance of a promotional offer that causes the consumer to lose a grace period on new purchases if the consumer does not pay the entire statement balance by the payment due date. The bulletin states that credit card issuers who fail to adequately “alert consumers” in marketing materials about…
Article courtesy of Morrison & Foerster’s Mobile Payments Practice Lawmakers in Washington, D.C., continue to show interest in understanding and developing regulatory proposals relating to mobile apps. The interest appears to be driven, at least in part, by policymakers’ concerns about consumer privacy when using mobile phones and other smart hand-held devices. The issue of consumer privacy, as well as the security of financial information, and the use of mobile also apps has been raised…