On February 5, 2015, the New York Department of Financial Services (“NYDFS”) announced a settlement with a national bank over allegations that the bank improperly secured its retail credit card with an interest in the borrower’s home, and that certain mortgage loan files contained falsified or altered income documents. Under the…
On February 4, 2015, the CFPB announced that it had entered a consent order with a Delaware-based subprime credit card company and servicer concerning allegations that the company made false statements and charged illegal fees for credit cards in violation of the Truth in Lending Act. The company purportedly charged…
On February 3, 2015, the CFPB announced that it had entered a stipulation for an order and final judgment with a Texas-based company that had falsely intimated that its membership card was a credit card. The card was advertised and offered to union workers and charged a membership fee. Purchasers…
On September 3, 2014, the CFPB issued a Bulletin warning credit card issuers about deceptive marketing of promotional annual percentage rate (APR) offers. According to the CFPB, it has observed solicitations that offer an initial low APR for certain kinds of transactions (such as convenience checks, deferred interest rate purchases, or…
Synchrony Bank (formerly known as GE Capital Retail Bank) made two direct mail offers to its credit card holders, but it did not send the offers to Spanish-speaking customers. The Bank self-reported its actions, resulting in consent orders with the Consumer Financial Protection Bureau and the Department of Justice, which…