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USA - July 25 2012
On July 18, 2012, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) marked its one-year anniversary by announcing its first public enforcement action with an Order requiring Capital One Bank to refund approximately $140 million to two million customers and to pay a $25 million civil monetary penalty to settle charges that some of its third party call-center vendors used “deceptive marketing tactics” to pressure or mislead consumers into paying for ancillary products to the bank’s credit cards.
USA - April 25 2012
On April 24, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued a “Request for Information Regarding Scope, Methods, and Data Sources for Conducting Study of Pre-Dispute Arbitration Agreements” (“Request”).
USA - March 27 2012
On Feb. 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPR) seeking comments on a proposed customer due diligence (CDD) regulation that would explicitly require covered financial institutions to institute defined programs to identify the real or beneficial ownership of accountholders.
USA - February 21 2012
The ping-pong match between the Second Circuit and the U.S. Supreme Court regarding the enforceability of arbitration provisions continues.
USA - January 24 2012
In an 8-1 decision on January 12, 2012, the U.S. Supreme Court upheld mandatory pre-dispute arbitration clauses in consumer credit card contracts covered by the Credit Repair Organizations Act, 15 U.S.C. § 1679 et seq.
