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CFPB to determine whether CARD Act preempts state unclaimed property laws

Loeb & Loeb LLP
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USA
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August 31 2012

The Consumer Financial Protection Bureau (CFPB) recently announced its intention to consider and address requests made by the Maine Office of the State Treasurer and payment card industry representatives to determine whether the federal Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act), which, among other things, prohibits gift cards, gift certificates, store gift cards and general-use prepaid cards from expiring in less than five years, preempts the unclaimed property laws of Maine and Tennessee, which require that balances on these devices be reported and remitted after just two years

CFPB proposes new procedural rules for nonbank supervision

Loeb & Loeb LLP
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USA
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June 14 2012

Calling it "an important step" in the development of its Nonbank Supervisory Program, the Consumer Financial Protection Bureau (CFPB) announced its proposed rules establishing the procedures the Bureau will use to extend its supervision to certain nonbanks - entities that offer consumer financial products or services but are not banks, thrifts or credit unions

California court rules that online transactions are not subject to state law that limits the collection of personal information

Loeb & Loeb LLP
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USA
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September 15 2011

California Civil Code Section 1747.08 prohibits merchants from requesting and recording consumers' personal identification information (PII) in the course of completing credit card transactions

President nominates former Ohio Attorney General to serve as director of Consumer Financial Protection Bureau

Loeb & Loeb LLP
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USA
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July 20 2011

President Barack Obama formally nominated former Ohio Attorney General Richard Cordray to lead the new Consumer Financial Protection Bureau

California's Supreme Court holds that businesses may not collect consumers' zip code information in credit card transactions

Loeb & Loeb LLP
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USA
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February 17 2011

The California Supreme Court held last week that a California law, the Song-Beverly Credit Card Act of 1971 (Cal. Civil Code 1747 et. seq.), prohibits merchants from requesting and storing consumers' zip codes in the course of completing credit card transactions

New state gift card laws; delay for federal gift card rule

Loeb & Loeb LLP
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USA
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August 24 2010

New York, Hawaii, and New Jersey have recently enacted laws relating to gift cards and rebates issued in the form of gift cards

The new consumer financial protection agency: how will it affect U.S. businesses?

Loeb & Loeb LLP
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USA
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August 5 2010

On July 21, 2010, President Barack Obama signed into law the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Act”), the federal government’s game-changing response to the perception that lax regulation of the financial industry contributed to the economic recession that began in late 2007

New FTC rule bans debt relief providers from charging advance fees

Loeb & Loeb LLP
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USA
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July 29 2010

Today the Federal Trade Commission announced a new rule directed specifically at regulating the debt relief industry

New federal gift card bill sent to President for signature

Loeb & Loeb LLP
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USA
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May 22 2009

President Obama is expected to sign into law the Credit Card Act of 2009 (H.R. 627) which contains important new provisions regulating gift cards

Kmart settles with FTC over gift card program; Utah enacts gift card law

Loeb & Loeb LLP
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USA
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March 14 2007

On March 12, the Federal Trade Commission announced that Kmart has agreed to settle charges that it engaged in deceptive practices by providing inadequate disclosures on its gift cards and misrepresenting the cards in advertising