Our Credit and Debit Cards practice area focuses on federal regulation of credit and debit cards and compliance with card association rules. We advise clients with questions concerning (for example):
- Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) and implementing regulations
- Electronic Fund Transfer Act (EFTA) and CFPB Regulation E
- Fair Credit Billing Act and implementing regulations
- Truth in Lending Act (TILA) and implementing regulations, and comparable state laws and regulations
- Other laws and card association rules applicable to credit cards, debit cards, payroll cards, prepaid value, and gift cards
We also counsel clients on state laws affecting credit and debit card programs, including (for example) issues related to exportation of interest rates and fees, and compliance with and (where appropriate) potential preemption of state and local laws.
We are experienced in drafting and reviewing consumer-facing documents related to card programs, including advertising, card agreements, change in terms notices, error resolution and account correction matters, periodic statements and other disclosures and communications (including servicing communications) related to card accounts.
We have helped financial institutions with development of compliance systems, programs, and testing geared toward their consumer card programs.
Our clients include many large banks and primary card issuers in the United States. In addition, we represent retailers in connection with private label credit card accounts.