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How to open a secured credit card
The MLA final rule imposes a host of requirements in connection with extensions of “consumer credit” to active-duty servicemembers and their dependents (“covered borrowers”), including a 36-percent cap on the Military Annual Percentage Rate (MAPR), substantive oral and written disclosures, and prohibitions against subjecting covered borrowers to certain contractual terms. In particular, creditors are prohibited by the final rule from including pre-dispute arbitration provisions in consumer credit contracts extended to covered borrowers, a fact that has been overlooked (or ignored) by some proponents of the CFPB’s arbitration rule. As such, even if Congress were to repeal the CFPB arbitration rule using the Congressional Review Act, servicemembers and their dependents who are protected by the MLA would still have the right to take their cases to court. … [Read more...] about MLA Compliance Deadline for Credit Card Accounts is Tuesday, October 3
During the 2013 holiday season, Neiman Marcus, like many other retailers, discovered that its payment card systems had been compromised and customers’ credit and debit card information was potentially stolen. The rush to the courthouse began, and multiple class action lawsuits were filed and later consolidated in the Northern District of Illinois under the caption Remijas v. The Neiman Marcus Group, LLC, Case No. 14-cv-1735. Alleged damages included, among others, unauthorized charges on credit and debit cards, the risk of future fraudulent charges and greater susceptibility to identity theft. … [Read more...] about Seventh Circuit Holds That Risk of Future Fraudulent Charge on Credit Card Sufficient to Withstand Motion to Dismiss
Kaplan told CNET that the fact that raw credit card data was viewable in the HTML source of its pages was overlooked in testing months ago. The data was subsequently removed but continued to show up in the Google cache, Kaplan said. He said four users’ credit card numbers were found in a Google search, and Blippy is attempting to contact them. Blippy is investigating whether more users could be affected. … [Read more...] about Security Glitch Results in Posting of Blippy User Credit Card Numbers Online
Under Reg AB II, ABS issuers are required to publicly file on EDGAR a new Form ABS-EE that contains the asset-level data points for each specific asset type required on newly adopted Schedule AL. The asset-level data is required to be filed in XML, a machine-readable format (Asset Data File), at the time of the offering with both the preliminary prospectus and the final prospectus (subject to an exception for incorporation by reference) and for ongoing reporting on Form 10-D. Commenters to the initial proposal had raised cost, privacy and competitive concerns regarding the disclosure of detailed asset-level information and suggested certain modifications and limitations to address those issues. In the final rule, the SEC took significant steps to address the concerns of commenters by limiting or removing certain data points, but also expressed the importance that investors have the necessary information to be able to fully assess the risks underlying asset-backed securities … [Read more...] about SEC Adopts Regulation AB II: Disclosure and Reporting Requirements for Asset-backed Securities