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The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an open-end (not home-secured) consumer credit plan.” Although the final rule permits the Secretary of Defense to extend the exemption for up to one year (October 3, 2018), the DoD declined to do so and is allowing the exemption to expire next week.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 … [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.Neiman Marcus filed a motion to dismiss the complaint for lack of standing and failure to state a claim. The district court granted the motion to dismiss exclusively on standing grounds, holding that the injuries alleged by plaintiffs were not sufficiently concrete. The plaintiffs appealed. On July 20, 2015, the Seventh Circuit reversed, holding that the plaintiffs had shown a substantial … [Read more...] about Seventh Circuit Holds That Risk of Future Fraudulent Charge on Credit Card Sufficient to Withstand Motion to Dismiss
Updated: A quirky social website that allows users to share information about when and where they make purchases is getting some unwanted attention after it was revealed Friday that user credit card numbers are appearing online.VentureBeat first noticed the glitch and reported that credit card numbers appeared in some 130 Google search results, Mashable and CNET report.CNET and Mashable reached out to Blippy, which was featured in the New York Times on Thursday. Blippy co-founder Philip Kaplan e-mailed statements to VentureBeat and Mashable and spoke to CNET.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.“We don’t … [Read more...] about Security Glitch Results in Posting of Blippy User Credit Card Numbers Online
On August 27, the Securities and Exchange Commission at an open meeting unanimously adopted Regulation AB II (Reg AB II). The final rule provides significant revisions to Regulation AB, which provides the rules regarding the offering process and disclosure and reporting requirements for publicly registered asset-backed securities (ABS). Reg AB II was first proposed in April 2010, subsequently re-proposed in July 2011 following the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and re-opened for limited comment in February 2014. The final rule, among other revisions, (i) revises the shelf registration eligibility by removing the previously required investment grade rating requirement, (ii) modifies the deadlines for the filing of offering documents by requiring a three-day waiting period between the filing of the preliminary prospectus and first sale to investors, (iii) requires an integrated offering document (rather than a base prospectus and … [Read more...] about SEC Adopts Regulation AB II: Disclosure and Reporting Requirements for Asset-backed Securities