Interestingly, the Court considered the fact that Neiman Marcus offered credit monitoring and identity restoration services as a reason to support the plaintiffs’ claim. If there were no risk of identity theft, why offer such services? “It is unlikely that they did so because the risk is so ephemeral that it can be safely disregarded.” Finally, the Court’s ruling appears to upend well-established law in multiple jurisdictions that costs associated with obtaining credit monitoring and identity theft protection are not sufficient to establish an injury for purposes of Article III standing. … [Read more...] about Seventh Circuit Holds That Risk of Future Fraudulent Charge on Credit Card Sufficient to Withstand Motion to Dismiss
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Credit cards, particularly for college students, can allow students to buy school supplies, pay for tuition, and set up an early history of credit [i] They can also entrap students in debt, representing a higher risk of being overwhelmed by debt.[ii] Having a credit card as a student can be a life-altering choice as there are legitimate reasons a student may need a credit card.[iii] In 2008, 56% of undergraduates held credit cards at the age of 18 and 91% of students had at least one credit card by their final year of college; by graduation, 56% of students carry four or more cards.[iv] From 2004 to 2008, the average college student card debt went up from $2,169 to $3,173.[v] While making a choice about having a credit card as a student can be difficult, credit card marketing can push students to obtaining credit cards for the wrong reasons. Marketing strategies such as on-campus marketing, rewards, college affinity cards and college logos on credit cards have been effective ploys to … [Read more...] about Credit Card Marketing Geared Towards Students and the Policies to Address the Dilemma: Can More Be Done?
Congress created the CFPB as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Title X of Dodd-Frank, which is entitled the Consumer Financial Protection Act of 2010, specified that the CFPB, which exists as part of the Federal Reserve System, would be charged with the broad task of regulating “the offering and provision of consumer financial products under the Federal consumer financial laws.” 12 U.S.C. § 5491. Part of the CFPB’s statutory mandate includes ensuring “consumers are protected from unfair, deceptive, or abusive acts.” 12 U.S.C. § 5511(a). … [Read more...] about Consumer Financial Protection Bureau (CFPB) Issues Warning on Promotional Credit Card Offers
The court noted that “precisely the same conduct by an individual may be treated either as a criminal offense or as lawfully permissible behavior depending only upon the label the individual affixes to his economic behavior, without substantive difference.” The court further explained that “in each case the innocent and the criminal conduct is based upon the same factual configuration,” and it concluded that the law “creates a distinction without a difference.” … [Read more...] about Merchants say loss of credit card ‘swipe fees’ violates their 1st Amendment rights
“People are not necessarily thinking about how long this information will stick around, or how it could be used and exploited by marketers,” Chris Conley, a technology and civil liberties fellow at the American Civil Liberties Union, told the paper. … [Read more...] about Security Glitch Results in Posting of Blippy User Credit Card Numbers Online