Credit Card Lending Compliance for Banks
Understand the legal obligations for credit card issuers and the common pitfalls and solutions.
We live in an increasingly cashless society, particularly so in light of COVID-19-related restrictions on cash transactions. Credit cards are ubiquitous, used daily in billions of transactions. Credit card issuers therefore continue to face threats of litigation and regulatory and enforcement scrutiny, which is only likely to increase as a result of current economic conditions stemming from pandemic. Credit card issuers are subject to extensive rules under a wide range of statutes, including the Truth in Lending Act, the Credit Card Accountability Responsibility and Disclosure Act, the Fair Credit and Charge Card Disclosure Act, and the Fair Credit Billing Act, amongst several others. This material will discuss the significant legal obligations for credit card issuers and outline common pitfalls and solutions.