The CFPB and Credit Card Marketing: Lessons and Contrasts in the CFPB’s First Enforcement Actions

In the last two weeks, the Consumer Financial Protection Bureau has announced two more actions against credit card issuers taken in coordination with the banking regulators.

In the most recent orders, Discover and American Express agreed to pay substantial restitution and civil money penalties. These are the latest in a series of enforcement actions focused on the marketing of credit cards. This alert highlights key takeaways from the most recent orders, and compares and contrasts their approaches to issues such as CFPB jurisdiction, penalties and remedial actions.

Please click here to read the full alert memorandum.