Legislative Update
Legislative Update summarizes and updates pending payment cards legislation, regulation, and judicial activity at the federal level and for the Third District states of Pennsylvania, New Jersey, and Delaware.
The following information can be found in the Federal Reserve Bank of Philadelphia's Banking Legislation and Policy, which is published quarterly.
2008
April – June 2008
Proposed Unfair or Deceptive Acts or Practices Rule
Proposed Risk-Based Pricing Notice Rule
Judicial Decisions and Legislation Affecting the FCRA
- "Firm Offer of Credit" Under the FCRA
- Damages for Neglect by an Information Furnisher
- Credit and Debit Card Receipt Clarification Act of 2007
Federal Legislation
Federal Regulation
- Office of the Comptroller of the Currency
Judicial Rulings
January – March 2008
Pending Legislation Affecting the Credit Card Industry
Federal Legislation
State Legislation
Federal Regulation
- Federal Trade Commission
Judicial Rulings
- Supreme Court Rulings
- Circuit Court Rulings
2007
October – December 2007
Basel II Final Rules
Proposed FACTA Credit Report Rules
Federal Legislation
- Passed in the House of Representatives
- Passed in the Senate
- New Legislation
Federal Regulation
- Board of Governors of the Federal Reserve System
- Federal Trade Commission
- Office of the Comptroller of the Currency
Judicial Rulings
- Truth in Lending Act Recission Suits
- Gift Card Dormancy Fees and Expiration Dates
- Permissable Use of Consumer Information
- FACTA Class Action Lawsuits
- FDIC Acceleration Clause Enforcement
- OCC National Bank Enforcement Power
July – September 2007
New Legislation
- Identity Theft Protection Act
- FACT Act Rulewriting Improvement Act of 2007
- Federal Trade Commission Act Enforcement Bill
- Social Security Number Privacy and Identity Theft Prevention Act of 2007
Federal Regulation
- Board of Governors of the Federal Reserve System
- Department of the Treasury
- Federal Trade Commission
- Office of the Comptroller of the Currency
- Office of Thrift Supervision
Judicial Developments
- District Court Rulings
April – June 2007
Watters v. Wachovia Bank N.A.:
Federal Legislation:
- Passed in the House of Representatives:
- New Legislation:
Federal Regulation:
- Board of Governors of the Federal Reserve System:
Judicial Developments:
- Supreme Court Rulings:
- Circuit Court Rulings:
- District Court Rulings:
January – March 2007
Industrial Bank Holding Company Act of 2007 (H.R. 698):
- Background
- FDIC Moratorium
- Recent Federal Legislation
- Industrial Bank Holding Company Act of 2007 (H.R. 698)
- Related Links
Federal Legislation – Pending Legislation:
Third District State Legislation – New Jersey:
Federal Regulation – Federal Deposit Insurance Corporation:
Federal Regulation – Internal Revenue Service:
Federal Regulation – Office of Thrift Supervision:
2006
October – December 2006
Summary of Federal Regulations - Board of Governors of the Federal Reserve System:
Summary of Judicial Developments:
- OCC May Decide Whether Civil Suit Parties May View a National Bank's Suspicious Activity Report
- Banks Owe No Fiduciary Duty to Noncustomers in Fraudulent Scheme
July – September 2006
Recent Developments:
- FDIC Imposes Six-Month Moratorium on ILC Deposit Insurance Applications
- Credit Card and Debit Card Issuers Settle Foreign Currency Conversion Fee Case
Summary of Federal Legislation - New Legislation:
Summary of Federal Legislation - Pending Legislation:
Summary of Federal Regulations - Board of Governors of the Federal Reserve System:
Summary of Federal Regulations - Federal Deposit Insurance Corporation:
Summary of Federal Regulations - Office of the Comptroller of the Currency:
Summary of Judicial Developments:
April – June 2006
Recent Developments
- Supreme Court will hear OCC Federal Preemption Case
- NACHA Approves Rules for Back-Office Check Conversion
Office of Thrift Supervision:
Summary of Federal Legislation
- Seasoned Customer Currency Transaction Report Exemption Act of 2006
- Financial Services Regulatory Relief Act of 2006
- Data Security Act of 2006
Summary of Judicial Developments
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Financial Crimes Enforcement Network:
January – March 2006
Recent Developments:
- ChoicePoint Settles Allegations That It Failed to Protect Consumer Information
- AmeriDebt Settles FTC's Charges of Unfair or Deceptive Practices (1/9)
Summary of Federal Legislation – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Federal Trade Commission:
Summary of Judicial Developments – Court Decisions:
- Bankruptcy Courts Do Not Have the Authority to Deny Arbitration
- A Contract’s Arbitration Clause Is Binding, Even When the Contract Is Alleged to Be Illegal (2/21)
- A National Bank Is a Citizen of the State in Which Its Main Office Is Located (1/17)
Summary of Judicial Developments – Notable Settlements:
- Far West Credit Settles Allegations of FCRA Violations
- CardSystems Solutions Reaches Settlement with the FTC
Summary of Third District Developments:
2005
October – December 2005
Recent Developments:
Federal Deposit Insurance Corporation:
Office of the Comptroller of the Currency:
Summary of Federal Legislation – New Legislation
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Judicial Developments:
July – September 2005
Recent Developments:
Summary of Federal Legislation – New Legislation:
- Consumer Identity Protection and Security Act (S. 1461)
- Preservation of Federalism in Banking Act (HR 3426)
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Federal Deposit Insurance Corporation:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
Summary of Judicial Developments:
Summary of Third District Developments:
April – June 2005
Summary of Judicial Developments:
- FCRA Partially Preempts the California Financial Information Privacy Act
- Banks Not Required to Warn other Creditors of Debtors' Involvency
Summary of Federal Legislation – New Legislation:
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
January – March 2005
Recent Developments:
Federal Trade Commission:
Summary of Federal Legislation - Enacted Legislation:
Summary of Federal Legislation - New Legislation:
Summary of Federal Regulations:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
2004
October – December 2004
Recent Developments:
Summary of Federal Legislation - Enacted Legislation:
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Federal Trade Commission:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
July – September 2004
Summary of Federal Legislation – Enacted Legislation:
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
April – June 2004
Summary of Federal Legislation - New Legislation:
Summary of Federal Regulations - Board of Governors of the Federal Reserve System:
Summary of Federal Regulations - Federal Deposit Insurance Corporation:
Summary of Federal Regulations – Federal Trade Commission:
Summary of Federal Regulations - Office of the Comptroller of the Currency:
Summary of Judicial Developments:
January – March 2004
Summary of Federal Legislation – Pending Legislation:
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Federal Regulations – Federal Trade Commission:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
Summary of Judicial Developments:
2003
October – December 2003
Recent Developments:
Summary of Judicial Developments:
July – September 2003
Recent Developments:
Summary of Federal Legislation – Pending Legislation:
Summary of Federal Regulations – Department of the Treasury:
Summary of Federal Regulations – Office of the Comptroller of the Currency:
Summary of Judicial Developments:
- Credit card issuers do not have a duty to protect non-customers from identity theft
- Credit card issuer will face judicial proceedings for changing a "fixed" APR
- Visa's and MasterCard's exclusionary rules violate the Sherman Antitrust Act
- Federal lender is subject to a state law even though it is preempted by federal law
April – June 2003
Recent Developments:
- MasterCard and Visa to Pay $3 Billion in Antitrust Settlement
- Visa and MasterCard Currency Conversion Fees to Be Refunded
Summary of Federal Legislation – Enacted Legislation:
- Consumer Privacy Protection Act of 2003
- Fair and Accurate Credit Transactions Act
- Involuntary Bankruptcy Improvement Act of 2003
Summary of Judicial Developments:
January – March 2003
Summary of Federal Legislation – New Legislation:
Summary of Federal Regulations – Federal Financial Institutions Examination Council:
Summary of Judicial Developments:
Summary of Third District Developments:
2002
October – December 2002
Recent Developments:
Summary of Federal Regulations – Board of Governors of the Federal Reserve System:
Summary of Judicial Developments:
July – September 2002
Summary of Federal Regulations – Office of the Comptroller of the Currency:
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