Credit & Debit Cards
BuckleySandler represents issuers and servicers of credit, debit, and prepaid cards in a broad range of regulatory, enforcement and litigation matters including those involving:
- Truth in Lending Act
- Equal Credit Opportunity Act
- Fair Credit Reporting Act
- Electronic Funds Transfer Act
- State statutes and regulations governing payment cards
Our clients include both industry leaders and new entrants who seek high-quality, practical and effective advice to advance their business goals and ensure compliance with the myriad of laws and regulations governing this area.
Our team’s experience in all aspects of cards practice, from regulatory counseling, to business transactions, to enforcement and litigation defense, uniquely positions us to provide our clients with comprehensive advice and service.
We analyze the shifting regulatory environment in which card issuers and servicers operate and assist them in making the changes necessary to stay compliant with applicable law, regulations and industry standards. We counsel clients with respect to proposed rules, draft comment letters, and work with regulators to ensure that industry concerns are heard. We analyze new laws and rule changes as they occur so clients can make appropriate changes to their systems, procedures and disclosures. For example, we worked closely with our clients to help them implement the vast changes necessary to comply with the CARD Act and associated changes to Regulation Z. We are also counseling clients as they respond to the changes to state law preemption as a result Dodd-Frank and the specific state laws, helping them determine the appropriate compliance approach.
We counsel clients on the development of innovative card products and services within a multifaceted regulatory framework. Working closely with clients, we assist them in structuring products and assessing the risk of various innovations. We develop comprehensive and consumer-friendly disclosures to reduce risk of both regulatory violations and claims of unfair, deceptive, or abusive acts and practices. We also assist clients in preparing for and responding to examinations, consumer complaints and pre-litigation issues. We have a strong team ready to respond to enforcement actions and defend litigation.
We handle a variety of business transactions for our card clients, including structuring and negotiating private label deals. We also advise clients on payment system issues and provide general guidance on charter powers and other banking topics.