12 CREDIT/DEBIT/PREPAID CARDS In 2017, Goodwin tracked 5 enforcement actions against credit card providers, vendors, and national banks, a slight decrease from the 7 tracked in 2016. The CFPB and the FTC brought two enforcement actions, with the U.S. Attorney for the Eastern District of Pennsylvania, the Florida Attorney General, and the New Mexico Attorney General each bringing one action. The enforcement agencies advanced matters using the Unfair, Deceptive, Abusive Acts or Practices (UDAAP) provision of the CFPA, the Unfair and Deceptive Acts or Practices (UDAP) provision of the FTCA, the ECOA, FIRREA, and state consumer protection laws. Despite the relatively small number of actions, the resulting proceeds were large, as the actions yielded in excess of $170 million in civil monetary penalties and consumer relief. Credit, debit, and prepaid card enforcement actions focused mostly on deceptive marketing practices. Goodwin also covered multiple regulatory developments and identified a number of litigation risks for credit card providers, including the CFPB’s spotlight report on credit cards and the now-rescinded CFPB final rule that would have limited pre-dispute arbitration clauses that prohibit consumers from participating in class actions. KEY TRENDS In 2017, enforcement authorities maintained an emphasis on deceptive marketing practices by credit card providers, vendors, and national banks. Unlike prior years, the actions were brought by a wider number of agencies and without a singular focus on any particular statute, with federal enforcers leading the charge. However, the Office of the Comptroller of the Currency (OCC) was notably absent in 2017 following their involvement in three large settlements in 2016. While the volume and dollar value of actions decreased from 2016, enforcement agencies still recognized the high number of consumer complaints about credit cards and signaled strong interest in addressing such concerns. The CFPB, for example, featured a spotlight on credit card complaints in its March Monthly Complaint Report and that same month issued a notice and request for information on a number of credit card-related topics. And in December, the CFPB issued a report on the state of the credit card market, finding that the total amount of credit line, accounts, average amounts of card debt, and enrollment in online services have all increased over the past several years, signaling that the area has their attention.