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CFPB Sues Horizon Card Services and CEO Robert Kane for Illegally Baiting, Gouging, and Trapping Families in High-Fee Credit Cards
September 15, 2024
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued Horizon Card Services and its CEO Robert Kane for tricking consumers into signing up for its expensive membership credit card. Horizon’s credit card, which could come with almost $300 in annual fees on a card with a $500 credit limit, could only be used to purchase goods from the company’s overpriced online store and nowhere else. The CFPB alleges Horizon and Kane lured consumers into the membership program through deceptive marketing. Horizon charged consumers illegal and excessive fees, and also made it unreasonably difficult for consumers to cancel memberships and obtain refunds. The CFPB is asking the court to end Horizon and Kane’s illegal conduct, and to order them to pay a fine and redress to consumers.
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Agencies extend comment period on request for information on bank-fintech arrangements
September 15, 2024
The federal bank regulatory agencies announced today that they will extend until October 30, 2024, the comment period on a request for information on bank-fintech arrangements involving banking products and services.
The agencies are seeking input on the nature and implications of bank-fintech arrangements and effective risk management practices. Extending the comment period will allow the public more time to consider the request, prepare comments, and address the questions posed by the agencies.
Upcoming Events
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Live Membership Demo 09-17-2024
September 17, 2024
Join us for a live demonstration of the benefits of membership with Compliance Alliance. This interactive virtual tour will provide an in-depth look at each of our tool types and resource categories, as well as an overview of all of C/A’s additional services. This meeting is presented by our Membership team, and will last about an…
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Live Trust for CA Membership Demo 09-17-2024
September 17, 2024
Join us for a live demonstration of the benefits of membership with Trust for Compliance Alliance. This interactive virtual tour will provide an in-depth look at our tools for Trust as well as an overview of all of C/A’s additional services. This meeting is presented by our Membership team, and will last about an hour….
Member Success Stories
Success Story
Denise D. LaneWe engaged Compliance Alliance nearly four years ago to assist in managing the many new regulations and continuous changes to existing regulations. The tools C/A offered at that time were excellent and just continue to get better! We find the policy templates easy to customize, which is a tremendous help. Several employees at our bank utilize the online chat feature which is a GREAT tool! C/A’s representatives are experts, and will immediately respond to our request for information. If they are in chat with another client, they will even let you know, so you are not left wondering if they have received your request to chat. I have absolutely nothing negative to say about Compliance Alliance … GREAT resource in all areas of regulatory compliance!”
Bank of Ocean City, Berlin, MD
Success Story
Laurie GoodlockCompliance Alliance is a great fit for Farmers State Bank, a 70M bank in mid-Michigan. As the Chief Marketing Officer, I’m constantly developing new marketing pieces for the bank and Compliance Alliance is always right there with me keeping my promotional concepts up-to-date with the latest regulatory requirements. I can email my ideas directly to Compliance Alliance knowing that I’ll have a response the next day! This gives me the peace of mind I need to focus on our campaigns and other programs while not getting bogged down with regulatory worries. highly recommend a partnership with Compliance Alliance.”
Farmers State Bank, Munith, MI
Success Story
Jason CarrollThe chat feature’s quick turn-around time is what separates C/A from other compliance professionals. Not only is the response quick, in our experience, it is very detailed. And to have the transcript from the chat emailed for future reference—that has been very beneficial on many occasion. My compliance officers love the chat. Personally, I recall a time when in a meeting, our president had a question I could not answer. I logged into a chat session while the meeting was happening, got an answer, and was able to respond in minutes. I couldn’t do that with any other service.”
Heritage Bank, Hopkinsville, KY