The CFPB has issued an interpretive rule addressing the application of the Electronic Fund Transfer Act/Regulation E compulsory use prohibition to COVID-19 relief payments made by federal, state, or local government agencies....more
24 state attorneys general, the D.C. attorney general, and the Executive Director of the Hawaii Office of Consumer Protection have sent a joint comment letter to the CFPB urging it not to make any changes to the Regulation E...more
7/12/2019
/ ATMs ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Debit Cards ,
Deregulation ,
EFTA ,
Financial Institutions ,
Financial Regulatory Reform ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Regulation E ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
State Attorneys General
The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more
11/18/2016
/ Attorney Malpractice ,
Breach of Duty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Drafting ,
EFTA ,
Electronic Fund Transfer Act ,
Fiduciary Duty ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Nevis ,
Online Marketplace Lending ,
Payday Loans ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more
11/18/2016
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
CROA ,
ECOA ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Military Lending Act ,
Section 5 ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more
Just two months before the U.S. Supreme Court hears argument in Campbell-Ewald Co. v. Gomez, two federal circuit court panels have ruled on jurisdictional issues presented in the case. Both the Seventh Circuit in Chapman v....more
8/19/2015
/ Article III ,
Campbell Ewald v Gomez ,
EFTA ,
Electronic Fund Transfer Act ,
FRCP 23 ,
Genesis HealthCare ,
Genesis Healthcare Corp. v. Symczyk ,
Jurisdiction ,
Rule 68 ,
SCOTUS ,
TCPA
The Federal Trade Commission recently announced a settlement with two online payday lenders to resolve charges that they violated the FTC Act, the Truth in Lending Act (TILA), and the Electronic Fund Transfer Act (EFTA). The...more
The Consumer Financial Protection Bureau recently finalized a larger participant rule for nonbank international money transfer providers and left it largely unchanged from the rule as originally proposed in January. The new...more
A California federal court recently ruled that a lender violated the Electronic Fund Transfer Act (EFTA) prohibition on “condition[ing] the extension of credit” on a borrower’s repayment “by means of preauthorized electronic...more
The U.S. Court of Appeals for the Ninth Circuit has ruled that a plaintiff had Article III standing to sue a website operator for violations of the Fair Credit Reporting Act (FCRA) regardless of whether he could show actual...more
The Consumer Financial Protection Bureau has issued a bulletin warning employers that they cannot require employees to receive their wages on payroll cards. The bulletin appears to respond to the explosive growth in the use...more
The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013....more
The U.S. Senate has just joined the House of Representatives in approving a bill (H.R. 4367) amending the Electronic Fund Transfer Act to eliminate the requirement that a fee disclosure be placed in a prominent and...more