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FTC Settles with Payday Lender over Alleged UDAAP Violations

The United States District Court for the District of South Dakota Central Division entered a final order and judgment approving a settlement between the FTC and a payday lender, in which the company agreed to pay civil money...more

OSHA Publishes Interim Final Rule for CFPA Whistleblower Claims

Companies providing consumer finance products or services should review policies and training materials to ensure compliance. On April 3, the Occupational Safety and Health Administration (OSHA) published an interim...more

Department of Labor Issues Interim Final Employee Whistleblower Rule Under the Consumer Financial Protection Act

On April 4, 2014, the Department of Labor (DOL) issued an Interim Final Rule establishing procedures concerning the manner in which the Occupational Safety and Health Administration (OSHA) will address employee whistleblower...more

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

OSHA Publishes Interim Rule For Handling Whistleblower Retaliation Complaints

OSHA has published the interim final text of regulations governing the employee protection (or whistleblower) provisions of the Consumer Financial Protection Act of 2010, or CFPA, Section 1057 of the Dodd-Frank Wall Street...more

Beyond Credit Reporting: The Extension of Potential Class Action Liability to Employers under the Fair Credit Reporting Act

Do not be fooled by its title: the Fair Credit Reporting Act (“FCRA”) reaches far beyond the realm of credit reporting and governs a broad spectrum of industries. Indeed, the provisions of FCRA apply to any business entity...more

New York Financial Services Regulator Urges More Enforcement Against Individuals, Reaffirms Focus On Nonbank Mortgage Servicers

On March 19, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky called on banking regulators to assess whether they are doing enough, particularly with regard to enforcement, to deter or...more

CFPB Announces Payday Loan Field Hearing

Yesterday, the CFPB announced that it will hold a field hearing on payday loans on March 25, in Nashville, TN. The event is open to members of the public who RSVP, and will feature remarks from consumer advocates, industry...more

Director Cordray calls for public and private sector businesses and organizations to help employees with their financial lives

On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to...more

Five Questions to Ask Before January 10, 2014 - CFPB Focus

1. Compliance Procedures. Have you updated your written policies and procedures for each of your products or services to encompass the new rules and regulations? Once updated, have you provided copies to your employees? Have...more

Employer-Selected Payroll Cards Cannot Be The Sole Method Of Paying Wages

Many employers have implemented direct deposit payroll systems to reduce the transaction costs associated with paper payroll checks and the risks of the loss or theft of paper checks. A payroll card is an increasingly popular...more

House Passes Retail Investor Protection Act

Earlier this week, the House of Representatives passed H.R. 2374, the Retail Investor Protection Act of 2013, by a vote of 254-166. The bill prohibits the Secretary of Labor from prescribing any regulation under ERISA...more

Financial Institutions and Employers Cannot Mandate that Wages be Deposited to Payroll Card Accounts

Payroll card accounts have many benefits. The cards are a helpful option for employees who do not have checking accounts, and many banks have offered financial incentives to employers who choose their institution's card to...more

Can the CFPB Regulate Payroll Cards?

As credit card issuers have been subjected to increasing restrictions on the interest and fees they can charge consumers, they have found a new and lucrative sector in which to market their debit cards: payroll. The Federal...more

Federal Regulators Propose Standards for Assessing Diversity Policies of Regulated Entities

Six federal agencies have proposed joint standards for assessing the diversity policies and practices of regulated entities relating to employment and contracting with third parties. The proposal was developed by the...more

Much Ado About Payroll Cards

In my last blog post, “To Fee or Not to Fee—The Pros and Cons of Payroll Cards,” I discussed the growing popularity of payroll cards and several U.S. senators’ plea for guidance on this burgeoning pay practice. Perhaps in...more

Federal and State Authorities Continue Scrutiny of Payroll Cards

With the growing popularity of payroll cards, employers that utilize them, or are considering implementing them in the future, must be aware of the potential benefits and risks involved. Employers in virtually every...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

CFPB Weighs In On Employer Use Of Payroll Cards

In a recent blog post, we discussed the legal issues associated with employer use of payroll debit cards in lieu of printed paychecks. We concluded that because of the lack of federal and state regulatory guidance on the...more

Potential Problems With Payroll Cards

For several years now, the use of payroll cards has been an emerging trend as a mechanism for paying employees their wages. A payroll card is a payment method that allows employers to pay wages to their employees via a...more

CFPB Issues Guidance On Payroll Cards

On September 12, the CFPB issued a bulletin stating that the Electronic Fund Transfer Act (EFTA) and Regulation E apply to payroll card accounts, which Regulation E defines as “accounts that are established directly or...more

CFPB Bulletin Warns Employers Against Exclusive Use of Payroll Cards

On September 12, the Consumer Financial Protection Bureau (CFPB) published a bulletin reminding employers that they cannot require their employees to receive wages on a payroll card. The bulletin also explains some of the...more

CFPB Issues Guidance Bulletin on Employer Payroll Cards

The CFPB issued a guidance bulletin warning employers of the prohibition on requiring employees to use payroll cards. Payroll cards are regulated by the Electronic Fund Transfer Act and its implementing regulation, Regulation...more

CFPB Warns Employers on Required Use of Payroll Cards

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

Consumer Financial Protection Bureau Issues Bulletin About Federal Regulation Of Payroll Cards

Many employers are using or considering using payroll cards to pay employees. A number of states have wage payment laws restricting employers' use of such cards. On September 12, 2013, the Consumer Financial Protection...more

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