On May 7, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a financial technology company, resolving allegations that the company committed unfair acts or practices...more
The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more
Raffles can be a profitable and exciting fundraiser for nonprofits seeking to raise money for their cause. Raffles are considered games of chance, meaning participants pay money for a chance to win a prize. Games of chance...more
The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more
The CFPB proposed a rule that would update regulatory exceptions for overdraft credit provided by very large financial institutions and limit overdraft fees to small amounts only recovering applicable fees and costs....more
On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings...more
The CFPB has issued a data spotlight that shows bank overdraft/non-sufficient funds (NSF) fee revenues have declined significantly from their pre-pandemic levels....more
The California Unruh Act (specifically, California Civil Code § 51) prohibits “all business establishments of every kind whatsoever” from discriminating based on citizenship or immigration status, among other things. That...more
In this episode, Judie Rinearson and John ReVeal discuss class action litigation and regulatory enforcement concerns arising from overdraft fee disclosures and practices. John also shares his insight about possible...more
On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued two sets of FAQs. The first set of FAQs is directed to providers of checking, savings, and prepaid accounts. The second set of FAQs is directed to...more
Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.” Industry experts...more
Over the years USAA has aggressively asserted its patent portfolio related to check depositing. Specifically, USAA holds itself out as an innovator in the research and development of allowing banking customers to deposit...more
The Tennessee Supreme Court has now determined that money withdrawn from a joint checking account and placed into a certificate of deposit in the name of only one of the spouses loses its status as entireties property. In re...more
On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices. The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending. In addition to a CFPB...more
The Federal Reserve has announced that on November 9, 2016, it will host a webinar on overdraft practices. Webinar speakers will discuss issues identified through consumer complaints, examinations, and enforcement actions....more
For years, businesses and individuals in North Carolina have quietly settled unliquidated or disputed debts in good faith by tendering a check or other negotiable instrument in full satisfaction of the claim under the common...more
Background - As detailed in our blog last month, MoneyGram Payment Systems, Inc. (MoneyGram) is stuck in between a rock and a hard place as states continue to duel with Delaware over the proper classification of (and...more
A new blog post by Gary Stein, CFPB Deposits Market Program Manager, suggests four ways consumers can avoid overdraft and NSF fees. The post appears to have been prompted by the release of 2015 data by the Federal Financial...more
On February 3, 2016, the Consumer Financial Protection Bureau (CFPB) took a series of steps aimed at improving access to checking accounts for the nearly 10 million American households that are “unbanked” or which have no...more
Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more
Regulatory Developments - CFPB Announces Steps to Improve Checking Account Access - On Feb. 3, the CFPB announced that it was taking three steps to expand checking account access to the approximately 10 million...more
In remarks delivered yesterday at a field hearing in Louisville, Kentucky, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced three actions the CFPB is taking to encourage financial institutions to...more
On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...more
As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally...more