News & Analysis as of

Checking Accounts

Goodwin

CFPB Enters Into Consent Order With Financial Technology Company

Goodwin on

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

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

Ballard Spahr LLP on

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

Mitchell, Williams, Selig, Gates & Woodyard,...

Is Your Nonprofit Considering Holding a Raffle? Think Twice.

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

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

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

Cozen O'Connor

CFPB Seeks to Close Overdraft Loophole

Cozen O'Connor on

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

Troutman Pepper

CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting

Troutman Pepper on

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

Ballard Spahr LLP

CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels

Ballard Spahr LLP on

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

Buchalter

Another Bank Settles Citizenship Discrimination Suit

Buchalter on

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

K&L Gates LLP

HUB Talks: The Impact of Overdraft Fees on Banks and Consumers

K&L Gates LLP on

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

Akerman LLP

CFPB Issues FAQs Regarding Credit Cards, Prepaid, and Deposit Accounts

Akerman LLP on

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

Robins Kaplan LLP

Financial Daily Dose 11.13.2019 | Top Story: Buffeted by Changing Consumer Demands, Dean Foods Declares Bankruptcy

Robins Kaplan LLP on

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

Shook, Hardy & Bacon L.L.P.

USAA Fighting To Protect Cloud-Based Check Depositing Assets Against Competitors

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

Butler Snow LLP

What’s Mine is Mine, and What’s Ours is Now Mine

Butler Snow LLP on

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

Ballard Spahr LLP

CFPB participates in Fed webinar on overdraft practices

Ballard Spahr LLP on

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

Ballard Spahr LLP

CFPB to participate in Fed webinar on overdraft practices

Ballard Spahr LLP on

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

Maynard Nexsen

Insights North Carolina Adopts Additional Creditor Protections for the Full Payment Check Law

Maynard Nexsen on

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

McDermott Will & Emery

Unclaimed Property Hunger Games: States Seek Supreme Court Review in ‘Official Check’ Dispute

McDermott Will & Emery on

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

Ballard Spahr LLP

CFPB publicizes bank overdraft and NSF revenues

Ballard Spahr LLP on

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

McGuireWoods LLP

CFPB Takes Aim at Overdraft Fees and Screening Inaccuracies

McGuireWoods LLP on

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

Manatt, Phelps & Phillips, LLP

CFPB Tackles Checking Accounts With Compliance Bulletin, Letter to Banks

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

Goodwin

Financial Services Weekly News - February 2015 #2

Goodwin on

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

BakerHostetler

CFPB Encourages Financial Institutions to Improve Checking Account Access

BakerHostetler on

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

Morrison & Foerster LLP

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

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

Ballard Spahr LLP

CFPB announces steps to improve checking account access

Ballard Spahr LLP on

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

Ballard Spahr LLP

CFPB postpones field hearing on checking account access to Feb. 3

Ballard Spahr LLP on

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

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