News & Analysis as of

Debit Cards Consumer Financial Protection Bureau (CFPB) Regulation E

Goodwin

CFPB Prepaid Accounts Rule Challenged in Lawsuit by PayPal

Goodwin on

On December 11, 2019, PayPal, Inc. (PayPal) filed suit against the Consumer Financial Protection Bureau (CFPB) in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act...more

Ballard Spahr LLP

State AGs urge CFPB not to change overdraft rule and to consider its expansion

Ballard Spahr LLP on

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

Manatt, Phelps & Phillips, LLP

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Ballard Spahr LLP

CFPB settles first overdraft opt-in rule enforcement action

Ballard Spahr LLP on

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

Baker Donelson

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

Baker Donelson on

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

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