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European Free Trade Association

The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven... more +
The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven European Economic Community (EEC). The current member states of the EFTA are Liechtenstein, Iceland, Norway, and Switzerland.   less -
Cozen O'Connor

CFPB Warns Banks Against Use of Phantom Opt-In Agreements

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The CFPB issued guidance, titled Improper Overdraft Opt-In Practices, addressing whether a financial institution violates the law if it levies overdraft fees for ATM and one-time debit card transactions based on phantom...more

McDermott Will & Emery

Illumina/GRAIL: European Court of Justice Annuls the Commission’s Approach

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In a spectacular turn, on September 3, 2024, the Court of Justice (CJEU), constituted as the grand chamber, overturned the ruling of the General Court (GC) and annulled the decision made by the Commission to accept requests...more

Ballard Spahr LLP

Sixth Circuit Says No Indemnification Under EFTA or Michigan Law for Bank EFTA Reimbursements to Customers

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On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan...more

Orrick, Herrington & Sutcliffe LLP

CFPB sues lease-to-own business

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On July 26, the CFPB disclosed a federal lawsuit against a point-of-sale financing company, its subsidiary, and its CEO, alleging multiple counts of consumer finance fraud under the CFPA, TILA, the EFTA, and the FCRA related...more

Orrick, Herrington & Sutcliffe LLP

6th Circuit upholds dismissal of credit union’s indemnification suit

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Recently, the U.S. Court of Appeals for the Sixth Circuit entered an opinion affirming a district court’s dismissal of a credit union’s lawsuit against a cellphone carrier. In this case, the plaintiff’s customers who were...more

Husch Blackwell LLP

Preview of a Post-Chevron World: The Seventh Circuit Upholds Regulation B's Discouragement Prohibition as Consistent with ECOA

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With Loper Bright’s recent death blow to Chevron deference, some commentators have been predicting substantial constriction of the administrative state and the narrowing or limiting of the powers of federal regulators. For...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 16, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Enters Into Consent Order with Bank Resolving Allegations of Force-Placed-Insurance

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On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national bank, resolving allegations related to the bank’s auto lending practices....more

Hudson Cook, LLP

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossessions and Sales Practices.

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On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more

Venable LLP

CFPB to Launch Registry of Nonbank Enforcement Actions

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In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 4, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Orrick, Herrington & Sutcliffe LLP

FTC outlines TILA and EFTA efforts in letter to CFPB

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On May 20, the FTC released a letter to the CFPB detailing its enforcement activities related to Regulation Z (TILA), Regulation M (the Consumer Leasing Act or CLA), and Regulation E (the EFTA) during 2023....more

Ballard Spahr LLP

South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws

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On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department...more

Sheppard Mullin Richter & Hampton LLP

Takeaways From the FDIC’s Spring 2024 Consumer Compliance Supervisory Highlights

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On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...more

Foley & Lardner LLP

CFPB Announces Proposed Rule Regarding Nonsufficient Funds Fees

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On Wednesday, January 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced a Proposed Rule aimed at blocking nonsufficient funds (NSF) fees on debit card, ATM, and certain peer-to-peer payment transactions that...more

Goodwin

CFPB Issues Circular about Deceptive Marketing Practices in Connection with Remittance Transfers

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Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the...more

Sheppard Mullin Richter & Hampton LLP

FDIC Issues Orders Against Two More Banks Over Fintech Partnerships

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In the FDIC’s latest monthly update on enforcement decisions and orders, the agency published recent consent orders it entered against both a New York-based and an Ohio-based bank, the latest in the agency’s series of...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Guidance on Deceptive Practices by Remittance Transfer Providers

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On March 27, the CFPB issued Circular 2024-02, which warns that remittance providers may be liable under the CFPA for certain deceptive marketing practices related to the speed or cost of sending a remittance transfer. Under...more

Orrick, Herrington & Sutcliffe LLP

CFPB warns remittance transfer providers against falsely advertising the costs and speed of transfers

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On March 27, the CFPB issued a circular cautioning remittance transfer providers against falsely advertising the costs or speed of sending transfers to avoid violating the CFPA’s prohibition on deceptive acts or practices. ...more

Perkins Coie

CFPB Issues Proposed Open Banking Rule

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The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more

Mayer Brown

Europe Daily News, 06 March 2024

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COMPETITION - - Prior notification of a concentration (Case M.11397 - OJI / Walki) - - Prior notification of a concentration (Case M.11419 - Open Pass / Fortenova Group)...more

Proskauer - Minding Your Business

UK Signs Hague 2019: New Clarity For Enforcement Of Choice Of Court Clauses In Finance Documents

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Effective choice of court clauses (also known as jurisdiction clauses) are central to finance agreements. Reliable, certain process to enforce contractual obligations is essential for cross-border trade and finance...more

Cozen O'Connor

AG James to Citibank: No More Ignoring Red Flags

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New York AG Letitia James filed a lawsuit against Citibank, N.A. alleging that the bank violated New York’s Executive Law and General Business Law by failing to enact sufficient data security measures or sufficiently respond...more

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

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The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Brings String of Enforcement Actions to Round Out 2023

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In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more

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