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 -
News & Analysis as of

Lender Violated EFTA Prohibition on Conditioning Loans on Electronic Payments, Calif. Federal Court Rules

A California federal court recently ruled that a lender violated the Electronic Fund Transfer Act (EFTA) prohibition on “condition[ing] the extension of credit” on a borrower’s repayment “by means of preauthorized electronic...more

Court Holds Payday Lender Violated EFTA By Requiring Preauthorization For Electronic Repayment

On July 30, the U.S. District Court for the Northern District of California held that a payday lender whose loan agreements requiredborrowers to consent to electronic withdrawals of their scheduled loan payments violated the...more

European Trade Associations Call for Urgent Action to Incorporate ESA Regulations in EEA Agreement

The European Banking Federation (EBF) has published joint letters (dated June 6, 2014) to be sent to the European Commission and to the European Free Trade Association (EFTA) signed by the EBF, the European Fund Management...more

U.S. District Court rules that FTC can regulate payday lenders regardless of American Indian Tribal affiliation, finds lender...

Generally speaking, those who wish to engage in payday lending will find that the industry is heavily regulated. In addition to regulation at the state level, payday lenders must comply with a wide variety of federal laws...more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

CFPB Proposes to Extend Temporary Exemption under Remittance Transfer Rule

The CFPB proposed revisions to its remittance transfer rule finalized and amended several times. The proposal would amend the remittance rule to extend a temporary exemption and make additional clarifications to the rule. The...more

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

Supreme Court Denies Certiorari for Standing to Sue under the Electronic Fund Transfers Act

The United States Supreme Court declined to grant certiorari to decide whether Congress had the authority to confer Article III standing to sue when the plaintiff suffers no concrete harm and alleges as an injury based on a...more

U.S. Supreme Court denies certiorari in EFTA standing case

We have previously written about Charvat v. Mutual First Federal Credit Union, the case in which the Eighth Circuit held last year that denial of a statutory right is a sufficient injury to confer standing, even if the injury...more

Federal Court Agrees With Magistrate That Whether A Tribal Lender Is A For-Profit Corporation Is A Triable Issue Of Fact

On March 7, 2014, the United States District Court for the District of Nevada in Federal Trade Commission (the FTC) v. AMG Services, Inc., et al. granted a partial victory to Indian tribal payday lenders in their ongoing...more

The Class Action Chronicle - Spring 2014

This is the third edition of The Class Action Chronicle, a quarterly publication that provides an analysis of recent class action trends, along with a summary of class certification and Class Action Fairness Act rulings...more

FCRA Claim Provides Article III Standing without Showing of Actual Harm, Ninth Circuit Rules

The U.S. Court of Appeals for the Ninth Circuit has ruled that a plaintiff had Article III standing to sue a website operator for violations of the Fair Credit Reporting Act (FCRA) regardless of whether he could show actual...more

CFPB Proposes Rule to Define Larger Participants of the International Money Transfer Market

Noting the challenges to providers and consumers, the CFPB issued a proposed rule to define “larger participants” of the international money transfer market that, when finalized, will hold certain nonbank international money...more

Lost Or Stolen: Liability For Unauthorized Credit Card Charges

On a brisk January day, Mary A. Richman opened her mailbox and was confronted with the sobering sight of thick envelopes from Visa, American Express and MasterCard each containing a month’s worth of extravagant Christmas...more

DOJ Hits First Bank Target in ‘Operation Choke Point’

Last week, the U.S. Department of Justice (DOJ) filed a lengthy complaint and consent order in a lawsuit against Four Oaks Bank & Trust Company. The DOJ action is the first lawsuit (and settlement) under "Operation Choke...more

FinCEN and FRB Jointly Issue Final Rule Amending the Definitions of “Funds Transfer” and “Transmittal of Funds”

On December 4, 2013, the Financial Crimes Enforcement Network (“FinCEN”) and the FRB jointly issued a final rule (the “Final Rule”) amending the definitions of “funds transfer” and “transmittal of funds” under the regulations...more

Class Action Chronicle - Winter 2013

"In This Issue: - Courts Weighs in on Ascertainability - CLASS CERTIFICATION DECISIONS: ..Decision Granting Motion to Strike ..Decisions Denying Motions to Strike ..Decisions Rejecting/Denying...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

CFPB Reports On Impacts Of Regulations For Banks

On November 22, the CFPB released findings of a study the Bureau conducted on the impact of certain deposit regulations on the day-to-day operations of banking institutions, focusing on compliance costs related to checking...more

Federal Banking Agencies Finalize Guidance on Deposit Advance Products

In conjunction with the FDIC, the OCC, finalized guidance highlighting supervisory concerns and expectations for deposit advance products. The guidance largely mirrors the proposal the agencies published in April 2013. In...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

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

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

Seventh Circuit Says “Smallness” Is Not a Bar to Class Certification

In what it describes as an effort to advance the law of class certification, the Seventh Circuit last week issued a decision, written by Judge Posner, that many would say does just the opposite. ...more

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