European Free Trade Association Consumer Financial Protection Bureau

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

“Nonbank” Lender Seeks Injunction Restraining CFPB Administrative Action

On May 9, 2016, Integrity Advance, LLC and its CEO James Carnes filed suit against the Consumer Financial Protection Bureau (“CFPB”) in United States District Court for the District of Columbia seeking to enjoin the CFPB from...more

FTC Provides 2015 Enforcement Report to CFPB

The Federal Trade Commission (FTC) has provided its annual report to the Consumer Financial Protection Bureau (CFPB) covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in...more

Why Banks Should Pay Attention to the Payday Rule

Last week, the Consumer Financial Protection Bureau proposed regulations that, if implemented, will reshape the small-dollar lending environment. At the same time, bankers and purchase-money lenders exhaled a collective sigh...more

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund...more

CFPB Warns About "Heightened Risk" of In-Person Debt Collections, Settles Case Against Lender for $10.5 Million

Why it matters - In conjunction with the announcement of a $10.5 million agreement with a lender that allegedly engaged in illegal debt collection practices, the Consumer Financial Protection Bureau (CFPB) issued a...more

CFPB Compliance Bulletin Outlines Requirements for Automatic Debit Authorization

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin reminding covered entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E to obtain...more

CFPB Reminds Companies of Automatic Debit Authorization Requirements

The Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin (“Bulletin”) reminding entities of their obligation to obtain consumer authorization prior to automatically debiting a consumer’s account for...more

CFPB Takes Action Against Debt Collection Firm EZCORP, Inc. and Issues In-Person Debt Collection Compliance Bulletin

On December 16, 2015, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against debt collection firm EZCORP, Inc. (EZCORP), for allegedly engaging in illegal debt collection...more

Preauthorized EFTs on CFPB Radar

Why it matters - Preauthorized electronic fund transfers (EFTs) were the subject of a new Compliance Bulletin issued by the Consumer Financial Protection Bureau (CFPB), discussing the requirements under the Electronic...more

What’s Driving the CFPB’s Latest Administrative Enforcement Action?

The Consumer Financial Protection Bureau’s (CFPB) latest enforcement action suggests that the CFPB may seek to use its administrative enforcement authority to pursue claims of unfair or deceptive conduct that would otherwise...more

CFPB Supervisory Highlights 2012-2015

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

CFPB Releases Compliance Bulletin Related to Consumer Authorizations for Preauthorized Electronic Fund Transfers

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and...more

CFPB Releases Compliance Bulletin about Obtaining Authorizations for Preauthorized Electronic Fund Transfers

The Consumer Financial Protection Bureau (the “CFPB”) warned financial companies in a compliance Bulletin Monday that they must have proper authorization before automatically debiting funds from customers’ accounts. (CFPB...more

CFPB issues compliance bulletin on preauthorized electronic payments

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more

CFPB Releases Bulletin Outlining Automatic Debit Requirements for Financial Entities

On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT). Mortgage...more

CFPB brings administrative action against online lender

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA),...more

Pennsylvania Court Allows Class Action Against Employer Who Used Only Payroll Cards; Holds Payroll Cards Are NOT “lawful money of...

In September 2013, SchnaderWorks published “Employers should Proceed With Caution in Using Payroll Cards.” At that time, author Scott Wenner advised that employers should follow the conditions prescribed in the federal...more

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

CFPB releases “Consumer Protection Principles” for faster payment systems

The CFPB has released a list of nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.” The CFPB has previously shown support for  the...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies, in partnership with the State Liaison Committee of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

The CFPB issues proposed rules on prepaid products

After issuing an advanced notice of proposed rulemaking regarding general purpose reloadable cards in May 2012, the US Consumer Financial Protection Bureau (‘CFPB’) issued proposed rules on prepaid products in November 2014....more

CFPB issues sixth Semi-Annual Report

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page...more

CFPB Director Cordray Issues Warning to Bankers

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

CFPB Issues Proposed Rule for Prepaid Financial Products

Today, the Consumer Financial Protection Bureau (CFPB) issued a proposal designed to establish comprehensive consumer protections for prepaid financial products. The CFPB proposed substantial amendments to Regulation E, which...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

48 Results
|
View per page
Page: of 2
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×