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

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

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

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

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

CFPB Issues Guidance Bulletin on Employer Payroll Cards

The CFPB issued a guidance bulletin warning employers of the prohibition on requiring employees to use payroll cards. Payroll cards are regulated by the Electronic Fund Transfer Act and its implementing regulation, Regulation...more

CFPB Warns Employers on Required Use of Payroll Cards

The Consumer Financial Protection Bureau has issued a bulletin warning employers that they cannot require employees to receive their wages on payroll cards. The bulletin appears to respond to the explosive growth in the use...more

CFPB Bulletin Addresses "Payroll Card Accounts"

A statement of some federal-law limitations and requirements relating to the increasingly popular practice of compensating employees via the use of "pay cards" came from an atypical direction on September 12....more

Senators Request CFPB Issue Guidance and Rulemakings, Bring Enforcement Actions Relating to Payroll Card Programs

Last week, 16 Democratic Senators sent a letter on regulation of payroll cards to Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray and Department of Labor (“DOL”) Acting Secretary Seth Harris. The letter...more

CFPB Issues Final Preemption Determination For Maine, Tennessee Unclaimed Gift Card Laws

On April 19, the CFPB issued a final preemption determination regarding whether the Electronic Fund Transfer Act (EFTA) and Regulation E preempt certain unclaimed gift card laws in Maine and Tennessee. The EFTA, as...more

Spotlight on Unclaimed Property: CFPB Rules That Federal Law Preempts Tennessee's Unclaimed Property Statute Applicable to Gift...

In its first preemption determination, on April 19, 2013, the Consumer Financial Protection Bureau (CFPB) ruled that Tennessee's unclaimed property statute provisions applicable to gift cards are preempted by federal law. The...more

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more

Burr Alert: Consumer Financial Protection Bureau Amends Regulation E And Regulation Z

In late March, the Consumer Financial Protection Bureau ("CFPB") issued final rules amending Regulation E, 12 C.F.R. § 1005.16, which implements the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq. ("EFTA"), and...more

CFPB Finalizes ATM Disclosure Rule Changes

On March 21, the Bureau of Consumer Financial Protection finalized a rule implementing the ATM placard legislation that was signed into law last December. In December 2012, Congress passed and the President signed legislation...more

CFPB Delays Remittance Rule

The Consumer Financial Protection Bureau (Bureau) announced on January 22 that it is issuing a final rule to delay the February 7, 2013, effective date of final rules published by the Bureau on February 7, 2012, and August...more

CFPB semiannual regulatory agenda: missing items and other mysteries

The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013....more

CFPB Proposed Amendment to Rule on Remittance Transfers

On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers....more

President Signs ATM Disclosure Bill And CFPB Privilege Bill

On December 20, President Obama signed two bills impacting bank supervision and compliance. These bills were sent to the President after the Senate approved both measures on December 11. The first, H.R.4014, amends the...more

CFPB Examination Procedures for Student Lenders

The Consumer Financial Protection Bureau (“CFPB”) has released procedures it will use in examining student lenders. The Student Lending Examination Procedures, available here, set forth the CFPB’s examination objectives and...more

President signs ATM fee sticker bill and CFPB privilege waiver bill

On December 20, 2012, President Obama signed into law (1) the bill amending the Electronic Fund Transfer Act (H.R. 4367) to eliminate the ATM fee sticker requirement, and (2) the bill amending the Federal Deposit Insurance...more

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