News & Analysis as of September 19, 2024

Consumer Financial Protection Bureau (CFPB)

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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 -

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on 12/11/2023

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

DC Circuit Rules CFPB Prepaid Card Rule Does Not Mandate Use of “Model Clause”

Ballard Spahr LLP on 2/16/2023

The U. S. Court of Appeals for the D.C. Circuit held that the CFPB’s prepaid card rule (Prepaid Rule) does not mandate a “model clause.” The ruling was made in the lawsuit that PayPal, one of the largest digital wallet...more

DC Circuit Holds CFPB Did Not Exceed Statutory Authority with the Prepaid Rule

Goodwin on 2/14/2023

On February 3, 2023, the U.S. Court of Appeals for the District of Columbia Circuit (DC Circuit) issued a decision regarding the disclosure requirements of the Consumer Financial Protection Bureau’s (CFPB) Prepaid...more

D.C. Circuit says CFPB’s Prepaid Rule does not mandate model disclosures for payment companies

Orrick, Herrington & Sutcliffe LLP on 2/3/2023

On February 3, the U.S. Court of Appeals for the D.C. Circuit reversed a district court’s decision that had previously granted summary judgment in favor of a payment company and had vacated two provisions of the CFPB’s...more

DC Circuit Court of Appeals to rule on PayPal’s challenge to CFPB’s Prepaid Rule

Eversheds Sutherland (US) LLP on 5/9/2022

In December 2019, PayPal, Inc. filed suit in the US District Court for the District of Columbia challenging the CFPB’s authority to issue two provisions of the so-called prepaid rule, which governs consumer financial products...more

U.S. District Court Invalidates Two Provisions of the CFPB’s Prepaid Rule: The Disclosure Clauses and the Thirty-Day Credit...

Troutman Pepper on 1/14/2021

On December 30, 2020, Judge Richard J. Leon on the United States District Court for the District of Columbia entered an Order in PayPal, Inc. v. Consumer Financial Protection Bureau, et al., No. 19-3700-RJL, 2020 WL 7773392...more

PayPal Sues CFPB Over Prepaid Rule

Goodwin on 10/28/2020

On December 11, 2019, PayPal filed a complaint in the United States District Court for the District of Columbia over the “Prepaid Rule” that went into effect in April 2019. PayPal, Inc. v. Consumer Financial Protection...more

CFPB issues annual report on TILA, EFTA, and CARD Act

Ballard Spahr LLP on 12/27/2019

The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017. The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal...more

PayPal files lawsuit against CFPB challenging prepaid card rule

Ballard Spahr LLP on 12/17/2019

PayPal filed a lawsuit against the CFPB last week in the D.C. federal district court seeking to invalidate the Bureau’s prepaid card rule (“Rule”). The Rule became effective on April 1 of this year....more

ABA comments on CFPB’s RFI on consumer access to financial information

Ballard Spahr LLP on 3/1/2017

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

The Prepaid Rule is Finally Here

Bradley Arant Boult Cummings LLP on 10/14/2016

Last week, the CFPB issued its long-awaited final rule amending Regulation E (Electronic Funds Transfer Act) and Regulation Z (Truth in Lending Act) to create regulations for prepaid financial products (Prepaid Rule). The...more

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

Morgan Lewis on 7/17/2015

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

Much Ado About Payroll Cards

Ogletree, Deakins, Nash, Smoak & Stewart,... on 10/4/2013

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

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

Morrison & Foerster LLP on 4/24/2013

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

CFPB Finalizes ATM Disclosure Rule Changes

Katten Muchin Rosenman LLP on 4/3/2013

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

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