News & Analysis as of September 22, 2024

Regulation E

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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

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

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

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