EFTs

News & Analysis as of

New Law Establishes Online Unemployment Insurance and Electronic Reporting Requirements

Beginning January 1, 2017, Assembly Bill 1245 requires that employers with 10 or more employees must file all unemployment insurance reports and returns using the e-file system. Also, these employers must remit contributions...more

USPTO Sets New Deadline for Migration to Financial Manager

As we reported earlier this month, the U.S. Patent and Trademark Office announced that it was extending the deadline for customers to migrate their deposit accounts and electronic funds transfer accounts (EFTs) to Financial...more

CFPB issues Summer 2016 Supervisory Highlights

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

USPTO Extends Deadline for Migration to Financial Manager

As we reported earlier this week, the U.S. Patent and Trademark Office originally set a June 30, 2016 deadline for customers to migrate their deposit accounts and electronic funds transfer accounts (EFTs) to Financial...more

Deadline Approaching to Migrate USPTO Deposit Accounts to Financial Manager

Last week, the U.S. Patent and Trademark Office sent an e-mail alert reminding practitioners and applicants that the deadline for migrating their deposit accounts and electronic funds transfer accounts (EFTs) is June 30,...more

FTC provides 2015 enforcement report to CFPB

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

MJW to FSOC:  We’re On It

In a keynote address before the Investment Company Institute on May 20, 2016, SEC Chair Mary Jo White signaled to the Financial Stability Oversight Counsel (FSOC) that the SEC is “working hard” to finalize rules that address...more

CRA Provides Update on Efforts to Combat Tax Evasion

Following the release of the “Panama Papers” and the Canadian federal government’s budget announcement that additional resources will be directed to the CRA to collect existing tax debts and combat tax evasion, the CRA has...more

This Week In Securities Litigation

At SEC Speaks Chair White noted that the SEC is more than a disclosure agency. In areas like exchange regulation financial standards and investment advisers the Commission engages in substantive regulation, suggesting perhaps...more

Bank Customers Who Did Not Report Unauthorized ElectronicTransfers for Two and a Half Years Denied Recovery

It is a common scenario faced by financial institutions on a regular basis: a customer alleges that electronic transfers from his account were unauthorized and demands that the institution re-credit the amount to his account....more

FINRA and SEC Identify Areas of Focus and Examination Priorities for 2016

Each year, FINRA and the SEC publish their priority letters explaining areas of focus for the upcoming year. The priorities reflect practices and/or products that are perceived to present either heightened risk to investors,...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

SEC Announces 2016 Exam Priorities

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) released its 2016 Exam Priorities recently, as applicable to examined registrants other than national securities exchanges...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

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

SEC’s Proposed Modernized Reporting Regime: Effects on ETF Sponsors

The U.S. Securities and Exchange Commission (SEC) on May 20, 2015 unanimously approved proposed rules, forms and amendments that are intended to modernize and enhance the reporting and disclosure of information by investment...more

Capital Controls

On 18 July 2015, the Greek Government passed a law ending the bank holiday period imposed on 28 June 2015. At the same time, restrictions continue on cash withdrawals and the transfer of funds....more

Georgia Employers Can Now Use Payroll Cards to Pay Employees

Georgia employers now have another option for paying their employees: “payroll cards.” Recently, Gov. Deal signed a new law that explicitly allows employers to pay wages using special cards rather than issuing a check or...more

ACA Proposed Rule to Require Health Insurers to Certify Compliance with HIPAA Electronic Transaction Requirements

The U.S. Department of Health and Human Services issued a proposed rule to implement the ACA requirement that health insurers and other HIPAA-covered health plans certify compliance with the standards and operating rules for...more

HHS Issues Proposed Rule Requiring Health Plans to Demonstrate Compliance with HIPAA Electronic Transaction Standards and...

On January 2, 2014, the U.S. Department of Health and Human Services (HHS) published a proposed rule that would require “controlling health plans” (CHPs) to demonstrate compliance with certain electronic transaction standards...more

Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda

The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more

Recent Changes To The IRS Employee Plans Compliance Resolution System

To kick off 2013, the Internal Revenue Service (IRS) issued Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System (EPCRS), the voluntary compliance program for employer-sponsored retirement plans....more

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