Electronic Funds Transfers-The Investigation Process
Electronic Funds Transfers-what you need to know when using cash applications such as Venmo
Crypto As "Funds" Under the EFTA – How a Court's Recent Ruling May Impact Virtual Currency Platform Operators - The Crypto Exchange Podcast
Making Cents of Your Cash Management Agreements
The CFPB sued point-of-sale financing company Acima Holdings, LLC, its former CEO, and other affiliate entities (collectively, “Acima”) for allegedly using false marketing and deceptive dark patterns to lure consumers into...more
On May 28, the Federal Trade Commission (FTC) released its annual report to the Consumer Financial Protection Bureau (CFPB) detailing enforcement and educational activities undertaken in 2023. The report pertains to actions...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more
On January 18, 2024, the CFPB proposed an extensive (211-page) rule on overdraft practices applicable to Financial Institutions (FIs) of $10 billion or more in assets (so called “very large FIs”). The proposed rule would not...more
On August 11, in the case of Yuille v. Uphold HQ Inc., the Southern District of New York was tasked with determining whether the Electronic Funds Transfer Act (EFTA) applies to digital asset-based accounts. The court...more
On July 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) sued Snap Finance LLC, Snap R TO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, and Snap Finance Holdings LLC (collectively, the Snap Defendants or...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
The FDIC has released its Consumer Compliance Supervisory Highlights for 2022, covering the 3,000+ state-chartered banks and thrifts the FDIC supervises, most of which are community banks that provide credit and services...more
FCC Slams American Scammers for 8 Billion Robocalls - With too many calls to document, carriers are ordered to pull the switch on traffic - One Robo to Call Them All - What sort of activity earns a court order, a public...more
The retail installment sales contracts used by auto dealerships include disclosures related to GAP insurance and other debt cancellation products that are required under the federal Truth in Lending Act in order for the...more
On June 22, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published two notices in the Federal Register announcing (1) the launch of a pilot advisory opinion (AO) program (“Pilot AO Program”); and (2) a...more
On December 11, 2019, PayPal, Inc. (PayPal) filed suit against the Consumer Financial Protection Bureau (CFPB) in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act...more
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
On Wednesday, PayPal sued the CFPB in federal district court in the District of Columbia claiming the Bureau's Prepaid Account Rule (“Rule”) is arbitrary and capricious and was issued in violation of the Administrative...more
The Consumer Financial Protection Bureau (CFPB) has requested comment on proposed changes to its prepaid rule, including the potential for another extension of the effective date of the rule. The proposed rule changes are...more
The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2016 relating to compliance with Regulation Z (Truth in Lending Act), Regulation...more
In Consumer Financial Protection Bureau (CFPB) news that even opponents praised, the Bureau proposed a six-month delay in the effective date of the final prepaid accounts rule....more
The CFPB has provided additional time to prepare for its long-anticipated prepaid accounts rule, moving the rule's effective date from October 1, 2017 to April 1, 2018. Per the CFPB, the delay will allow industry participants...more
The Consumer Financial Protection Bureau (CFPB) released guidance on the agency's forthcoming Prepaid Rule, set to take effect on October 1, 2017. Although described as aimed at "small businesses," the guidance is useful for...more
Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s...more
On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit...more
The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more
Dear Retail Clients and Friends, The Consumer Financial Protection Bureau (CFPB) recently released rules that impose specific requirements applicable to prepaid accounts, including prepaid cards. This edition of Morgan...more