GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more
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
In a recent putative class action by borrowers against a mortgage servicer alleging violations of the Truth in Lending Act (“TILA”), the Seventh Circuit Court of Appeals found that mortgage servicers must credit electronic...more
A divided Seventh Circuit found that the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., requires mortgage servicers to credit online electronic payments on the day the customer authorizes the payment, despite not...more