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Payroll Cards Consumer Financial Protection Bureau (CFPB)

Womble Bond Dickinson

What Schools Need to Know About CFPB’s Prepaid Accounts Regulation

Womble Bond Dickinson on

Counsel at schools and universities understandably don’t follow legal developments in financial services very closely, but recent changes in regulations affecting prepaid accounts could impact institutions of higher...more

Womble Bond Dickinson

New York Court Decision Makes It Even Harder to Pay Your Employees

Womble Bond Dickinson on

A state court has added a new twist to the long and tortured history of payroll card regulation in New York. Employers who pay workers in the state via payroll cards, along with the banks and program managers that administer...more

Bradley Arant Boult Cummings LLP

The Prepaid Rule is Finally Here

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

Fisher Phillips

The Trend Toward Payroll Cards

Fisher Phillips on

Last month, Georgia became the latest state to pass legislation governing the payment of wages via “payroll cards.” Gov. Nathan Deal signed the new law on May 5, 2015. Prior to the passing of this bill, the payment of wages...more

McNees Wallace & Nurick LLC

Class Certified in Pennsylvania Payroll Debit Card Litigation

We previously discussed on this blog the potential risks associated with the use of payroll debit cards to pay wages to employees. The absence of federal and state regulations specifically addressing this relatively new...more

Baker Donelson

Financial Institutions and Employers Cannot Mandate that Wages be Deposited to Payroll Card Accounts

Baker Donelson on

Payroll card accounts have many benefits. The cards are a helpful option for employees who do not have checking accounts, and many banks have offered financial incentives to employers who choose their institution's card to...more

Foley & Lardner LLP

Can the CFPB Regulate Payroll Cards?

Foley & Lardner LLP on

As credit card issuers have been subjected to increasing restrictions on the interest and fees they can charge consumers, they have found a new and lucrative sector in which to market their debit cards: payroll. The Federal...more

Baker Donelson

Depositing employee wages on payroll card accounts may be convenient, but consumer protection agency condemns mandatory wage...

Baker Donelson on

The Electronic Fund Transfer Act and Regulation E (which implements the Act) apply to payroll card accounts. In a memo issued on September 12, 2013, the Consumer Financial Protection Bureau (CFPB) clarified that employers...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Much Ado About Payroll Cards

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

Morgan Lewis

Federal and State Authorities Continue Scrutiny of Payroll Cards

Morgan Lewis on

With the growing popularity of payroll cards, employers that utilize them, or are considering implementing them in the future, must be aware of the potential benefits and risks involved. Employers in virtually every...more

McNees Wallace & Nurick LLC

CFPB Weighs In On Employer Use Of Payroll Cards

In a recent blog post, we discussed the legal issues associated with employer use of payroll debit cards in lieu of printed paychecks. We concluded that because of the lack of federal and state regulatory guidance on the...more

Foley & Lardner LLP

Potential Problems With Payroll Cards

Foley & Lardner LLP on

For several years now, the use of payroll cards has been an emerging trend as a mechanism for paying employees their wages. A payroll card is a payment method that allows employers to pay wages to their employees via a...more

Burr & Forman

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

Burr & Forman on

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

Katten Muchin Rosenman LLP

CFPB Bulletin Warns Employers Against Exclusive Use of Payroll Cards

On September 12, the Consumer Financial Protection Bureau (CFPB) published a bulletin reminding employers that they cannot require their employees to receive wages on a payroll card. The bulletin also explains some of the...more

Goodwin

CFPB Issues Guidance Bulletin on Employer Payroll Cards

Goodwin on

The CFPB issued a guidance bulletin warning employers of the prohibition on requiring employees to use payroll cards. Payroll cards are regulated by the Electronic Fund Transfer Act and its implementing regulation, Regulation...more

Ballard Spahr LLP

CFPB Warns Employers on Required Use of Payroll Cards

Ballard Spahr LLP on

The Consumer Financial Protection Bureau has issued a bulletin warning employers that they cannot require employees to receive their wages on payroll cards. The bulletin appears to respond to the explosive growth in the use...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - September 13, 2013

In this issue - - Federal Agencies Seek Comment on Joint Proposed Rule Regarding Credit Risk Retention - SEC Grants Request for No-Action Relief with Respect to Multi-Day Pre-Fail and Post-Fail Credit Under Rule...more

Fisher Phillips

CFPB Bulletin Addresses "Payroll Card Accounts"

Fisher Phillips on

A statement of some federal-law limitations and requirements relating to the increasingly popular practice of compensating employees via the use of "pay cards" came from an atypical direction on September 12....more

Stinson - Corporate & Securities Law Blog

CFPB Warns Employers Against Exclusive Use Of Payroll Cards

The CFPB has published a bulletin expressing its view that employers cannot require their employees to receive wages on a payroll card. The bulletin also gives the CFPB’s view on some of the federal consumer protections that...more

Morrison & Foerster LLP

Senators Request CFPB Issue Guidance and Rulemakings, Bring Enforcement Actions Relating to Payroll Card Programs

Last week, 16 Democratic Senators sent a letter on regulation of payroll cards to Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray and Department of Labor (“DOL”) Acting Secretary Seth Harris. The letter...more

Ballard Spahr LLP

Democratic Senators write to CFPB about employer use of payroll cards

Ballard Spahr LLP on

A New York Times report last month that the office of New York Attorney General Eric Schneiderman has commenced an investigation into the widening practice of employers paying hourly employees through the use of prepaid...more

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