News & Analysis as of

Regulation E

GeoDataVision

Electronic Funds Transfers-The Investigation Process

GeoDataVision on

Episode 68 of the podcast discusses the investigation process for Electronic Funds Transfers (EFT) under the Electronic Fund Transfer Act. The hosts, Dean and Len, emphasize the importance of consumer protection in EFT and...more

Venable LLP

Declined: CFPB Proposes Rule to Limit Non-Sufficient Funds Fees

Venable LLP on

One week after the CFPB published its proposed rule restricting overdraft fees, the CFPB proposed yet another rule prohibiting nonsufficient funds fees (NSF fees) on transactions like declined debit card purchases and...more

Paul Hastings LLP

CFPB: Fixing Something That’s Not Broken – But Setting Forth a Framework for Abusive Conduct

Paul Hastings LLP on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently issued a proposed rule that would prohibit financial institutions from charging nonsufficient funds (“NSF”) fees on instantaneously declined transactions....more

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

The Volkov Law Group on

The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Carlton Fields

Ninth Circuit Reverses Order Denying Motion to Compel Arbitration, Concluding “Delegation Provision” Is Enforceable

Carlton Fields on

Noting the court was deciding, as a matter of first impression, “what a party must do to specifically challenge a delegation provision and what a court may consider when evaluating this challenge,” the Ninth Circuit Court of...more

Ballard Spahr LLP

CFPB proposed rule would makes certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap...

Ballard Spahr LLP on

In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by...more

Ballard Spahr LLP

CFPB issues report to bolster its imminent overdraft and NSF fee rulemaking

Ballard Spahr LLP on

As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule, the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on

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

Orrick, Herrington & Sutcliffe LLP

CFPB orders bank to pay $6.2 million; alleges overdraft fees violate CFPA, EFTA

On December 7, the CFPB announced a consent order against a Virginia-based bank, alleging it engaged in deceptive acts and practices and failed to comply with Regulation E. According to the CFPB, the bank did not comply with...more

GeoDataVision

Electronic Funds Transfers-what you need to know when using cash applications such as Venmo

GeoDataVision on

Visit https://compliance911show.com for more episodes. Len and Dean focus on Electronic Funds Transfers, particularly person-to-person (P2P) payment apps like Venmo, Apple Pay, and Zelle. Dean elaborates on the December...more

Hudson Cook, LLP

CFPB Orders Regional Bank to Pay $6.2 Million Related to Checking Account Overdraft Fees

Hudson Cook, LLP on

On December 7, 2023, the CFPB issued an order against a regional bank in Richmond, Virginia. The consent order alleges that the bank charged consumers overdraft fees without getting the proper consent and misled its customers...more

Ballard Spahr LLP

CFPB reported to be planning to unveil overdraft regulations before year-end

Ballard Spahr LLP on

Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in...more

Ballard Spahr LLP

Zelle offers details on its solution to protect scammed customers

Ballard Spahr LLP on

Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

Ballard Spahr LLP on

The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

Troutman Pepper

Senators Urge CFPB to Increase Consumer Protection Against Payment App Scams — Payments Pros – The Payments Law Podcast

Troutman Pepper on

This episode of Payments Pros spotlights an episode from The Crypto Exchange, where Kalama Lui-Kwan joins Payments Pros hosts Keith Barnett and Carlin McCrory to discuss consumer protection under Regulation E. They delve into...more

Cadwalader, Wickersham & Taft LLP

Entities Subject to the CFPB's Personal Data Financial Rights Proposed Rule, Part 2

As we reported last week, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights.” Comments are due on December 29, 2023....more

Troutman Pepper

CFPB Launches Rulemaking to "Jumpstart" Open Banking

Troutman Pepper on

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed Personal...more

Orrick, Herrington & Sutcliffe LLP

CFPB announces civil money penalty against nonbank, alleges EFTA and CFPA violations

On October 17, the CFPB announced an enforcement action against a nonbank international money transfer provider for alleged deceptive practices and illegal consumer waivers. According to the consent order, the company...more

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

Ballard Spahr LLP on

The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer Act (EFTA), Subpart B of...more

Troutman Pepper

Unraveling the Legal Threads: A Deep Dive Into Earned Wage Access - Payments Pros: The Payments Law Podcast

Troutman Pepper on

In the latest episode of Payments Pros, hosts Keith Barnett, Josh McBeain, and Carlin McCrory discuss Earned Wage Access (EWA), a system that allows employees to receive their earned wages before the employer's payroll cycle....more

McGlinchey Stafford

Deep Dive into Payments: Q&A on Bank Partnership Considerations

McGlinchey Stafford on

But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more

Troutman Pepper

Conflicting Opinions: District Court Concludes EFTA and Regulation E Do Not Apply to Digital Asset Accounts Established for...

Troutman Pepper on

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

Orrick, Herrington & Sutcliffe LLP

District Court splits order against crypto platform

On August 11, a split U.S District Court of the Southern District of New York partially granted and partially denied a crypto platform’s (defendant) motion to dismiss most charges for failure to state a claim upon which...more

Troutman Pepper

Crypto As "Funds" Under the EFTA – How a Court's Recent Ruling May Impact Virtual Currency Platform Operators - The Crypto...

Troutman Pepper on

In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleagues Carlin McCrory and Addison Morgan to discuss a recent case in the Southern District of New York that has been in the news,...more

Goodwin

Bureau Sues Snap Finance for Its Financing Options to Asset Limited Consumers

Goodwin on

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

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Updated: Dec 28, 2021:

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Privacy Officer
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150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
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150 Harbor Drive, #2760
Sausalito, CA 94965

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