News & Analysis as of

Regulation E

FTC Provides 2016 Enforcement Report to CFPB

by Ballard Spahr LLP on

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

CFPB Proposes Delay for Prepaid Rule

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

CFPB Delays Effective Date of Prepaid Accounts Rule – How Can You Prepare?

by Baker Donelson on

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

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFPB Finalizes Effective Date Extension for Prepaid Accounts Rule - On April 20, 2017, the Bureau of Consumer Financial Protection (CFPB) issued a final rule to delay the...more

CFPB Finalizes Effective Date Extension for Prepaid Accounts Rule

On April 20, 2017, the Bureau of Consumer Financial Protection (CFPB) issued a final rule to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation...more

Takeaways: Consumer Payments in 2017

Regulatory Developments and Prospects for Consumer Gift Cards, Prepaid Cards, and Other Consumer Electronic Payment Methods - Kilpatrick Townsend Partner Christina Gattuso and Counsel Eamonn Moran recently provided an...more

CFPB Sues Bank Over Overdraft Sales Pitch

The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...more

CFPB Enters Consent Order with Seattle-Based Payday Lender

by Goodwin on

On December 16, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order relating to a Seattle-based payday lender and check-cashing company’s allegedly deceptive online...more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

What To Know About CFPB's New Prepaid Card Rule

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau issued its final rule to amend provisions of Regulation E and Regulation Z to further regulate prepaid card products, or “prepaid accounts.” As discussed below, the rule generally...more

US Consumer Financial Protection Bureau Issues Final Rule to Protect Prepaid Account Users

by Shearman & Sterling LLP on

The CFPB issued a final rule that applies federal consumer protections under Regulations E and Z for prepaid account users for the first time. Prepaid accounts may be loaded with funds by a consumer or by a third party, such...more

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

The CFPB’s Final Prepaid Account Rule

by Davis Wright Tremaine LLP on

On October 13, the DWT Payments team briefed the Consumer Working Group of the Financial Services Roundtable (FSR) on the CFPB’s final prepaid account rule. The presentation focused on the following topics: - Scope of...more

CFPB publishes Reg E corrections

by Ballard Spahr LLP on

The CFPB has published a final rule in the Federal Register that makes several corrections to Regulation E (which implements the Electronic Fund Transfer Act). The corrections...more

CFPB Issues Long-Awaited Prepaid Account Products Final Rule

On October 5, 2016, the Consumer Financial Protection Bureau (the Bureau or the CFPB) issued its final rule to extend certain federal consumer protections to the prepaid market.1 Specifically, the rule extends Regulation E...more

CFPB finalizes sweeping expansion of prepaid account regulations

by Ballard Spahr LLP on

The CFPB has issued its long-anticipated final rule for general purpose prepaid accounts.  As expected, the new regulations expand the products covered by Regulation E, introduce significant new disclosure requirements,...more

CFPB Finalizes Sweeping Expansion of Prepaid Account Regulations

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more

DoD issues MLA interpretive rule

by Ballard Spahr LLP on

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

CFPB Official Offers Update and Guidance on Regulations

by Davis Wright Tremaine LLP on

This morning we attended the meeting of the Financial Services Roundtable’s Consumer Working Group, which featured a presentation by David Silberman, Acting Deputy Director of the Consumer Financial Protection...more

CFPB Supervisory Highlights – January 2016 to April 2016

by Dorsey & Whitney LLP on

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

FTC Provides 2015 Enforcement Report to CFPB

by Ballard Spahr LLP on

The Federal Trade Commission (FTC) has provided its annual report to the Consumer Financial Protection Bureau (CFPB) covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in...more

FTC provides 2015 enforcement report to CFPB

by Ballard Spahr LLP on

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

US Consumer Financial Protection Bureau Issues Rulemaking Agenda; Delays Issuance of Prepaid Card Rule

by Shearman & Sterling LLP on

The Consumer Financial Protection Bureau issued a semiannual update of its rulemaking agenda which provides an overview of the agency’s major current initiatives. Among other initiatives, the CFPB notes that it expects to...more

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