Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more
The Consumer Financial Protection Bureau (CFPB) announced on Tuesday, August 27, 2019 a consent order entered into with Maxitransfers Corp., a Texas-based money transmitter, following its investigation of Maxitransfers’...more
Last week, the Bureau of Consumer Financial Protection (Bureau) issued a request for information on its remittance rules, which are located in the Electronic Fund Transfers Act (EFTA). The request primarily seeks information...more
The CFPB has published a notice and request for comments seeking information to inform its consideration of possible changes to its rule on remittance transfers. Comments are due by June 28, 2019. The RFI sets forth a series...more
The Consumer Financial Protection Bureau (CFPB) will publish in 2018 its five-year assessment of its remittance rule, part of Regulation E and the Electronic Funds Transfer Act (EFTA) that governs transfers from within the...more
The US Consumer Financial Protection Bureau announced that it is seeking feedback from the public regarding the effectiveness of the remittance rule...more
The CFPB has issued a notice regarding its plans to conduct an assessment of its remittance transfer rule which became effective on October 28, 2013. The assessment is being conducted under Section 1022(d) of the...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more
The Bureau has updated its examination manual with procedures to be followed when examining institutions that make remittance transfers for consumers. A remittance transfer is a wire transfer sent by a consumer in the United...more
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
In this issue: - SEC Extends Expiration Date for Interim Final Rules Providing Exemptions for Security-Based Swaps - NFA Sets Implementation Deadline for Phase 1 of Customer Segregated Funds Reporting - CFTC to...more
The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more