GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more
On June 6, 2016, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against a third-party payment processor and two of the company’s executives over allegations the company permitted unauthorized...more
The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans. The latest report is the third report issued...more
The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the...more
"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more