News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Electronic Fund Transfer Act

Ballard Spahr LLP

Sixth Circuit Says No Indemnification Under EFTA or Michigan Law for Bank EFTA Reimbursements to Customers

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On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan...more

Cozen O'Connor

CFPB Alleges Deceptive Practices by Lease-to-Own Finance Company

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The CFPB sued point-of-sale financing company Acima Holdings, LLC, its former CEO, and other affiliate entities (collectively, “Acima”) for allegedly using false marketing and deceptive dark patterns to lure consumers into...more

Troutman Pepper

FTC Issues 2023 Staff Report on Actions Related to Credit, Leases, and Electronic Fund Transfers

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On May 28, the Federal Trade Commission (FTC) released its annual report to the Consumer Financial Protection Bureau (CFPB) detailing enforcement and educational activities undertaken in 2023. The report pertains to actions...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

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On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Hudson Cook, LLP

Feeding the Loot Box Monster: The CFPB's Concerns with Payment Transmission in Gaming

Hudson Cook, LLP on

On May 9, 2024, we published our first article in a series of articles on the CFPB's interest in gaming. Back on April 4, 2024, the Consumer Financial Protection Bureau ("CFPB") issued a report identifying various risks to...more

Davis Wright Tremaine LLP

Stay ADvised: 2024, Issue 9

NAD Endorses Compliance With FTC Guide Requirements for Experts - Endorsements: Love them or hate them (and social media does love them so), they are subject to ever-increasing regulatory scrutiny, and compliance isn't...more

Ballard Spahr LLP

DC federal court vacates CFPB’s prepaid card short-form disclosure for digital wallet products

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The D.C. federal district court has granted PayPal’s motion for summary judgment in its lawsuit challenging the CFPB’s prepaid card rule (Prepaid Rule) and vacated the Prepaid Rule’s short-form disclosure requirement as...more

Cozen O'Connor

CFPB Issues Reality Check on Deceptive Ads to Transfer Providers and Digital Wallets

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The CFPB has issued a new circular warning remittance transfer providers—including “digital wallets”—that deceptive advertising about the cost or speed of sending a remittance transfer can violate the Consumer Financial...more

Ballard Spahr LLP

Plaintiffs file memorandum opposing FDIC’s motion to dismiss challenge to NSF fee guidance

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On February 14, 2024, the Minnesota Bankers Association and Lake Central Bank (the “Plaintiffs”) filed their memorandum in opposition to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss their challenge to...more

Kaufman & Canoles

CFPB Proposes New Rule on Overdraft Practices

Kaufman & Canoles on

On January 18, 2024, the CFPB proposed an extensive (211-page) rule on overdraft practices applicable to Financial Institutions (FIs) of $10 billion or more in assets (so called “very large FIs”). The proposed rule would not...more

GeoDataVision

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

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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

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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

Zelle offers details on its solution to protect scammed customers

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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

Cozen O'Connor

CFPB Chimes in on Alleged Remittance Transfer Falsehoods

Cozen O'Connor on

The CFPB issued a consent order against fintech company Chime, Inc. d/b/a Sendwave to resolve allegations that it violated the Electronic Fund Transfer Act and related regulations, as well as the Consumer Protection Act of...more

Katten Muchin Rosenman LLP

Is the CFPB Seeking to Expand the Definition of Credit and Its Regulatory Reach? The Bureau Sues Snap Finance and Asserts That...

On July 19, the Consumer Financial Protection Bureau (CFPB) filed a complaint against Snap Finance LLC and its affiliates (Snap RTO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, Snap Finance Holdings LLC) (referred to...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

Hudson Cook, LLP

CFPB Sues Lease-To-Own Finance Company

Hudson Cook, LLP on

The Consumer Financial Protection Bureau filed a lawsuit against a lease-to-own-finance company and several related companies (collectively, the "Company"), alleging that the Company violated various federal consumer...more

Hudson Cook, LLP

CFPB Orders Payment Processor to Implement Information Security Program and Pay $25 Million Penalty

Hudson Cook, LLP on

On June 27, 2023, the CFPB filed an administrative consent order against a payment processor headquartered in Elkhorn, Nebraska. The order alleges that on a single date in 2021, the processor erroneously initiated about 1.4...more

Ballard Spahr LLP

Court looks to FCRA in interpreting MLA statute of limitations

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In dismissing a class action last month alleging violations of the Military Lending Act (“MLA”), a federal district court in Virginia held that the MLA’s two-year statute of limitations is triggered by discovery of the facts...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2023 # 2

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Goodwin

CFPB Enters Into $700,000 Consent Order With Remittance Company for Alleged EFTA and Reg E Violations

Goodwin on

​On December 22, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with an international remittance company to resolve alleged violations of the Electronic Fund Transfer Act...more

Hudson Cook, LLP

CFPB Orders International Remittance Company to Pay $700,000 Penalty

Hudson Cook, LLP on

On December 22, 2022, the CFPB filed an administrative consent order against an International Remittance Company headquartered in Rochelle Park, New Jersey. The order alleges that from 2013 until 2021, the International...more

Shipkevich PLLC

CFPB Issues Order Asserting its Authority to Investigate Cryptocurrency Lender

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On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand (CID) issued on December 1 2021. In rendering its...more

Troutman Pepper

CFPB Seeks Further Input on Shifting P2P Fraud Liability to Banks

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In an October 27 letter, the American Bankers Association (ABA) expressed concern regarding a proposal currently being considered by the Consumer Financial Protection Bureau (CFPB) that would shift liability from consumers to...more

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