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European Free Trade Association › Banking Sector

The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven... more +
The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven European Economic Community (EEC). The current member states of the EFTA are Liechtenstein, Iceland, Norway, and Switzerland.   less -
Orrick, Herrington & Sutcliffe LLP

6th Circuit upholds dismissal of credit union’s indemnification suit

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Recently, the U.S. Court of Appeals for the Sixth Circuit entered an opinion affirming a district court’s dismissal of a credit union’s lawsuit against a cellphone carrier. In this case, the plaintiff’s customers who were...more

Sheppard Mullin Richter & Hampton LLP

Takeaways From the FDIC’s Spring 2024 Consumer Compliance Supervisory Highlights

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On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...more

Perkins Coie

CFPB Issues Proposed Open Banking Rule

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The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more

Sheppard Mullin Richter & Hampton LLP

CFPB Brings String of Enforcement Actions to Round Out 2023

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In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more

Hudson Cook, LLP

CFPB Orders National Bank to Pay Nearly $21 Million For Alleged Misconduct Relating to COVID-era Unemployment Payments

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On December 19, 2023, the CFPB issued an administrative consent order alleging that a Minneapolis-based National Bank inappropriately froze the accounts of "tens of thousands" of recipients of unemployment benefits via...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech Company for Alleged Deceptive Practices in International Money Transfers

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On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more

Troutman Pepper

FDIC Publication Focuses on Key Consumer Compliance Issues Identified During 2022

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On April 5, the Federal Deposit Insurance Corporation (FDIC) released its Consumer Compliance Supervisory Highlights report, providing a high-level overview of consumer compliance issues identified by the agency during 2022...more

Ballard Spahr LLP

Democratic Senators send letter to federal banking agencies raising concerns about fraudulent transactions

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A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money....more

Sheppard Mullin Richter & Hampton LLP

CFPB Opts Not to Take Action Against Banking App

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Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”)...more

ArentFox Schiff

New Federal Regulation of Financial Data: CFPB Issues Long-Awaited Notice of Proposed Rulemaking

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The Consumer Financial Protection Bureau (Bureau or CFPB) has recently issued a formal proposal for a national regulatory standard governing companies’ handling of consumer data and their privacy rights with respect to...more

Morrison & Foerster LLP

CFPB Requests Comment on Overdraft Rule

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On May 15, 2019, the CFPB published a Request for Comment on its Overdraft Rule (“Rule”) to assist the agency in determining whether the Rule should be revised, rescinded, or left as is. Originally published in November 2009...more

MoFo Reenforcement

CFPB Announces Settlement for Violations of the EFTA and CFPA

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On January 3, 2019, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a federal savings bank for alleged violations of the Electronic Fund Transfer Act (EFTA) and Regulation E, as well as alleged...more

Ballard Spahr LLP

Federal jury convicts operator of payday lenders sued by CFPB and FTC

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Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Ballard Spahr LLP

ABA comments on CFPB’s RFI on consumer access to financial information

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The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Carlton Fields

California Court Rejects Attempt to Overturn Judgement Based on Spokeo

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A defendant who lost a bench trial in a certified class case alleging that it violated the Electronic Funds Transfer Act by forcing the plaintiff and class to use electronic funds transfer services to obtain loans sought to...more

Ballard Spahr LLP

CFPB publishes Reg E corrections

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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

Ballard Spahr LLP

DoD issues MLA interpretive rule

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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

Morrison & Foerster LLP

Brexit: Impact on Restructuring and Insolvency for Credit Institutions

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The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more

Ballard Spahr LLP

FTC Provides 2015 Enforcement Report to CFPB

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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

Carlton Fields

Why Banks Should Pay Attention to the Payday Rule

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Last week, the Consumer Financial Protection Bureau proposed regulations that, if implemented, will reshape the small-dollar lending environment. At the same time, bankers and purchase-money lenders exhaled a collective sigh...more

Ballard Spahr LLP

The Next EFTA Class Action Wave Has Started

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A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest - Volume X, Issue 31

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SEC Division of Corporate Finance Issues New CD&Is Relating to General Solicitation and Regulation D - On August 6, the Staff of the Division of Corporate Finance of the Securities and Exchange Commission (Staff)...more

Ballard Spahr LLP

CFPB Director Cordray Issues Warning to Bankers

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Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

Orrick - Finance 20/20

European Trade Associations Call for Urgent Action to Incorporate ESA Regulations in EEA Agreement

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The European Banking Federation (EBF) has published joint letters (dated June 6, 2014) to be sent to the European Commission and to the European Free Trade Association (EFTA) signed by the EBF, the European Fund Management...more

Ballard Spahr LLP

DOJ Hits First Bank Target in ‘Operation Choke Point’

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Last week, the U.S. Department of Justice (DOJ) filed a lengthy complaint and consent order in a lawsuit against Four Oaks Bank & Trust Company. The DOJ action is the first lawsuit (and settlement) under "Operation Choke...more

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