Electronic Funds Transfers-The Investigation Process
Electronic Funds Transfers-what you need to know when using cash applications such as Venmo
Crypto As "Funds" Under the EFTA – How a Court's Recent Ruling May Impact Virtual Currency Platform Operators - The Crypto Exchange Podcast
Making Cents of Your Cash Management Agreements
In this article, we share a timeline of monthly "bites" for the past year applicable to banking....more
For years, courts faced with the question of who is liable for unauthorized wire transfers have turned to the familiar provisions of Article 4A of the Uniform Commercial Code (“UCC”)....more
On November 10, a national bank filed a brief with the U.S. Court of Appeals for the 2nd Circuit, challenging a district court’s denial of its motion to dismiss claims brought by the New York attorney general under the EFTA....more
You’re probably aware that criminal attempts to use fraud to separate consumers from their money are on the rise, and these attacks are increasingly sophisticated and hard to stop. You may not know what your bank’s legal...more
On September 17, the U.S. Court of Appeals for the 2nd Circuit granted a national bank’s request for interlocutory appeal in a case brought by the New York attorney general regarding the bank’s response to incidents of online...more
On September 12, the U.S. District Court for the Eastern District of Kentucky upheld the Federal Reserve Board’s Regulation II cap on debit-card interchange fees, rejecting a merchant’s Administrative Procedure Act challenge....more
"No harm, no foul" is a common saying. As it turns out, that saying is sometimes true in law. An important prerequisite for a lawsuit in federal court is that the plaintiff have standing to sue....more
On April 11, the CFPB filed its notice of dismissal without prejudice in a case within the U.S. District Court for the Northern District of Texas against a large bank. As previously covered by InfoBytes, the CFPB moved to...more
Emerging issues under the Electronic Fund Transfer Act, Regulation E, and the UCC - As banks, fintech companies, and payment processors continue to innovate and partner on payment and wallet solutions, they must navigate the...more
Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more
In an apparent departure from decades of jurisprudence acknowledging the exemption of wire transfers from the ambit of the Electronic Funds Transfer Act (EFTA or the Act), one federal district court recently found that a bank...more
The Bureau of Workers’ Compensation is now offering direct deposit (electronic transfer) of Supersedeas Fund Reimbursement checks. To use this option, you must be a registered Commonwealth of Pennsylvania vendor....more
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule that would expand the Bureau’s consumer protection authority under the Electronic Fund Transfer Act (EFTA) and...more
On January 15, 2025, days before the start of the Trump administration, the Consumer Financial Protection Bureau (CFPB) published a proposed interpretive rule (Proposed Rule) seeking public comment on how the Electronic Fund...more
The CFPB’s proposal, its first attempt to regulate cryptocurrencies and stablecoins, is unlikely to survive the administration change....more
In the waning days of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) on Jan. 10, 2025, issued a proposed interpretive rule that would provide a framework for determining when the Electronic Fund...more
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...more
On Friday, January 10, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that could significantly broaden the scope of the Electronic Fund Transfer Act (EFTA) to encompass a wide range of digital...more
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more
The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule on how the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation E, would apply to new and emerging digital payments....more
The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within...more
The Electronic Fund Transfer Act (EFTA) and Regulation E apply to an electronic fund transfer (EFT) that authorizes a “financial institution” to debit or credit a consumer’s account. While a “financial institution”...more
On December 10, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule (“Final Rule”) to supervise large providers of digital wallets and payment apps. Specifically, the Final Rule, entitled Defining...more
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
In this month's article, we share some of our top "bites" for the prior and current month covered during the October 2024 webinar. ...more