News & Analysis as of

Electronic Fund Transfer Act

Consultation on a new retail payments oversight framework

by Dentons on

On July 7, 2017, the Department of Finance Canada (the Department) proposed a new federal oversight framework for retail payment systems (the Oversight Framework) in a consultation paper titled, “A New Retail Payments...more

CFPB Proposes Changes to Prepaid Card Rule

The Consumer Financial Protection Bureau (CFPB) has requested comment on proposed changes to its prepaid rule, including the potential for another extension of the effective date of the rule. The proposed rule changes are...more

FTC Provides 2016 Enforcement Report to CFPB

by Ballard Spahr LLP on

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2016 relating to compliance with Regulation Z (Truth in Lending Act), Regulation...more

CFPB Proposes Delay for Prepaid Rule

In Consumer Financial Protection Bureau (CFPB) news that even opponents praised, the Bureau proposed a six-month delay in the effective date of the final prepaid accounts rule....more

CFPB Delays Effective Date of Prepaid Accounts Rule – How Can You Prepare?

by Baker Donelson on

The CFPB has provided additional time to prepare for its long-anticipated prepaid accounts rule, moving the rule's effective date from October 1, 2017 to April 1, 2018. Per the CFPB, the delay will allow industry participants...more

CFPB Releases Prepaid Rule Guidance

The Consumer Financial Protection Bureau (CFPB) released guidance on the agency's forthcoming Prepaid Rule, set to take effect on October 1, 2017. Although described as aimed at "small businesses," the guidance is useful for...more

Financial Services Weekly News - March 2017 #3

by Goodwin on

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

Ninth Circuit Compels Tribal Lenders to Comply with CFPB Investigative Demand

by Goodwin on

On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s...more

CFPB Enters Consent Order with Lender Over Defective Disclosures

by Goodwin on

On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit...more

Receiver for payday lenders sued by CFPB files malpractice lawsuit

by Ballard Spahr LLP on

The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

Do You Venmo? FTC Spotlight on Peer-to-Peer Payments and Crowdfunding

by Kelley Drye & Warren LLP on

3The FTC recently examined peer-to-peer (P2P) payment systems and crowdfunding in the second forum of its FinTech series. P2P payment systems are online services that allow consumers to share money electronically. These...more

CFPB publishes Reg E corrections

by Ballard Spahr LLP on

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

CFPB Releases Final Rule on Prepaid Cards - Retail Did You Know?

by Morgan Lewis on

Dear Retail Clients and Friends, The Consumer Financial Protection Bureau (CFPB) recently released rules that impose specific requirements applicable to prepaid accounts, including prepaid cards. This edition of Morgan...more

CFPB Supervisory Highlights – January 2016 to April 2016

by Dorsey & Whitney LLP on

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

CFPB Orders National Bank to Pay $10 Million for Overdraft Practices

by Goodwin on

On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices. According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales...more

USPTO Extends Deadline for Migration to Financial Manager

As we reported earlier this week, the U.S. Patent and Trademark Office originally set a June 30, 2016 deadline for customers to migrate their deposit accounts and electronic funds transfer accounts (EFTs) to Financial...more

Deadline Approaching to Migrate USPTO Deposit Accounts to Financial Manager

Last week, the U.S. Patent and Trademark Office sent an e-mail alert reminding practitioners and applicants that the deadline for migrating their deposit accounts and electronic funds transfer accounts (EFTs) is June 30,...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

by Locke Lord LLP on

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

CFPB Issues Compliance Bulletin on Preauthorized Electronic Fund Transfers

by Locke Lord LLP on

On November 23, 2015, the CFPB issued Compliance Bulletin 2015-06, Requirements for Consumer Authorizations for Preauthorized Electronic Fund Transfers. The CFPB issued the bulletin to remind institutions of their obligations...more

CFPB Releases Compliance Bulletin Related to Consumer Authorizations for Preauthorized Electronic Fund Transfers

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and...more

CFPB issues compliance bulletin on preauthorized electronic payments

by Ballard Spahr LLP on

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more

Fifth Circuit Holds Unaccepted Rule 68 Offer of Judgment Cannot Moot a Named Plaintiff’s Claim in a Putative Class Action

by Carlton Fields on

The defendant in a putative class action brought pursuant to the Electronic Funds Transfer Act (EFTA), 15 U.S.C. § 1693, et seq., tendered a Rule 68 offer of judgment to the named plaintiff before class certification briefing...more

Two Federal Circuit Courts Weigh In Ahead of Gomez

by Ballard Spahr LLP on

Just two months before the U.S. Supreme Court hears argument in Campbell-Ewald Co. v. Gomez, two federal circuit court panels have ruled on jurisdictional issues presented in the case. Both the Seventh Circuit in Chapman v....more

CFPB Releases Principles for Payment Systems

Why it matters - In an effort to provide guidance to payment systems looking to reduce "pocket-to-pocket" payment times, the Consumer Financial Protection Bureau (CFPB) released principles for consumer protection to...more

CFPB settles action against provider of student financial aid assistance

by Ballard Spahr LLP on

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

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