News & Analysis as of

Electronic Fund Transfer Act Consent Order

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

Cozen O'Connor

CFPB Chimes in on Alleged Remittance Transfer Falsehoods

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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

Hudson Cook, LLP

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

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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

Goodwin

FTC Approves Consent Order with Payment Card Network Operator for EFTA Violations

Goodwin on

​​​​​​​On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged...more

Goodwin

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

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​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

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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

Goodwin

CFPB Issues Consent Order Against Money Transfer Company for Remittance Failures

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On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer...more

Hudson Cook, LLP

CFPB Fines Large National Bank $100 Million For Failing to Properly Disburse State Unemployment Benefits During the Height of...

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HIGHLIGHTS: The CFPB settled allegations that a large national bank unlawfully froze consumers' benefit accounts as a result of an inaccurate fraud detection program that made it difficult for people to unfreeze their...more

Sheppard Mullin Richter & Hampton LLP

CFPB and NY AG Sue Remittance Provider, citing “Repeat Offender”

On April 21, the CFPB and New York Attorney General’s Office filed a complaint against a remittance provider alleging that the provider (i) repeatedly gave senders inaccurate information about when their remittance transfers...more

Goodwin

CFPB Announces $2.175 Million Settlement with Company Offering Installment Loans

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On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender that provided installment loans to consumers affiliated with the military over the...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

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On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Ballard Spahr LLP

CFPB’s First Remittance Transfer Rule Enforcement Action

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Earlier this week, the CFPB announced a consent order with Maxitransfers Corporation, a remittance transfer provider that allows consumers to electronically transfer funds to people or companies in foreign countries. As the...more

Goodwin

CFPB Enters Into $15.5 Million Consent Order with Bank Over Stop Payment and Error Resolution Practices

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On January 3, 2018, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a $15.5 million consent order with a federally-chartered savings association bank. The consent order resolves allegations...more

Goodwin

CFPB Enters Consent Order with Lender Over Defective Disclosures

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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

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