News & Analysis as of June 2, 2025

Fraud › Electronic Fund Transfer Act

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Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain.

CFPB Proposes to Include Virtual Currency Transactions Under the EFTA

Goodwin on 1/14/2025

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

Zelle Fraud Reimbursement Demands on Banks and Credit Unions

Kaufman & Canoles on 9/9/2022

Tristan v. Bank of America, N.A., Case No. 8:22-cv-1183-CDCA (June 8, 2022). There is a groundswell of litigation arising over the lack of fraud warning or bank reimbursement protection for customers utilizing the Zelle...more

Focus on Fintech: Federal Reserve issues final rules defining legal framework for FedNow

Eversheds Sutherland (US) LLP on 7/22/2022

On June 6, 2022, the Federal Reserve Board issued a final rule governing funds transfers through the Fed’s new FedNow Service, an interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to...more

Nutter Bank Report: June 2021

Nutter McClennen & Fish LLP on 6/28/2021

Fed Issues Proposed Rule for New Instant Electronic Payment Service - FedNow The Federal Reserve has issued a proposed rule that would govern funds transfers over the Federal Reserve’s new 24x7x365 service that will...more

Owners and Contractors Beware! Electronic Payments in Construction Are Subject to Increased Fraud

Hahn Loeser & Parks LLP on 5/1/2019

While electronic funds transfer is considered a convenient and quicker way to process payments and receive funds on construction projects, this practice presents significant risk to project participants. Contractual and...more

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