News & Analysis as of

Payment Systems › European Free Trade Association

Venable LLP

CFPB Proposes Interpretive Rule Clarifying EFTA Application to Crypto and Other Emerging Payment Mechanisms

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more

Paul Hastings LLP

CFPB Takes Steps to Supervise Digital Payments Apps

Paul Hastings LLP on

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such...more

McGlinchey Stafford

FedNow®: A Payment Rail is Born

McGlinchey Stafford on

The Federal Reserve launched its new real-time payments service, FedNow®, on July 20, 2023. This new instant payment rail settles consumer and business transactions through financial institutions’ Federal Reserve accounts....more

Orrick, Herrington & Sutcliffe LLP

CFPB general counsel highlights risks facing payments industry

Orrick, Herrington & Sutcliffe LLP on

On May 9, CFPB General Counsel and Senior Advisor to the Director, Seth Frotman, discussed the evolution of the payments system and its significant impact on consumer financial protection...more

Bradley Arant Boult Cummings LLP

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Small Dollar Lending

Bradley Arant Boult Cummings LLP on

The Fall Supervisory Highlights came out this month and reports the Bureau’s findings of examinations completed between January 2021 and June 2021. The CFPB publishes the Supervisory Highlights to help institutions better...more

Adams & Reese

Payment Service Providers’ Valuable Data is Getting More Regulatory Attention

Adams & Reese on

The ways consumers make payments, including the data and technology associated with those payments, is becoming an increased focus of regulators. Financial institutions should carefully and thoroughly consider the recent...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2020)

Hudson Cook, LLP on

This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more

Morgan Lewis

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

Morgan Lewis on

The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

Ballard Spahr LLP

CFPB releases “Consumer Protection Principles” for faster payment systems

Ballard Spahr LLP on

The CFPB has released a list of nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.” The CFPB has previously shown support for  the...more

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