Statute
Regulation E
92 published works
Consumer Financial Services Law Monitor
CFPB Releases New Circular on Opt-In Requirements for Overdraft Services
By Brooke Conkle, Joseph Reilly, Lori Sommerfield, Chris Willis, Carlin McCrory, Lane Page
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E…
Consumer Financial Services Law Monitor
FTC Issues 2023 Staff Report on Actions Related to Credit, Leases, and Electronic Fund Transfers
By Alan D. Wingfield, Brooke Conkle, Chris Capurso, Taylor Gess, Melanie Griffith
On May 28, the Federal Trade Commission (FTC) released its annual report to the Consumer Financial Protection Bureau (CFPB) detailing enforcement and educational activities undertaken in 2023. The report pertains…
Consumer Financial Services Law Monitor
CFPB Warns Remittance Transfer Providers That Marketing About Speed and Cost Could Violate the CFPA
By Keith J. Barnett, Glen Trudel, Taylor Gess, Carlin McCrory
Can remittance transfer providers be held liable under the Consumer Financial Protection Act (CFPA) when marketing about the speed and cost of their services? According to a March 27 Circular…
The CLS Blue Sky Blog
Morrison & Foerster Discusses Proposed CFPB Rules on Bank Fees
By Jeremy Mandell, Jessica Kaufman, Rebecca Tesfaye
As part of its ongoing attack on bank fees, the Consumer Financial Protection Bureau (CFPB) has issued two proposed rules to regulate fees charged by banks: one on overdraft services,…
Consumer Finance Monitor
CFPB proposed rule would make certain overdraft programs credit subject to Regulation Z disclosure requirements and could cap overdraft fees at $3
By Kristen E. Larson, John L. Culhane, Jr., Ballard CFS Group
In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate…
Consumer Finance Monitor
Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices
By Kristen E. Larson, John L. Culhane, Jr., Ballard CFS Group
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales…
Consumer Finance Monitor
CFPB enters into consent order with remittance transfer provider
By Kristen E. Larson, John L. Culhane, Jr., Michael Gordon, Ballard CFS Group
The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer…
Consumer Finance and Fintech Blog
CFPB Acts Against Fintech Operator of Mobile App for Illegal International Money Transfers
By Moorari Shah, A.J. Dhaliwal
On October 17, the CFPB took action against a nonbank fintech company for allegedly deceiving consumers about the speed and cost of remittance transfers through its mobile app. The Bureau…
Consumer Financial Services Law Monitor
CFPB Argues that Regulation E Applies to Pandemic Unemployment Benefits Paid Via Prepaid Cards
By Mark Furletti, Taylor Gess, Melanie Griffith
In a case involving the application of Regulation E (Reg. E) to certain prepaid cards, the Consumer Financial Protection Bureau (CFPB) submitted an amicus brief arguing that the error resolution…
Consumer Finance Monitor
CFPB files amicus brief in Fourth Circuit arguing Regulation E protections apply to prepaid account loaded with pandemic-related unemployment assistance
By John L. Culhane, Jr., Kristen E. Larson, Ballard CFS Group
The CFPB has filed an amicus brief in Mohamed v. Bank of America, N.A. in which it argues that a prepaid card loaded with pandemic-related unemployment benefits is a “prepaid…