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Category Archives: Electronic Payments

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CFPB publishes Reg E corrections

Posted in Electronic Payments

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, which the notice describes as “clerical and non-substantive,” are effective on November 14, 2016.    

Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to dismiss EFTA claim

Posted in Electronic Payments

A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of alleged usurious interest rates and other allegedly unlawful features.  The decision discusses a wide array of procedural issues, including the enforceability… More >

CFPB issues compliance bulletin on preauthorized electronic payments

Posted in Electronic Payments

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 transfers (EFT) and the CFPB’s compliance expectations.  The bulletin was accompanied by the CFPB’s publication of sample letters a consumer can use in connection with preauthorized… More >

CFPB Community Bank Advisory Council to meet on Sept. 30

Posted in Electronic Payments

The CFPB has announced that a meeting of its Community Bank Advisory Council is scheduled for September 30, 2015 in Washington, D.C.  Director Cordray will be in attendance and there will be a discussion of consumer challenges in payments. In July 2015, the CFPB released a list of nine “Consumer Protection Principles” that were intended to express the CFPB’s… More >

CFPB releases “Consumer Protection Principles” for faster payment systems

Posted in Electronic Payments

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 development of faster payment systems.  In his November 2014 remarks to the Clearing House, Director Cordray suggested that sooner, rather… More >

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and consumer reporting

Posted in CFPB Exams, Credit Reports, Debt Collection, Electronic Payments, Mortgages, Student Loans

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the CFPB in debt collection, electronic fund transfers and consumer reporting. The report covers supervision work completed by the CFPB between March 2014… More >

The ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)

Posted in CFPB General, Electronic Payments, Mobile Payments, Richard Cordray, Technology

In an interesting coincidence, the comment period for the CFPB’s Request for Information (“RFI”) on mobile financial services closed the same day, September 10th, that Apple announced “Apple Pay”—a new mobile wallet included with the iPhone 6 that could shake up the mobile payments landscape.  The RFI, which we reported on earlier, speaks optimistically of… More >

DOJ lawsuit sends warning to banks dealing with online payday lenders, third-party payment processors, other targeted companies

Posted in Electronic Payments, Payday Lending

Last month, the CFPB filed its first lawsuit against companies involved in online payday lending.  The lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans broke new ground by asserting UDAAP violations based on the defendants’ efforts to collect loans that were purportedly void in whole or in… More >

ACH network on CFPB radar screen

Posted in Electronic Payments

The CFPB could soon be joining the efforts of other federal regulators and New York authorities to deny ACH network access to certain online payday lenders and other businesses deemed to present risks to consumers.  In remarks last week to The Clearing House Annual Conference, Director Cordray spoke about the need to protect consumers “who find… More >