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MoFo Reenforcement The Enforcement Blog

Tag Archives: EFTA

CFPB Announces Settlement for Violations of the EFTA and CFPA

Posted in CFPB, Regulatory Developments

On January 3, 2019, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a federal savings bank for alleged violations of the Electronic Fund Transfer Act (EFTA) and Regulation E, as well as alleged violations of the Consumer Financial Protection Act of 2010 (CFPA). This is the first CFPB enforcement action under Director Kathy… Read More

EVENT: Financing FinTech: Prepaid Accounts

Posted in Events, Regulatory Developments

Thursday, October 27, 2016 5:00 p.m. – 5:45 p.m. EDT Join us for one of our upcoming monthly telephone briefings led by members of our FinTech team: The CFPB announced final rules on October 5 concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z). The… Read More

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

Posted in Payday Lending, Regulatory Developments

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund Transfer Act (“EFTA”) to include new limitations on small-dollar loans and prepaid cards. S. 2760 is cosponsored by… Read More

CFPB Looking to Conduct Survey on Overdraft Disclosure Forms

Posted in CFPB

The CFPB is looking into conducting a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft disclosure forms, and is inviting comments. The survey would “explore consumer comprehension and decision-making in response to revised overdraft disclosure forms,” as well as “financial product usage, behavioral traits, and other consumer characteristics… Read More

#ThrowbackThursday: CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

Posted in CFPB

In April 2013, Morrison & Foerster published the client alert “CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination.” Summary: On April 19, 2013, the CFPB announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal… Read More