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Consumer Financial Protection Bureau (CFPB) Debit Cards

Goodwin

The CFPB’s “Junk Fees” Initiative: Recent Developments and Trends

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The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more

Goodwin

2023 Year in Review: Credit, Debit, or Prepaid Cards and Consumer Banking

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Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We expect continued focus by the CFPB on “junk”...more

White & Case LLP

CFPB Takes Aim at Major Online Payments Applications for Digital Payments; Spares Crypto Companies

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On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. § 1090.109, that would bring general-use digital payment processors who process more than five million...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Ballard Spahr LLP

Federal Reserve Considering Lowering Debit Card Interchange Fee Caps (UPDATED)

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As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more

Ballard Spahr LLP

Federal Reserve considering revisions to debit card interchange fees

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The Board of Governors of the Federal Reserve (FRB) is holding an open meeting on October 25, 2023 to discuss proposed revisions to the Board’s debit interchange fee cap contained in Regulation II, which implemented the...more

Manatt, Phelps & Phillips, LLP

CFPB Director Chopra’s First Consent Order Confirms Return to Pushing the Envelope

On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more

Ballard Spahr LLP

Texas federal district court rules in favor of CFPB in challenge to its Payments Rule and extends compliance-date stay for 286...

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More than eight months after the close of briefing, the Texas federal district court has finally ruled in the challenge by two industry trade groups to the CFPB’s Payments Rule. The court’s award of summary judgment to the...more

Goodwin

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

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In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

Goodwin

CFPB Prepaid Accounts Rule Challenged in Lawsuit by PayPal

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On December 11, 2019, PayPal, Inc. (PayPal) filed suit against the Consumer Financial Protection Bureau (CFPB) in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act...more

Ballard Spahr LLP

State AGs urge CFPB not to change overdraft rule and to consider its expansion

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24 state attorneys general, the D.C. attorney general, and the Executive Director of the Hawaii Office of Consumer Protection have sent a joint comment letter to the CFPB urging it not to make any changes to the Regulation E...more

Cozen O'Connor

The State AG Report Weekly Update July 2019 #1

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Cannabis / Marijuana- Iowa Attorney General Issues Statement on Legality of Hemp and Cannabidiol Products- Iowa AG Tom Miller issued a statement regarding the legality of hemp and cannabidiol (“CBD”) products under state...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

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This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Jones Day

Protecting Your Identity After a Data Breach

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In light of recent high-profile breaches of highly sensitive data, this is a good time to remind individuals of how to protect their identity and credit information....more

Faegre Drinker Biddle & Reath LLP

Overdraft Protection Developments: Citing New Study, CFPB Issues Prototype Overdraft Disclosures

On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) unveiled four prototype overdraft disclosure forms currently being tested to replace the existing model form. The CFPB developed the prototype forms based on...more

BakerHostetler

CFPB Unveils Disclosure Forms in Response to Overutilization of Overdraft Fees

BakerHostetler on

On Aug. 4, the Consumer Financial Protection Bureau (CFPB) released the results of its study into frequent overdrafters and four overdraft disclosure model forms as part of its Know Before You Owe initiative. The CFPB...more

Manatt, Phelps & Phillips, LLP

Service Breakdown Costs Prepaid Card Company, Processor $13M

The Consumer Financial Protection Bureau (CFPB) entered into a Consent Order on January 31 with UniRush, a prepaid debit card company, and its processor over a breakdown in October 2015 that left RushCard holders unable to...more

Manatt, Phelps & Phillips, LLP

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Stinson - Corporate & Securities Law Blog

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more

Ballard Spahr LLP

ABA comments on CFPB proposed overdraft survey

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The American Bankers Association has submitted a letter commenting on the CFPB’s request for approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of...more

Ballard Spahr LLP

CFPB use of behavioral economics validated by Executive Order

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Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

Robinson+Cole Data Privacy + Security Insider

Consumer Financial Protection Bureau releases Consumer Protection Principles

In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB)...more

Ballard Spahr LLP

CFPB issues financial guides for new immigrants

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The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide...more

McNees Wallace & Nurick LLC

Class Certified in Pennsylvania Payroll Debit Card Litigation

We previously discussed on this blog the potential risks associated with the use of payroll debit cards to pay wages to employees. The absence of federal and state regulations specifically addressing this relatively new...more

Ballard Spahr LLP

CFPB settles first overdraft opt-in rule enforcement action

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The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

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