News & Analysis as of November 17, 2024

European Free Trade Association › Banking Sector › Banks

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The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven... more +

The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven European Economic Community (EEC). The current member states of the EFTA are Liechtenstein, Iceland, Norway, and Switzerland. less -

CFPB Issues Guidance Emphasizing the Importance for Banks to Maintain Sufficient Proof of Customers’ Affirmative Consent to...

Goodwin on 10/7/2024

In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more

CFPB warns against collecting on overdraft services without explicit consumer consent

Orrick, Herrington & Sutcliffe LLP on 9/25/2024

On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged...more

6th Circuit upholds dismissal of credit union’s indemnification suit

Orrick, Herrington & Sutcliffe LLP on 7/29/2024

Recently, the U.S. Court of Appeals for the Sixth Circuit entered an opinion affirming a district court’s dismissal of a credit union’s lawsuit against a cellphone carrier. In this case, the plaintiff’s customers who were...more

Takeaways From the FDIC’s Spring 2024 Consumer Compliance Supervisory Highlights

Sheppard Mullin Richter & Hampton LLP on 5/13/2024

On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...more

Democratic Senators send letter to federal banking agencies raising concerns about fraudulent transactions

Ballard Spahr LLP on 3/7/2023

A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money....more

ABA comments on CFPB’s RFI on consumer access to financial information

Ballard Spahr LLP on 3/1/2017

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

The Next EFTA Class Action Wave Has Started

Ballard Spahr LLP on 9/2/2015

A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more

CFPB Director Cordray Issues Warning to Bankers

Ballard Spahr LLP on 11/24/2014

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

European Trade Associations Call for Urgent Action to Incorporate ESA Regulations in EEA Agreement

Orrick - Finance 20/20 on 7/9/2014

The European Banking Federation (EBF) has published joint letters (dated June 6, 2014) to be sent to the European Commission and to the European Free Trade Association (EFTA) signed by the EBF, the European Fund Management...more

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