The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more
1/23/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
EFTA ,
Financial Services Industry ,
FinTech ,
Online Gaming ,
Online Marketplace ,
Payment Systems ,
Proposed Rules ,
Regulation E
The Consumer Financial Protection Bureau (CFPB) issued a proposed rule under Regulation AA to address the use of restrictive and coercive clauses in consumer financial contracts. This proposal seeks to prohibit terms in...more
1/17/2025
/ Compliance ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Financial Services Industry ,
Proposed Rules ,
Regulation A ,
Regulatory Requirements ,
Restrictive Covenants ,
UDAAP ,
Unfair or Deceptive Trade Practices
The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more
9/19/2024
/ Banking Sector ,
Banks ,
Comment Period ,
Compliance ,
Deposit Accounts ,
Depository Institutions ,
FBOs ,
FDIC ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Recordkeeping Requirements ,
Reporting Requirements
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and...more
11/15/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Digital Wallets ,
Financial Services Industry ,
Merchants ,
Mobile Apps ,
Multi-Factor Test ,
Nonbank Firms ,
p2p ,
Proposed Rules
This week, the Federal Trade Commission (FTC) released a Proposed Rule, “Rule on Unfair or Deceptive Fees.” The Proposed Rule comes after the FTC solicited comments through its Advance Notice of Proposed Rulemaking in...more
10/12/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Brick-and-Mortar Stores ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
E-Commerce ,
Fees ,
Goods or Services ,
Governor Newsom ,
New Legislation ,
Proposed Rules ,
Public Comment
Larger banking organizations directly affected by the U.S. federal banking agencies' recent proposed capital rule have been busy analyzing the substantial changes, increased costs, and other requirements and effects that have...more
As we recently previewed, the Federal Communications Commission (FCC) published its Proposed Rule that would codify its updated guidance on the Telephone Consumer Protection Act (TCPA). The TCPA regulates calls and text...more
7/12/2023
/ ATDS ,
Automated Systems ,
Comment Period ,
Compliance ,
Consent ,
FCC ,
Proposed Rules ,
Revocation ,
TCPA ,
Telecommunications ,
Text Messages ,
Wireless Devices
Payment service providers should take note of an expansive new rule proposed by the Federal Trade Commission (FTC) intended to protect consumer shoppers of goods and services sold on a subscription basis. For merchants...more
3/29/2023
/ Automatic Renewals ,
Cancellation Rights ,
Comment Period ,
Consent ,
Consumer Contracts ,
E-Commerce ,
Federal Trade Commission (FTC) ,
Marketing ,
Notice Requirements ,
Payment Processors ,
Proposed Rules ,
Recordkeeping Requirements ,
Subscription Services ,
Terms and Conditions
Last week, the Federal Trade Commission announced that its proposed rule replacing its Prenotification Negative Option Rule would result in new, expansive requirements for all forms of negative option offers, including...more
3/29/2023
/ Automatic Renewals ,
Cancellation Rights ,
Comment Period ,
Consent ,
Consumer Contracts ,
Corporate Counsel ,
E-Commerce ,
Federal Trade Commission (FTC) ,
Marketing ,
Notice Requirements ,
Proposed Rules ,
Recordkeeping Requirements ,
Subscription Services ,
Terms and Conditions
Last week, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of terms and conditions in form contracts that purport to waive or limit consumer rights and protections.
The rule...more