To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
The topic of “junk fees” has been in the headlines, spurred by legislative action across various sectors. From regulations on credit card late fees to the Federal TICKET Act targeting concert event fees, lawmakers are...more
On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more
On Sept. 17, the Consumer Financial Protection Bureau (CFPB) published guidance for federal and state consumer protection enforcement officials to use to prevent banks and credit unions from charging overdraft fees in certain...more
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
This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more
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