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Consumer Financial Products › Consumer Financial Protection Act (CFPA) › Money Transfer

Troutman Pepper Locke

CFPB Proposes Rules Re-Defining Larger Participants in Multiple Markets

Troutman Pepper Locke on

On August 8, the Consumer Financial Protection Bureau (CFPB or Bureau) published a series of proposed rules aimed at redefining what constitutes a “larger participant” in several key financial markets. Under § 1024 of the...more

Morrison & Foerster LLP

CFPB Asserts Authority to Supervise Large Digital Wallet and Payment App Providers

Morrison & Foerster LLP on

On December 10, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule (“Final Rule”) to supervise large providers of digital wallets and payment apps. Specifically, the Final Rule, entitled Defining...more

Ballard Spahr LLP

CFPB takes action against company that provides commissary account services to prisoners

Ballard Spahr LLP on

The CFPB has taken action against Global Tel Link Corporation (GTL) over allegations that the company took millions of dollars from a half-million accounts and blocked money transfers to consumers who are incarcerated. Those...more

Goodwin

CFPB Issues Circular about Deceptive Marketing Practices in Connection with Remittance Transfers

Goodwin on

Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the...more

Ballard Spahr LLP

CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

Ballard Spahr LLP on

The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even...more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

Ballard Spahr LLP on

The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech Company for Alleged Deceptive Practices in International Money Transfers

Hudson Cook, LLP on

On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more

Shipkevich PLLC

CFPB Issues Proposed Rule Imposing Reporting Requirements on Certain Non-Bank Entities: Possible Implications for Money...

Shipkevich PLLC on

On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more

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