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Consumer Financial Products › Fraud › Consumer Protection Laws

Kelley Drye & Warren LLP

NY AG Zeroes in on Zelle with Lawsuit

Kelley Drye & Warren LLP on

Last week, New York Attorney General Letitia James announced a lawsuit against Early Warning Services LLC (EWS), the parent company of digital payment network Zelle. AG James asserts that Zelle was designed ​“without critical...more

Cozen O'Connor

Hundreds of Millions Lost by Seniors Due to Bankruptcies Filed by CCRC Communities

Cozen O'Connor on

The Wall Street Journal has reported that recent bankruptcies nationwide in the Continuing Care Retirement Community (CCRC) segment of the long-term care marketplace have resulted in residents losing their buy-in deposit....more

Orrick, Herrington & Sutcliffe LLP

Navigating Regulation E Risk in Banking as a Service Models

Orrick, Herrington & Sutcliffe LLP on

In the consumer deposits and payments products space, the banking as a service (BaaS) model creates significant opportunities for fintech innovation and consumer choice — but BaaS arrangements have also drawn the attention of...more

Goodwin

CFPB Reports on Consumer Complaint Trends

Goodwin on

The Consumer Financial Protection Bureau (CFPB) recently issued its annual report analyzing the consumer complaints it received in 2024.  The CFPB collects complaints through its website, phone calls, and mail....more

Orrick, Herrington & Sutcliffe LLP

CFPB files amended complaint against bank following court’s denial

Orrick, Herrington & Sutcliffe LLP on

On March 13, the CFPB filed an amended complaint against a Texas bank alleging violations of the CFPA, the EFTA, and its implementing Regulation E. The complaint related to a program in which the bank managed federal benefit...more

A&O Shearman

PSR publishes policy statement on 2024 APP scams data

A&O Shearman on

The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024. In 2025, the PSR will take a different approach to publishing...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses lawsuit against banks and payment service

Orrick, Herrington & Sutcliffe LLP on

On March 5, the U.S. District Court for the District of Arizona received the CFPB’s notice of dismissal with prejudice in a lawsuit against several banks involving alleged widespread digital payment fraud on a popular...more

Sheppard Mullin Richter & Hampton LLP

California AB 3108 Creates Potential Mortgage Fraud Issue for Lenders on Owner-Occupied Mortgage Loans Made for a Business Purpose

Sheppard Mullin Richter & Hampton LLP on

California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more

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