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European Free Trade Association › Banks

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 -
Orrick, Herrington & Sutcliffe LLP

District court grants bank’s motion for stay pending appeal to consider EFTA arguments

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On April 22, the U.S. SDNY granted a bank’s motion for interlocutory appeal and stay pending appeal to the U.S. Court of Appeals for the Second Circuit in a case involving alleged violations of the EFTA. The case stemmed from...more

Cooley LLP

CFPB Issues Final Rule Limiting Overdraft Fees at Large Banks, Treats Overdraft as Credit

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On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more

Goodwin

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

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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

Orrick, Herrington & Sutcliffe LLP

CFPB warns against collecting on overdraft services without explicit consumer consent

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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

Ballard Spahr LLP

Sixth Circuit Says No Indemnification Under EFTA or Michigan Law for Bank EFTA Reimbursements to Customers

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On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan...more

Orrick, Herrington & Sutcliffe LLP

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

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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

Sheppard Mullin Richter & Hampton LLP

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

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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

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

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The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Adams & Reese

FDIC Sends Clear Message in Recent Enforcement Action: BaaS/Fintech Partnerships are a High-Risk Compliance Area

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Last month, the Federal Deposit Insurance Corporation (“FDIC”) took action against a bank for alleged unsafe or unsound banking practices. This, in and of itself, is not usual or newsworthy. What is unusual and newsworthy,...more

Orrick, Herrington & Sutcliffe LLP

CFPB levies $25 million penalty for EFTA violations

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On June 27, the CFPB entered a consent order against a Nebraska-based payment processor and its Delaware-based subsidiary for alleged violations of the EFTA (Regulation E), and the Consumer Financial Protection Act’s...more

Ballard Spahr LLP

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

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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

Troutman Pepper Locke

Another Win for Banks: Illinois Federal Court Tosses Wire Fraud Claims

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A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the...more

Bradley Arant Boult Cummings LLP

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Small Dollar Lending

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The Fall Supervisory Highlights came out this month and reports the Bureau’s findings of examinations completed between January 2021 and June 2021. The CFPB publishes the Supervisory Highlights to help institutions better...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2020)

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This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more

BCLP

EU & Competition Law Update – June 2017

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Hope for a Cleaner Brexit After ECJ Ruling - In a ruling which is likely to have positive implications for a possible Brexit deal, the European Court of Justice (ECJ) on 16 May 2017 opened up the ability of the EU...more

Ballard Spahr LLP

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

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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

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Sues Bank Over Overdraft Sales Pitch

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The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

Ballard Spahr LLP

The Next EFTA Class Action Wave Has Started

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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

Ballard Spahr LLP

CFPB releases “Consumer Protection Principles” for faster payment systems

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The CFPB has released a list of nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.” The CFPB has previously shown support for  the...more

Carlton Fields

Fifth Circuit Affirms Certification of Electronic Funds Transfer Act Class

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In a case similar to its late-2014 decision in Mabary v. Home Town Bank, N.A., 771 F.3d 820 (5th Cir. 2014), the Fifth Circuit recently affirmed certification of a class of consumers who were charged a fee for using an...more

Proskauer - Privacy & Cybersecurity

Courts Address the Level of Security Banks Must Provide to Business Accounts

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Big or small, all bank accounts are susceptible to hijacking and fraudulent wire transfers. Banks ordinarily bear the risk of loss for unauthorized wire transfers. Two independent frameworks exist to govern these transfers:...more

Ballard Spahr LLP

CFPB Director Cordray Issues Warning to Bankers

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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

Burr & Forman

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

Orrick - Finance 20/20

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

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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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