News & Analysis as of

Financial Institutions ATMs

Troutman Pepper Locke

Suit Against Cannabis Giant Trulieve Underscores Cashless ATM Risks and the Need for Banking Reforms

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In a February 19 complaint filed in Arizona state court, Texas-based payment processer Switch Commerce LLC argued that multistate cannabis operator Trulieve Cannabis Corp. and its affiliates should be responsible for a...more

Ballard Spahr LLP

FDIC extends compliance date for parts of new signage rule

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The FDIC is providing financial institutions with additional time to comply with parts of the new FDIC signage and advertising rule by extending the compliance date from January 1, 2025 to May 1, 2025....more

MG+M The Law Firm

Class Actions Involving ATM Fees: Settlement Information and Deadlines

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In October 2011, three related (or parallel) class action lawsuits were filed. These cases named Visa and Mastercard (and others) as defendants but are unrelated to the Interchange Fee case with the $5.5 billion settlement...more

Ballard Spahr LLP

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

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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

Troutman Pepper Locke

CFPB Releases New Circular on Opt-In Requirements for Overdraft Services

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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

Brownstein Hyatt Farber Schreck

CFPB Publishes Overdraft Fee Guidance

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

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

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A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Goodwin

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

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The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Ballard Spahr LLP

CFPB proposes rule to ban “rarely charged” NSF fees for declined transactions based on wildly expansive view of “abusive” prong

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On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more

Husch Blackwell LLP

Federal Court Allows Class Action on Deposit Account Fees to Proceed

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A New York federal court has largely denied a state credit union’s motion to dismiss a class action lawsuit regarding non-sufficient funds (NSF) fees, overdraft fees, and out-of-network ATM fees. See Fairchild-Cathey v....more

Holland & Knight LLP

Banks Should Prepare for CFPB Inquiries in Regards to Overdraft Practices and Fees

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In September 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against a large national bank for charging unfair and abusive overdraft fees. In support of its action, the Bureau noted that...more

Wiley Rein LLP

No Notice-Prejudice Exception Applies to Financial Institution Bonds under Oklahoma Law

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The United States District Court for the Northern District of Oklahoma has held, as a matter of first impression, that no notice-prejudice exception applies under Oklahoma law to a financial institution bond in the case of an...more

Ballard Spahr LLP

NYDFS Emergency Regulations Require 90-Day Mortgage Forbearance, Waiver Of ATM, Overdraft, Credit Card Late Fees For Borrowers...

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In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21, the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate...more

Hogan Lovells

Payments regulatory news, March 2020

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PSR issues new directions and response to consultation feedback - The Payment Systems Regulator (PSR) has issued new versions of its directions following its consultation in CP19/3. It has also published a document,...more

Ballard Spahr LLP

Defendant files answer brief, trade groups file amicus brief in Montana lawsuit challenging healthcare provider’s use of prepaid...

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Last week, the defendant filed its answer brief in Bratton v. Sisters of Charity of Leavenworth Health System, Inc., an appeal now pending before the Montana Supreme Court involving a challenge to the defendant’s use of...more

Ballard Spahr LLP

State AGs urge CFPB not to change overdraft rule and to consider its expansion

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24 state attorneys general, the D.C. attorney general, and the Executive Director of the Hawaii Office of Consumer Protection have sent a joint comment letter to the CFPB urging it not to make any changes to the Regulation E...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

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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

Fisher Phillips

FBI Warns of Continuing Threat from “ATM Cashout” Scheme

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The FBI is warning banks to be on guard against possible attacks on ATMs. In an alert sent to banks on August 10th, the FBI warned banks that it had “obtained unspecified reporting indicating cyber criminals are planning...more

Mitchell, Williams, Selig, Gates & Woodyard,...

FBI Warns of Impending Multimillion Dollar Global ATM Cashout, $13.5 Million Taken Already

According to a confidential FBI alert reported upon by Krebs on Security last Friday, the FBI issued an alert to banks concerning what is called an Unlimited ATM Cashout, attacks of which are expected in the near future....more

Robinson+Cole Data Privacy + Security Insider

FBI Issues Private Warning to Banks about Unlimited ATM Cashouts

On August 10, 2018, the Federal Bureau of Investigation (FBI) issued a private warning to banks warning them that cybercriminals are planning to “conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming...more

Foley & Lardner LLP

Are ATMs safe? Probably not since Black Box ATM attacks are mounting which is costing banks millions!

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Bankinfosecurity.com report that “Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity...more

Stinson LLP

ICBA Members and Community Banks Released From ADA Liability

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Many community banks received letters from advocacy group Access Now alleging that the banks' websites violated the Americans with Disabilities Act (ADA) for the visually impaired in provision of electronic information...more

Ballard Spahr LLP

CFPB to seek OMB approval for testing of overdraft disclosures

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The CFPB has published a notice in the Federal Register announcing that it plans to seek OMB approval to conduct online testing of ATM/overdraft disclosures with 8,000 individuals. Comments are due on or before January 16,...more

Ballard Spahr LLP

CFPB’s Prepaid Card Rule: Short Form Disclosure Requirements

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The CFPB’s Final Rule on prepaid cards includes, in addition to the long form disclosure requirements discussed in our November 21st blog post, highly detailed requirements for providing “preacquisition” disclosures to...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

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