On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT).
CFPB Releases Compliance Bulletin About Obtaining Authorizations for Preauthorized Electronic Fund Transfers
The Consumer Financial Protection Bureau (the “CFPB”) warned financial companies in a compliance Bulletin Monday that they must have proper authorization before automatically debiting funds from customers’ accounts.
The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers (EFT) and the CFPB’s compliance expectations.
Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20.
On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers.
In a new American Banker article, Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, responded to an article by Professor Jeff Sovern that called into question Alan’s prediction that the CFPB’s proposed plan to ban class action waivers in consumer arbitration agreements will cause companies to abandon arbitration completely.
On November 18, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor exception for depository institutions from certain provisions of the Truth in Lending Act and Regulation Z, and for mortgage originators from the steering prohibition of the loan originator compensation requirements under Regulation Z (LO Comp Rule).
The CFPB released its Fall 2015 rulemaking agenda last Friday.
The Consumer Financial Protection Bureau (CFPB) announced this week that it has filed an administrative lawsuit against defunct online lender Integrity Advance and its CEO for allegedly deceiving consumers about the cost of short-term loans.