Last month, the CFPB updated its Electronic Fund Transfers FAQs that address compliance with the Electronic Fund Transfer Act (EFTA) and Regulation E. The FAQs provide guidance on Regulation E’s coverage and on the error resolution requirements, with the bulk …
Jennifer E. Aguilar
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New York enacts requirements for check processing by banks; Ballard Spahr to hold Sept. 13 webinar on overdraft practices
By Jennifer E. Aguilar on
At the end of last month, former New York Governor Cuomo signed into law a bill that amends the state’s Banking Law to require banks to follow certain check processing practices. The amendments become effective on January 1, 2022.
The …
Coming Soon: Nacha’s Meaningful Modernization Rule
By Jennifer E. Aguilar on
Posted in Payments, Regulatory and Enforcement
Last fall, Nacha finalized its Meaningful Modernization rule which provides for significant changes to the Nacha Operating Rules. According to Nacha, the amendments are intended to facilitate adoption of new ACH payments technologies, increase consistency for authorizations, reduce administrative burdens …
CFPB Issues Report on Consumer Use of Alternative Financial Services
By Jennifer E. Aguilar on
As part of its Making Ends Meet survey, the CFPB issued a report last week on how consumers use payday, auto title, and pawn loans (“alternative financial services” or “AFS”) and the other sources of credit available to them. Consumers …
NCUA and CFPB sign MOU on improving collaboration
Posted in CFPB, Regulatory and Enforcement
On January 14, 2021, the NCUA and CFPB announced the agencies have entered into a memorandum of understanding relating to their joint supervision of federally insured credit unions over $10 billion in assets. The MOU seeks to “improve coordination, cooperation, …