The CFPB announced this week that it has entered into a consent order with ACI Worldwide Corp. and one of its subsidiaries, ACI Payments, Inc., in connection with more than 1.4 million erroneous electronic fund transfer payment instructions initiated by ACI through the ACH Network (ACH Entries). In its press release, the CFPB calls the matter its “first action addressing unlawful information handling practices in processing mortgage payments.” … Continue Reading
electronic
This week’s podcast episode: Electronic contracting: the new Restatement of Consumer Contracts and other emerging regulatory and litigation issues, with special guest Florencia Marotta-Wurgler, Professor, New York University Law School, and Restatement Co-Reporter
By Barbara S. Mishkin on
Posted in Electronic Contracting, Podcasts
E-commerce and electronic contracting are more important than ever as we move into the post-COVID 19 era. We first review legal requirements for electronic contracting and disclosures including the E-SIGN Act, state Uniform Electronic Transactions Acts, FTC guidance on delivery of disclosures and comments on use of “dark patterns,” and DOJ comments on website accessibility. … Continue Reading
OCC seeking comments in connection with review of regulations on national bank and federal savings association electronic activities
By Alan S. Kaplinsky on
Posted in OCC, Regulatory and Enforcement
The OCC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments in connection with a comprehensive review of its regulations on electronic activities of national banks (12 CFR part 7, subpart E) and federal savings associations (12 CFR part 155). Comments on the ANPR must be received by August 3, 2020.… Continue Reading