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 of the new questions focusing on person-to-person (P2P) payment providers and P2P transfers.… Continue Reading
regulation e
April 1 effective date of prepaid rule leaves little remaining time for addressing significant compliance challenges; Ballard Spahr to hold February 27 webinar
By Ronald K. Vaske & Ballard CFS Group on
After several years of rulemaking, amendments, and delays, the CFPB’s Prepaid Rule (the “Rule”) is finally set to take effect on April 1, 2019. This rapidly approaching effective date means that prepaid issuers have only two months left to confirm that their prepaid programs and materials are fully compliant with the Rules’ complex and specific new requirements.… Continue Reading
Treasury’s fintech report recommends changes directed at payments
By Ballard CFS Group on
A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation,” focuses on payments. (See our legal alert for a discussion of other portions of the Treasury’s report.)
Current payment methods. The report notes four primary core payment systems: credit cards, debit cards, automated clearing house (ACH) transfers, and wire transfers. … Continue Reading
CFPB publishes Reg E corrections
By Barbara S. Mishkin on
Posted in Electronic Payments, Regulatory and Enforcement
The CFPB has published a final rule in the Federal Register that makes several corrections to Regulation E (which implements the Electronic Fund Transfer Act). The corrections, which the notice describes as “clerical and non-substantive,” are effective on November 14, 2016.