On June 3, 2020 the Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic. The Issue Where underlying law, such as Regulation Z, requires a written disclosure to a consumer, the Electronic Signatures in Global and National Commerce Act (E-Sign Act) allows the disclosure to be provided electronically subject to certain conditions, including consumers’ consent–commonly known as “E-Sign consent.” Some […]
Category: E-Banking
CFPB PROPOSES CHANGES TO REMITTANCE TRANSFER RULE
The Consumer Financial Protection Bureau (CFPB) has issued a Notice of Proposed Rulemaking (NPRM) related to the Remittance Transfer Rule implemented in Regulation E (Electronic Fund Transfers Act). The Remittance Transfer Rule establishes protections for consumers sending international money transfers or remittance transfers by requiring remittance transfer providers to disclose the exact exchange rate that applies, the amount to be received by the recipient, and certain fees and other information associated with the transfer. The […]
OVERVIEW OF E-BANKING COMPLIANCE CONSIDERATIONS
The Fourth Quarter 2013 issue of Consumer Compliance Outlook, published by the Board of Governors of the Federal Reserve Board contains an article that provides an excellent overview of e-banking compliance issues. Every financial institution in the world should be offering e-banking services or should be preparing to offer e-banking services. The article is available here.