On March 20, 2023, the Consumer Financial Protection Bureau (CFPB) published a final rule to make non-substantive corrections and updates to CFPB and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with: The Equal Credit Opportunity Act adverse action notices; and The Fair Credit Reporting Act Summary of Consumer Rights. This final rule also revises the […]
Category: Electronic Fund Transfer Act
CFPB ISSUES SPANISH LANGUAGE FORMS AND A REMINDER
In late April, the Consumer Financial Protection Bureau (CFPB) issued: Eight Spanish language version of several adverse action sample disclosures; Six Spanish language version of several prepaid account sample disclosures; and A reminder of financial institutions’ obligation to serve the communities where they do business, including communities with limited English proficiency and also encouraged them to use the translations as they work with Spanish-speakers in their community.
New/Revised Regulation E FAQs
On December 13, 2021, the Consumer Financial Protection Bureau (CFPB) published 16 new or updated Frequently Asked Questions (FAQs) for Regulation E, which is the implementing regulation for the Electronic Fund Transfer Act. Compliance Resource will be offering an upcoming webinar on this topic, and we will be presenting it to our Compliance Masters Group. Stay tuned for more details.
CFPB PUBLISHES EFT FAQS
On June 4, 2021, the Consumer Financial Protection Bureau published eight Electronic Fund Transfers FAQs. The Frequently Asked Questions address: Do fraudulent inducements constitute “unauthorized electronic fund transfer?” In a fraudulent inducement has a consumer furnished an access device under Regulation E? Can negligence by the consumer be used as the basis for imposing greater liability than is permissible under Regulation E.? Can an agreement restrict a consumer’s rights beyond what is provided in the […]
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 […]