On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part…
On January 25, 2018, the Consumer Financial Protection Bureau (CFPB) issued the final prepaid accounts rule (which we wrote about here and here) under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The final rule, which will now become effective on April 1,…
On September 23, the CFPB issued its final rule amending the regulation defining larger participants of certain consumer financial product and service markets specifically to add a definition for larger participants in the market for international money transfers. The rule defines such “larger participants” as those entities that have at least one million aggregate…
On August 1, Congress passed the Money Remittances Improvement Act of 2014 (signed by President Obama on August 8, 2014), which reduces regulatory hurdles and duplication between state and federal regulation of money services businesses. Specifically, the Act permits the Secretary of the Treasury to “rely on examinations conducted by a…