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All in Regulation E
In this Compliance Clip (video), Adam answers the question whether a bank's fee schedule must disclose charges for expediting a debit card. Adam explores how Regulation DD and Regulation E apply to this fee and determine if it needs to be included in the bank's official disclosures. A transcript of this video is now available.
In this Compliance Clip (video), Adam explains the nuances of authorized but fraudulent debit card transactions. He discusses the distinctions in liability for consumers when a scammer initiates a transaction versus when the consumer unknowingly authorizes it.
In this Compliance Clip (video), Adam responds to a question about how to handle disputes involving a merchant that a consumer has previously used. He explains whether financial institutions can deny a dispute solely based on a customer's history with that merchant, highlighting the requirements set forth by Regulation E.
On January 30, 2025, the CFPB ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise is a publicly traded global electronic money services provider that allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards.
On January 10, 2025, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. In addition, the Bureau requested comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act (EFTA) applies to new types of digital payment mechanisms.
On September 20, 2024, the CFPB issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed change aims to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses or charters their remittance transfer provider.
In this Compliance Clip (video), Adam addresses a common question on whether error resolution notices need to be provided in writing or can be delivered verbally. Adam dives into Regulation E and breaks down what you need to know to stay compliant when issuing error resolution notices.
On May 29, 2024, the CFPB published a blog post discussing a bank’s responsibility when a customer becomes a victim of a scam. The CFPB also issued an amicus brief to argue that the Electronic Fund Transfer Act (EFTA) applies when banks connect the capability to initiate wire transfers to a consumer-facing banking platform.
On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices.
On December 19, 2023, the CFPB ordered the U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. The CFPB found that the U.S. Bank failed to provide people a reliable and quick way to regain access after freezing thousands of accounts during the pandemic.
