Remove CFPB Remove Error Resolution Remove Funds Transfer
article thumbnail

Reg E in Focus: CFPB Enforcement and Compliance Tips

Innovative Payments Association

Regulation E, also known as the Electronic Fund Transfer Act, is a federal regulation that governs electronic transfers of funds, such as ATM transactions, debit card transactions, and direct deposits. In some cases, companies have been ordered to pay restitution to affected consumers and civil penalties to the CFPB.

Reg E 52
article thumbnail

CFPB, USAA Settle After Violations

PYMNTS

The Consumer Financial Protection Bureau (CFPB) announced on Thursday (Jan. 3) that it had reached a settlement with USAA Federal Savings Bank over allegations that the bank violated the Electronic Fund Transfer Act, among other transgressions. million in civil money penalty. million in civil money penalty.

CFPB 51
article thumbnail

OCC Issues Policy Guidance on Buy Now, Pay Later Lending

Global Fintech & Digital Assets

BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now.

OCC 59
article thumbnail

An Overview of Payment Regulation In The USA

Clearly Payments

Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. It mandates disclosure of terms and conditions, error resolution procedures, and limits on consumer liability for unauthorized transactions.