Finextra

JUNE 2, 2024

A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the Electronic Fund Transfer Act (EFTA).

Electronic Fund Transfer Act (EFTA) 64

Electronic Fund Transfer Act (EFTA) CFPB Wire Transfer Disputes 64

PYMNTS

APRIL 13, 2020

The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release.

Electronic Fund Transfer Act (EFTA) 111

Electronic Fund Transfer Act (EFTA) CFPB Consumer Financial Protection Bureau (CFPB) Direct Deposit 111

Stax

JULY 9, 2024

Failure to comply with these regulations can lead to significant consequences, including fines and other legal actions. EFT payments have been around for many decades and have federal laws to protect the electronic transfer of funds. One such federal law is the Electronic Fund Transfer Act (EFTA) , which passed in 1978.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

Fi911

JANUARY 4, 2024

Well, from a legal standpoint, there’s actually quite a lot. Certain regulations known as “chargeback rules” are, in fact, based on legal statutes. The Electronic Fund Transfer Act (EFTA) Enacted in 1978, EFTA regulates bank responses to consumer complaints and sets liability limits for lost or stolen debit cards.

Disputes 92

Disputes Laws Rules Governance 92

Stax

SEPTEMBER 24, 2024

It’s meant to incentivize customers to pay using cash and reduce the costs associated with accepting electronic payment methods. Cash discount programs are legal in all states in the U.S. You can even implement both as long as you understand the legal implications. On the other hand, cash discounts are legal everywhere.

Credit Cards 88

Credit Cards Electronic Fund Transfer Act (EFTA) Push-to-Card Debit Card 88

Global Fintech & Digital Assets

DECEMBER 21, 2023

The safety and soundness of the overall financial system, coupled with the mitigation of adverse customer outcomes, remain the OCC’s top priorities generally, and in the BNPL lending market specifically.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Stax

NOVEMBER 11, 2024

Compliance Considerations for ACH Payments When implementing ACH payments, businesses must navigate several regulatory requirements and security standards to ensure legal and operational compliance – similar to how credit card processing requires PCI compliance. The ACH network is governed by a variety of regulatory bodies.

ACH 88

ACH Checks Identity Theft Payments 88