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Reg E in Focus: CFPB Enforcement and Compliance Tips

Innovative Payments Association

These violations can include failing to provide consumers with required disclosures, improperly handling error resolution requests, and engaging in deceptive or unfair practices related to electronic fund transfers. Disclosures should include information about fees, error resolution procedures, and consumer rights under Regulation E.

Reg E 52
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CFPB, USAA Settle After Violations

PYMNTS

It also failed to start and complete reasonable error resolution investigations, the Bureau said. Under the terms of a consent order , USAA must pay an estimated $12 million in restitution to customers who didn’t get a reasonable error resolution investigation, as well as $3.5 million in civil money penalty.

CFPB 51
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Bitcoin Daily: IRS Eyes Hiring Contractors To Help With Crypto Taxes; Phemex Exchange To Launch Subscriptions Instead Of Charging Per Trade

PYMNTS

” The services that the agency is requesting, per a document posted on the site, include “data ingestion and staging” as well as “error resolution and report revision” and “meeting participation and trial assistance,” among other work.

IRS 52
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CFPB Pushes Prepaid Card Rule Implementation Back A Year

PYMNTS

The rule, initially passed, also modified requirements for the prepaid card industry in regards to official procedure on lost or stolen cards, error resolution and investigation, fee disclosures, access to account information and overdraft features, if offered in conjunction with prepaid accounts.

CFPB 52
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8 Common CSV Import Errors in NetSuite - and How You Can Avoid Them

Nanonets

Payroll Imports: Payroll often has department assignments for each line item, and misalignments can cause this error. Resolution: Check that department names in your CSV follow the right format and include parent-child hierarchy (like “Sales: East Region”).

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OCC Issues Policy Guidance on Buy Now, Pay Later Lending

Global Fintech & Digital Assets

Banks should therefore: determine the applicability of consumer protection-related laws and regulations to the bank’s specific BNPL offerings; oversee the product delivery method, including timing and appropriateness of marketing and advertising; ensure that consumer disclosures are appropriate, timely, and clearly state the borrower’s obligations (..)

OCC 59
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FICO Fights Prepaid Card Fraud with AI and Machine Learning

FICO

Its provisions include: If the card is a payroll card or a certain type of government benefit card , or if the consumer receives federal payments onto their card, certain error resolution rights are available to protect consumers from unauthorized transactions.

AI 52