article thumbnail

Reg E Refresher: Stay Compliant and Out of the Spotlight

Innovative Payments Association

However, as enforcement trends shift and scrutiny increases, companies must stay ahead of how regulators interpret – and act on – potential violations. Why Reg E Matters Now Despite the change in regulatory leadership, Regulation E remains a key area of focus.

Reg E 40
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. Disclosures should include information about fees, error resolution procedures, and consumer rights under Regulation E.

Reg E 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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
article thumbnail

OCC Issues Policy Guidance on Buy Now, Pay Later Lending

Global Fintech & Digital Assets

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. 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

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
article thumbnail

5 Benefits of ACH Payments Over Check Payments

Stax

ACH payments are consistently ranked as one of the safest payment methods a business can accept, and are regulated by the Federal Reserve Bank and Electronic Fund Transfer Act. Understanding and adhering to these regulations helps protect both businesses and customers while promoting secure, efficient transactions.

ACH 88
article thumbnail

California Adopts Digital Financial Assets Law

Global Fintech & Digital Assets

The new law, which goes into effect on July 1, 2025, makes California only the second state after New York to adopt comprehensive regulation of digital financial assets [1] and associated service providers.

Laws 52