Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 (the Dodd-Frank Act), charges the Bureau of Consumer Financial Protection (the CFPB or the Bureau) with regulating ``the offering and provision of consumer financial products or services under the Federal consumer financial laws.'' \1\ Specifically, the Dodd-Frank Act grants regulatory authority to the Bureau for the Electronic Funds Transfer Act,\2\ except with respect to section 920 of that Act, and the Truth in Savings Act,\3\ which taken together, in part, govern consumer transaction accounts. Accordingly, the Bureau is reviewing existing regulations and supervisory guidance issued by various regulators pertaining to the use of overdraft programs by financial institutions. To support this ...
Federal banking law does not preempt the contract claims of a customer whose bank allegedly allowed the debiting of her checking account in response to unauthorized electronic transfer requests, the Missouri Court of Appeals has ruled in reversing a dismissal. The plaintiff sued for breach of contract after her bank allegedly disbursed $38,000 from her checking account in response to electronic funds transfer requests she had not authorized. The bank argued that claim was barred by the Electronic Funds Transfer Act's one-year statute of limitations.
The Board is amending Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire). The final rule eliminates references to ``as-of adjustments'' consistent with the Board's final amendments to Regulation D to simplify reserves administration; clarifies that an institution's Administrative Reserve Bank is deemed to have accepted deposit of a check or other item even if the institution sends the item directly to another Federal Reserve Bank; further clarifies that Regulation J continues to apply to a Fedwire funds transfer even if the funds transfer also meets the definition of ``remittance transfer'' under the Electronic Fund Transfer Act; and makes other conforming revisions.
Alternative payment systems in banks include a wide variety of products other than traditional checking accounts and credit card accounts. These alternative systems include things now very familiar to most consumers, such as stored value cards, but the methods of making payments continually evolve, and it is a challenge just to try to define all the ways in which such activity may occur. These two agencies, the Federal Deposit Insurance Corp and the Federal Reserve Board (FRB) have ended up taking fairly divergent approaches to their regulation. Effective Jul 1, 2007, was the most recent revision to the FRB's Regulation E. Reg E is the implementing regulation of the Electronic Funds Transfer Act and governs virtually all types of electronic funds transfers involving consumers. The recen...
ATM transactions might cost a number of financial institutions and operators in Western Pennsylvania more than a nominal fee if they lose a rash of lawsuits filed in federal court in Pittsburgh. Customers filed nine lawsuits during a two-week period claiming they used automated-teller machines that violated the Electronic Funds Transfer Act because "no notice was posted 'on or at' the ATM," as federal law requires. The law requires notifying customers of fees by signs located on or near the machines and on-screen before transactions are completed.
The one year statute of limitations under the Electronic Funds Transfer Act begins when the first recurring transfer takes place, not when the plaintiff arranges it, the 6th Circuit has ruled. A telemarketer sold the plaintiff a membership to a discount club. On the phone, the plaintiff gave her credit card number, which was to be charged $19.95 each month until she cancelled her membership.
... information given to Ticketmaster is transferred to EPI automatically, and after a thirty-day trial... actual damages claim under the federal Electronic Funds Transfer Act, which prohibits electronic fun...
... OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J). Subpart ... the funds transfer is governed by the Electronic Fund Transfer Act, but the portion of such funds t...
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