On June 4, the CFPB issued eight updated FAQs to the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E Highlights.
BofA ordered to fix California unemployment card issues reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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Nearly a decade after promulgation of Regulation II better known as the Durbin Amendment the Federal Reserve Board proposed changes to modernize the regulation by clarifying that the exclusivity prohibition applies to card-not-present transactions, such as online purchases.
On March 7, the Federal Reserve Board issued a notice of proposed rulemaking (NPR) requiring debit card issuers to provide at least two unaffiliated networks to process card-not-present debit card transactions. As drafted, the NPR would amend Regulation II (Debit Card Interchange Fees and Routing), promulgated under Section 1075 of the Dodd Frank Wall Street Reform and Consumer Protection Act, which amended the Electronic Funds Transfer Act to add a new Section 920 regarding interchange transaction fees for electronic debit transactions and rules for payment card transactions.
The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
Weekly Fintech Focus
The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
California DFPI enters a settlement with a fintech company to stop the use of the word “bank” in its name, website URL, and advertising, and requires clear disclosure of the fintech’s bank partnership.
Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services
The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when considering granting access for fintech companies with banking charters to access Fed services (the Account Access Guidelines). Numerous fintech companies have pursued or are pursuing narrow charters with state banking regulators (e.g., industrial loan companies) or the Office of the Comptroller of the Currency (e.g., certain national trust charters or the