[co-authors: Stephanie Duchesneau and Samuel Klein]
Weekly Fintech Focus
Federal financial regulators extend the deadline for responding to its request for information about financial institutions’ use of AI.
The CFPB issued FAQs on electronic funds transfers under EFTA and Regulation E to address issues related to fraud and private network rules.
The Federal Reserve proposed a rule to update the Durbin Amendment/Reg. II to ensure two debit networks are available, including for card-not-present transactions.
The Federal Reserve proposed a rule to apply Regulation J to FedNow transactions and to establish rules for the FedNow Service.
CSBS seeks comment on its proposed nationwide licensing framework for MSBs.
FedNow Service Pilot Program Gaining Traction and Support | King & Spalding
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CFPB Updates Guidance Regarding Unauthorized Transfers Under the Electronic Fund Transfer Act | Locke Lord LLP
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CFPB issues FAQs on escrow accounts, Regulation E
The Consumer Financial Protection Bureau (CFPB) recently issued sets of frequently asked questions on Electronic Fund Transfer Act and Regulation E requirements, as well as servicing escrow accounts under Regulation X.
The Regulation E FAQs address situations in which a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation, among others.
The Regulation X FAQs are broken down into four categories:
General;