The Electronic Fund Transfer Act provides important protections when consumers suffer unauthorized withdrawals from their accounts. For instance, so long as a person promptly notifies their bank that access to their account has been stolen, the law limits the person’s losses to $50. As the name suggests, the Electronic Fund Transfer Act applies to transfers initiated electronically, such as through a computer or mobile device.
ACA International renewed its advocacy in opposition to the Federal Trade Commission’s rule that would ban employers’ noncompete agreements by joining hundreds of national and state associations in a request to delay the action.
The Consumer Financial Protection Bureau (CFPB) has recently issued an interpretive rule that classifies Buy Now, Pay Later (BNPL) lenders as credit card providers. This decision, announced through a press release, mandates that BNPL lenders extend key consumer rights and legal protections typically associated with traditional credit cards. This move aims to address growing concerns about consumer protection in the rapidly expanding BNPL market.
The NCUA’s Financial Technology team identifies and addresses barriers, challenges, and opportunities for the credit union industry to use technology in a productive and safe and sound manner consistent with consumer financial protection and other compliance requirements. This technology includes, but is not limited to, artificial intelligence, cloud applications, distributed ledger technology, blockchain, and digital identification.
The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North Carolina contract law.
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