This week, New York became the latest state to introduce legislation aimed at regulating Earned Wage Access (EWA) services. Assembly Bill 258 titled — “An Act to Amend the Banking Law, in Relation to Providing for Income Access Services in the State” — contains several significant provisions that, if passed, will significantly impact EWA providers in New York.
The National Credit Union Administration has issued guidance to federal credit unions regarding the consumer harm stemming from certain overdraft and non-sufficient funds (NSF) fee practices. The NCUA will continue to review credit union overdraft programs and will pay particular attention to overdraft fees for authorize positive and settle negative transactions and NSF fees for represented items, NCUA Chairman Todd Harper recently warned credit unions.
Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing existing financial privacy law and how to address intrusive data collection and personalized pricing.
Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data Rights rule, which was released in October 2024, requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.
Recently, the Eastern District of Kentucky denied a motion to dismiss under the Fair Credit Reporting Act (FCRA) after finding the plaintiffs alleged sufficient facts to support a reasonable inference that credit reports were pulled without a permissible purpose.
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