New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
News & Insights
In an amicus curae brief filed in the U.S. Court of Appeals for the Fourth Circuit, the CFPB supported plaintiffs in their appeal of a dismissal of a class action against a major commercial bank for allegedly mismanaging the distribution of government benefit prepaid cards during the COVID-19 pandemic.
In a letter to the CFPB, the American Bankers Association warned that shifting the liability for fraudulent payments on peer-to-peer instant payment systems to institutions will likely have negative consequences.
Senator Elizabeth Warren (D-MA) urged the CFPB to take action against the "rampant fraud" on the peer-to-peer instant payment platform Zelle.
A commercial bank settled parallel CFPB and OCC charges for (i) deceptive practices in marketing prepaid debit card program and (ii) deficiencies in its operational and risk management controls.