Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
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Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
The OCC, the Federal Reserve Board ("FRB") and the FDIC (collectively, the "Agencies") set effective dates on amendments to rules implementing the Community Reinvestment Act ("CRA"). The agencies published the rule and the effective dates in the Federal Register.
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.