Banking Update

Mobile banking, where a consumer uses a mobile device to connect with their financial institution for a variety of traditional banking services, is on the cusp of widespread adoption by consumers in the United States. In fact, according to a Federal Reserve Board study, 48% of Americans reported using a […]

The Consumer Financial Protection Bureau recently released a bulletin expressing concern that financial institutions and other organizations that furnish information to credit reporting agencies (CRAs) are not complying with obligations under the Fair Credit Reporting Act (FCRA) and Regulation V to conduct a reasonable investigation of direct consumer disputes.   […]

As a software category, mobile banking apps are an incredibly useful tool for smartphones and tablets. Their utility and widespread adoption empowers bank customers and credit users in their account management abilities. This success has generated pressure from disability advocates that failure to make these apps accessible to people with […]

On March 21, 2014, the U.S. Court of Appeals for the D.C. Circuit reversed a trial court decision that had struck down the heart of the Federal Reserve’s Regulation II. Regulation II, which implements the “Durbin Amendment” of the 2010 Dodd-Frank Act, imposes a cap on debit interchange transaction fees […]

The Federal Financial Institutions Examination Council (“FFIEC”) recently issued final supervisory guidance for financial institutions related to the risks of social media use.  Notably, the guidance does not impose any new requirements on financial institutions. Rather, it is intended to help financial institutions understand potential consumer compliance and legal risks, […]