CFPB ISSUES UPDATED FAQS FOR ELECTRONIC FUNDS TRANSFERS AND MORTGAGE SERVICING

CFPB ISSUES UPDATED FAQS FOR ELECTRONIC FUNDS TRANSFERS AND MORTGAGE SERVICING

On June 4, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a set of frequently asked questions (“FAQs”) regarding the unauthorized transfer and error resolution provisions
under the Electronic Fund Transfer Act (“EFTA”) and Regulation E. The EFTA and Regulation E impose a number of requirements for electronic fund transfers, including specific authorization and disclosure-related requirements and dispute resolution procedures. Read More