CFPB Reverses Course, Withdrawing “Unprecedented” EFTA Interpretation
By EsqSocial Corporation 25/04/25
Following a brief pause under new leadership, the Consumer Financial Protection Bureau (CFPB) has resumed activities, albeit significantly in retreat from the positions taken by the prior administration. In a case involving Citibank and the application of the Electronic Fund Transfer Act (EFTA) and Regulation E to wire transfers, the CFPB has filed a motion to withdraw a previously filed Statement of Interest, which stated, contrary to a plain reading of statutory and regulatory language...
By: Morrison & Foerster LLP