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CFPB addresses preauthorized electronic fund transfers in compliance bulletin
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Banking, Consumer Protection, Dodd-Frank Basics
Friday, November 27, 2015
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The Consumer Financial Protection Bureau issued a compliance bulletin on its expectations for when companies obtain preauthorized electronic fund transfers from consumers before automatically debiting consumers’ accounts. The bureau had found that despite companies’ providing notices of terms, some notices did not meet the requirements under the Electronic Fund Transfers Act, Regulation E and the Electronic Signatures in Global and National Commerce Act. Read on to learn how to avoid some simple mistakes.
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