10 October 2011 – Consumer Financial Services Watch

CFPB Official Hints at Disclosure Requirements for Checking Accounts

Oct 10 2011

Raj Date recently issued a statement on the CFPB’s web site which suggests that the Bureau is considering a standardized disclosure form for checking account fees. The “problem,” Mr. Date said, “is that checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.” One bank might call the fee one thing, while another bank calls it something else. And the circumstances under which banks charge the same fee might be different. Read More

California Governor Vetoes Burdensome Payroll Card Bill

Oct 10 2011

By: David L. Beam, Steven M. Kaplan, Kathryn M. Baugher

The effort to impose demanding new requirements on payroll cards in California just lost some steam. On Sunday, October 9, California Governor Jerry Brown vetoed a bill that would have imposed an onerous set of requirements and restrictions on employers who want to pay employees by payroll card (and, by extension, the financial institutions that provide payroll card programs to employers). The provisions of the Bill were vastly more burdensome than the requirements imposed by federal law and many other state wage and hour laws. Fortunately, Governor Brown recognized that the Bill went too far.

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Archive:10 October 2011