The Reg E Reader

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May 27, 2025

4 min read

Withdrawal of Regulatory Guidance, Interpretive Rules, and Other Documents Shrinks the CFPB’s Already-Drained Enforcement Arsenal

Since President Trump took office, the administration has substantially curtailed the Consumer Financial Protection Bureau’s (Bureau) rulemaking and
enforcement activity. ...Read more

May 14, 2025

2 min read

Jonathan McKernan No Longer CFPB Director Nominee, Bureau Remains in Limbo

April 15, 2025

2 min read

Executive Order Brings Federal Disbursements Under Reg E

On March 25, President Trump signed an Executive Order requiring federal agencies to stop issuing paper checks for most disbursements by September 30.
Exec. Order No. 14,247, 90 Fed. Reg. 14001 (Mar. 25, 2025). To combat what the Executive Order describes as the “risks of fraud, lost payments, thefts, and
inefficiencies” associated with paper checks, all executive departments and agencies will be required to transition to electronic funds transfer (E...Read more...Read more

April 14, 2025

4 min read

Curtailing the Authority of the CFPB Continues

Since taking office, the Trump administration has significantly curtailed the CFPB’s rulemaking and enforcement activity. Recently, Congress and federal
courts have been grappling with what that means for CFPB employees and the rules the CFPB has enacted and enforces. On April 9, 2025, the United States
House of Representatives voted to pass a joint resolution disapproving a CFPB rule that would make certain large payment companies subject to ...Read more...Read more

March 26, 2025

4 min read

Shifting the Focus: Growing Risks of Class Action Litigation in Lieu of CFPB (Non)-Enforcement

Since 2010, the CFPB has been the primary enforcer of the federal consumer protection laws, recovering over $20 billion for American consumers...Read more

March 12, 2025

4 min read

Mississippi Judge Allows Reg E’s Newest Defenders to Pick Up Where CFPB Left Off

On March 4, 2025, a Mississippi federal judge granted two outside nonprofits intervenor status in a lawsuit defending the CFPB’s $5-overdraft-fee rule,
amending Reg E and Reg Z, allowing nonprofits to mount a vigorous defense that the judge believed the CFPB would have presented absent administration
changes in January. In receiving intervenor status, the nonprofits are now parties to the ongoing lawsuit and can fully participate in defending the...Read more...Read more

February 25, 2025

2 min read

Reg E’s Continued Importance During the CFPB Halt

As the new Trump administration implements its deregulatory agenda, work at the CFPB has been brought to a halt, at least temporarily. On February 8,
acting Director Russell Vought sent an email memorandum to Bureau personnel to stop all work....Read more

February 19, 2025

4 min read

SEC Administrative Judges Risk Being Sidelined Under Paul Atkins

The US Supreme Court dealt a near-fatal blow last year to the Securities and Exchange Commission’s already weakened administrative law judge program.
The expected return of Paul Atkins as SEC chairman will likely weaken the ALJ program even further, relegating the in-house judges to the fringe of any
enforcement activities....Read more

February 10, 2025

2 min read

CFPB Amends Regulation E’s Compulsory Use Exemption for Large Institutions’ Overdraft Credit Plans

On December 12, 2024, the Consumer Financial Protection Bureau issued a final rule amending Regulation E to prohibit large financial institutions from
conditioning overdraft credit services on repayment through preauthorized electronic funds transfers....Read more

February 3, 2025

3 min read

CFPB Proposes to Bring Virtual Currencies Under Reg E

On January 10, the CFPB proposed a new rule that would expand key definitions within the Electronic Funds Transfer Act (EFTA) to capture certain virtual
currency products. If finalized, the rule would require many businesses to adjust their practices to provide the consumer protections that EFTA and Reg E
demand....Read more

January 29, 2025

2 min read

Understanding Reg E: A Primer

Regulation E (Reg E), the implementing regulation of the Electronic Fund Transfer Act, establishes the basic rights, liabilities, and responsibilities of consumers
who use electronic funds transfers and remittance transfer services, and of the financial institutions or others that offer these services. ...Read more

January 29, 2025

1 min read

Winston & Strawn Launches Reg E Reader Blog

Winston is pleased to announce the launch of our blog, the Reg E Reader, featuring insights from Winston’s multidisciplinary Financial Services Group on legal
and enforcement developments relating to all things Regulation E (12 C.F.R. § 1005 et seq.), which governs the electronic transfer of funds....Read more

About This Blog

The Reg E Reader features insights from Winston & Strawn’s multidisciplinary Financial Services Group on legal and enforcement developments on all things Regulation E. The blog provides guidance and best practices to those who must remain compliant with the complex, evolving requirements of the regulation.