Consumer Payments, Banking

[Updated to now include July 13 federal guidance.] A May 19 Executive Order and federal agency statements on June 5, June 8, and July 13 target immigrant access to banking and credit. This article explains their short-term and longer-term implications for immigrants, including the impact on those using ITINs and Matricular Consular IDs. The article discusses federal guidance on immigrant credit card, car loan, and mortgage applications and potential changes to immigrants’ ability to open and maintain bank accounts.

Fraud schemes usually include forms of consumer payment that limit consumer ability to stop or reverse payment. This article explains payment methods frequently used in fraud schemes and then sets out practical steps and legal rights that may allow consumers to get their money back, based on each of the common payment techniques fraudsters use to receive the consumer’s payment. Links are provided for further help.

Effective April 1, the CFPB Prepaid Accounts Rule adds protections for prepaid cards, payroll cards, and person-to-person payment services, as set out in this article. The rule improves fee transparency, protects cards from unauthorized charges and errors, and addresses abusive overdraft fees. Consumers can obtain actual and statutory damages and attorney fees for violations.