In 2010, Congress amended the Electronic Funds Transfer Act (EFTA) by creating “a comprehensive system of consumer protections for money sent by U.S. consumers to individuals and businesses in foreign countries.” In 2013, the CFPB issued the Remittance Transfer Rule to implement the EFTA’s new requirements and updated its EFTA exam procedures to incorporate the
Dana Lumsden is a strategic business litigator and trusted legal advisor. His practice focuses on business litigation, including intellectual property disputes, securities litigation, investigations and enforcement proceedings, and the resolution of regulatory controversies concerning the consumer financial services industry. Dana advises and represents domestic and international companies, including some of the world’s largest financial institutions and manufacturers. In class action matters, he has successfully defended clients in putative class actions involving ERISA, securities, banking, and consumer finance claims.