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Keith J. Barnett

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Keith’s experience representing clients in the financial services industry as a litigation, compliance, regulatory, investigations (internal and regulatory), and enforcement attorney spans 20 years. Keith represents clients against government regulators (CFPB, FTC, SEC, CFTC), industry regulators (FINRA), and private litigants in federal courts, state courts, and before arbitration and administrative law panels in the financial services industry.

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On December 6, the Consumer Financial Protection Bureau (CFPB or Bureau) announced an order asserting supervisory authority over Google Payment Corp. (GPC), a subsidiary of Google LLC. This decision was based on alleged “risks to consumers” associated with GPC’s retired peer-to-peer (P2P) payment product. The CFPB’s order, however, does not assert that GPC violated any laws or engaged in wrongdoing. Instead, it relies on a relatively small number of unverified consumer complaints to justify future examinations, even though GPC stopped offering the product.

Late last year, we discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rule aimed at supervising larger technology companies offering digital wallets and payment apps. On November 21, the CFPB finalized this rule, which will bring significant changes to the oversight of nonbank digital payment companies. This final rule is set to take effect 30 days after its publication in the Federal Register.

In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss a significant Consumer Financial Protection Bureau (CFPB) enforcement action against Global Tel Link Corporation (GTL), issued on November 14. This action resulted in a consent order addressing chargebacks, alternate payment channel fees, and handling of inactive accounts.

On November 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a significant consent order against Global Tel Link Corporation (GTL), a company that provides communication and financial services to correctional facilities. The CFPB found that GTL, along with its subsidiaries Telmate, LLC and TouchPay Holdings, LLC, engaged in illegal practices that adversely affected incarcerated individuals and their friends and families.

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition in the financial services industry. According to the Bureau’s press release, “[t]he rule requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free… help[ing] lower prices on loans and improve customer service across payments, credit, and banking markets.” Later that same day, a complaint was filed challenging the Bureau’s authority.

On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed amendment is aimed at clarifying for consumers the types of inquiries that may be better handled by their remittance company before contacting the CFPB or the relevant state regulator. The proposed rule will be published in the Federal Register, and the public will have until November 4, 2024, to submit their comments.

On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL) products accessed through digital user accounts (DUAs). These FAQs follow the Bureau’s interpretive rule issued in May of this year, subjecting BNPL transactions to provisions of Regulation Z applicable to “credit cards.”

In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.