Chip-and-PIN is Coming…To the US Government
Posted 2 days ago

Last Friday, in the wake of numerous data breaches, President…

Chip-and-PIN is Coming…To the US Government
CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers
Posted 7 days ago

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB…

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers
CFPB Director Proposes Checking Accounts for All
Posted 13 days ago

On Wednesday, in a speech at the Forum on Access…

CFPB Director Proposes Checking Accounts for All
California Adds Limited Agent of A Payee Exemption to Its Money Transmitter Licensing Requirement; Relaxes Right To Refund Disclosure Requirement for Online Transactions
Posted 14 days ago

Following an extended period of public comment and modifications to…

California Adds Limited Agent of A Payee Exemption to Its Money Transmitter Licensing Requirement; R…
Federal Reserve Banks Payment System Improvements Project Moves Forward
Posted 20 days ago

Keep your eye on this one.

In the fall of 2013, the…

Federal Reserve Banks Payment System Improvements Project Moves Forward
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Developments and Commentary

Chip PinChip-and-PIN is Coming…To the US Government

Last Friday, in the wake of numerous data breaches, President Obama signed a new Executive Order that will change how federal agencies use payment cards and allow access to certain government portals.  Those changes include the adoption of chip-and-PIN (also known as EMV) payment terminals and cards, and the implementation of multi-factor authentication on digital applications ...

Credit Card wo goldCFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card promotional APR offers. Among other things, the Bulletin highlights the challenges that companies face in complying with prescriptive federal ...

Richard_Cordray_articleCFPB Director Proposes Checking Accounts for All

On Wednesday, in a speech at the Forum on Access to Checking Accounts CFPB Director Richard Cordray returned to two of his most frequent themes – the consumer reporting process and urging actions that he is unable to mandate. Specifically, he raised concerns that some consumers are being unfairly prevented ...

DBOSeal-260California Adds Limited Agent of A Payee Exemption to Its Money Transmitter Licensing Requirement; Relaxes Right To Refund Disclosure Requirement for Online Transactions

Following an extended period of public comment and modifications to legislation first proposed in the beginning in March of 2013, the California legislature recently passed a series of amendments to its Money Transmission Act to exempt from licensure companies that process payment transactions solely as agents of the intended recipient of ...

Federal-Reserve-Seal-logoFederal Reserve Banks Payment System Improvements Project Moves Forward

Keep your eye on this one. In the fall of 2013, the Federal Reserve Banks launched a study of the US payments system.  The study has three targets: first, a faster payment system; second, a more secure payment system; and third, an analysis of the business case to adopt the ISO 20022 payment standard. The ...

Resource Updates

A Survey of Activities Identified as Unfair, Deceptive, or Abusive by the CFPB

DWT payments team member Adam Maarec recently co-authored an article entitled "A Survey of Activities Identified as Unfair, Deceptive, or Abusive by the CFPB," published by the American Bar Association. In January 2014, the authors released a survey of activities identified as unfair, deceptive or abusive (UDAAP) by the CFPB in 2012 & 2013. ...

plaresourceFair Lending Analysis of Credit Cards

PLA today posts a link to a Philly Fed discussion paper entitled “Fair Lending Analysis of Credit Cards.”  The paper addresses, among other matters, disparate impact risks in credit scoring models and prescreen campaigns.  The paper is of interest not only for its conclusions and recommendations, but also as an ...

Requirements-and-Best-Practices-for-Truncating-Card-Account-Numbers1-300x177FACTA Class Actions

In the July 2014 issues of The Review of Banking & Financial Services, DWT payments team members Burt Braverman and Micah Ratner wrote about the truncation requirement of FACTA, which has spawned a wave of class action litigation with potentially ruinous damages for “willful” violations. The authors describe the court rulings ...

Failure of Mandated Disclosures

PLA often posts links to scholarly articles assessing or speculating about the effectiveness, from a consumer-protection standpoint, of disclosure and other regulatory regimes.  Past such posts include, for example, “Behaviorally Informed Financial Services Regulation,” “The Cost of Anchoring on Credit-Card Minimum Payments,” “Insights from Behavioral Economics for Personal Finance,” and ...

Consumer Financial Protection Bureau logoFTC Responds to CFPB, Submits Summary of Enforcement Activities

In response to a request from the CFPB, the FTC recently submitted  a summary of its 2013 enforcement activities (the “Summary”), which related the FTC’s enforcement actions and consumer education efforts with respect to Regulation Z (Truth in Lending), Regulation M (Consumer Leasing Act) and Regulation E (Electronic Fund Transfer ...