Developments and Commentary

VC MAP NO FONTState Virtual Currency Regulatory Heat Map

As we approach the end of a very active year in the emergence of virtual currency regulation, we developed a heat map of the regulatory climate faced by virtual currency wallet providers and exchanges - entities who maintain control over a consumer’s virtual currency assets as part of their services.* ...

Virutal DollarCSBS Emerging Payments Task Force Issues Virtual Currency Policy Framework

The recently formed Emerging Payments Task Force of the Conference of State Bank Supervisors (CSBS) issued a proposed policy on state virtual currency regulation on Dec. 16, 2014 (the “Policy”). The Policy identifies core public interests that states should protect and provides a road map for state regulatory oversight of ...

TRYAGAINMoney Flows: The Future of Financial Transactions

DWT payments team member Karen Ross recently spoke at Law Seminars International’s 23rd Annual Seattle Conference on Technology Law. Karen’s presentation focused on the following topics: The Mobile Payments Ecosystem Regulatory Oversight OCC – Third Party Relationship Risk Management Guidance CFPB – Enforcement Policy CFPB’s Project Catalyst Pros and Cons To view the presentation materials, click here.

contact paymentSixteen State Attorneys General Urge CFPB to Limit Pre-dispute Arbitration

State attorneys general from California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington sent a letter to Consumer Financial Protection Bureau Director Richard Cordray urging the agency to issue rules imposing “prohibitions, conditions, or limitations on the use of ...

Nov13DCFPB Proposed Prepaid Account Rule

On November 13, 2014 the Consumer Financial Protection Bureau issued its long-awaited proposed rule on prepaid products. The rules would apply broadly to any “prepaid account,” whether in the form of a card, code or other device, capable of being loaded with funds that can be used at unaffiliated merchants, ...

Resource Updates

unlock pinFFIEC Releases Revised BSA/AML Examination Manual

The Federal Financial Institutions Examination Council (FFIEC) has released its revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revisions clarify supervisory expectations and incorporate regulatory changes since the manual’s 2010 update. Significant revisions have been made in the following sections: Suspicious Activity Reporting Currency Transaction Reporting Foreign Correspondent Account Recordkeeping, Reporting, and Due ...

Operation Chokepoint and the Brave New World of Criminal Liability

The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters, and other financial institutions, for violations of the Bank Secrecy Act, including through a DOJ initiative known as “Operation Chokepoint.” Criminal charges for failing to ...

psa_v2PLA Announces the Launch of UDAAP Database

The PLA editors have created a database of enforcement actions that include allegations of unfair, deceptive, or abusive acts or practices (UDAAP) in connection with consumer financial products.  The database focuses on enforcement actions by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the ...

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 ...