Developments and Commentary

DWT Hosts NYPAY Blockchain Panel

Earlier this month, DWT hosted a NYPAY panel titled “Will the Blockchain Eliminate the Need for Payment Intermediaries?” NYPAY  is a New York-based forum for the payments and mobile commerce industry. The recent panel was part of a series of NYPAY events hosted by DWT. DWT continues to monitor developments ...

New Mexico To Regulate Money Transmission

The number of states that do not regulate money transmitters grows ever smaller as New Mexico recently enacted the New Mexico Uniform Money Services Act. Prior to the enactment, New Mexico only regulated issuers and sellers of checks and money orders.  Under the new law, a money transmitter — including an ...

Women in Housing and Finance’s Annual Symposium on FinTech Issues

DWT Consumer Financial Services team members Adam Maarec and Allison May attended last week’s Annual Symposium of Women in Housing and Finance, which focused on the impact of financial technology. A few of the most notable comments are summarized below. Blythe Masters, CEO of Digital Asset Holdings, explained how blockchain technology ...

U.S. Consumer Financial Services Regulation: What to Expect in 2016

At the 2016 Digital Payments Intensive in London, DWT Emerging Payments and Prepaid team leader Andy Lorentz offered attendees insight into some major recent and upcoming developments with respect to regulation of consumer financial services activities in the United States this year.  Such developments include everything from pending rules on ...

OFACrevViolation of OFAC Reporting Requirements: “No Harm, No Foul”? No Way!

A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly complying with even seemingly ministerial reporting requirements applicable to financial institutions that hold blocked property of sanctioned persons, and indeed ...

Resource Updates

New Version of PCI DSS Released

The PCI Council has released a new version of its data security standard, PCI DSS v. 3.2.  For more information from the PCI Council, click here.  Look for our analysis and free webinar announcement next week!

Regulation of Payment Services in China

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At the recent 2016 Digital Payments Intensive in London, DWT Payments team member Vincent Wang, a partner in our Shanghai office, offered insight on regulations and ...

credit card and padlockCredit Card Data Breaches: Protecting Against Surprises

For retailers, the costs involved with a credit card data breach go well beyond the immediate needs of retaining a privileged forensic investigator, hiring outside counsel and public relations and crisis management advisors, and notifying customers of the breach and offering credit protection services to them. DWT PrivSec and Payments team ...

“Abusive” Practices Under the UDAAP Prohibition

In an effort to help companies better understand the implications of the Consumer Financial Protection Bureau’s enforcement actions involving allegations of abusive conduct taken under the authority of the Consumer Financial Protection Act of 2010, DWT Payments team member Adam Maarec, along with Laurie Lucas (associate professor of legal studies and William S. Spears Chair ...

First Data Materials

PLA today posts publicly available materials relating to First Data’s Clover and TransArmor solutions.  To facilitate reference to these materials, as well as to the excerpts from the First Data S-1 that we posted last fall (and future posts of First Data materials, as the opportunity arises), we are creating ...