Developments and Commentary

Title Page from ACI Emerging PaymentsClimate for Payments Innovation OCC “FinTech” Charter

At ACI’s 13th National Forum on Emerging Payment Systems Conference in Washington, D.C., DWT’s Emerging Payments and Prepaid practice leader, Andy Lorentz, discussed the climate for payments innovation in the context of the OCC’s “FinTech” charter. During the discussion, which was presented as part of a panel entitled, “Industry Roundtable on the ...

CFPB Proposes Changes to Mortgage Industry

The Consumer Financial Protection Bureau recently issued a proposed rule regarding integrated disclosure for mortgage transactions and, more recently, published a policy paper regarding loss mitigation programs in housing transactions.  Taken together, the Bureau’s actions likely will impart new practices in the mortgage industry and affect disclosure, information sharing, and ...

Transfer money by smart phoneCFPB Official Offers Update and Guidance on Regulations

This morning we attended the meeting of the Financial Services Roundtable’s Consumer Working Group, which featured a presentation by David Silberman, Acting Deputy Director of the Consumer Financial Protection Bureau. Deputy Director Silberman described the Bureau’s rulemaking process, touched on a handful of its ambitions for rules under a range of ...

ThinkstockPhotos-517841818_2HIPAA Wake-Up Call for Financial Institutions: First HIPAA Settlement with Business Associate

It’s a HIPAA first. A business associate has settled a direct enforcement action over allegations that it potentially violated the Health Insurance Portability and Accountability Act (HIPAA). This settlement portends future HIPAA enforcement actions against business associates. What Happened? It all started with the theft of a smart phone. On June 24, ...

FFIEC Appendix E Presentation Cover PageNew Banking Agency Guidance on Mobile Financial Services

At ACI’s recent the 12th National Forum on Emerging Payment Systems in San Francisco, Andy Lorentz, the leader of DWT’s  Emerging Payments and Prepaid practice, served as conference co-chair and presented as part of a panel entitled “Mobile Payment Systems and the Challenges Facing Financial Inclusion: Managing the Expectations of Millennials, the Underbanked and ...

Resource Updates

Blockchain, Regtech Dominate Financial Industry Innovations

On September 7, 2016, attorneys from Davis Wright Tremaine LLP attended Next Money NYC 2016. Next Money featured speakers from across the payments industry and the BBVA Open Talent Pitch Competition where twenty fintech start-ups competed for two € 30,000 prizes. Here are our top takeaways from the conference: Blockchain Holds ...

PCI DSS v. 3.2: New Requirements Coming to Protect Your Customers’ Wallets

PCI Council announces that new requirements will be considered “best practices” until compliance becomes mandatory on Feb.1, 2018 The Payment Card Industry (PCI) Security Standards Council (PCI Council) released Version 3.2 of the PCI Data Security Standard (PCI DSS), containing several new requirements for merchants, acquirers, and other entities that accept, ...

Cross-Border Financing Transactions between China and the U.S.

PLA today posts materials prepared by Norm Page, Chair of DWT’s China Practice and Adjunct Professor at the East China University of Political Science and Law, regarding cross-border financing transactions between China and the United States.  PLA hopes that these materials will provide those practicing in this area with a ...

Consumer Financial Protection Bureau Law Enforcement: An Empirical Review

PLA today augments its popular UDAAP Enforcement Action Database page with a link to “Consumer Financial Protection Bureau Law Enforcement: An Empirical Review,” by Professor Christopher L. Peterson.  We hope you find it useful.

Credit 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 ...