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.* ...
Developments and Commentary
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 ...
Davis Wright Tremaine on Dec 18, 2014
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.
Adam D. Maarec on Nov 25, 2014
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 ...
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, ...
John Dodge on Dec 03, 2014
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 ...
Davis Wright Tremaine on Nov 18, 2014
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 ...
Davis Wright Tremaine on Nov 17, 2014
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 ...
Davis Wright Tremaine on Sep 12, 2014
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. ...
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 ...
Our Payments Team addresses changes and continuities in the payments industry every day—leveraging our many years of industry experience and our presence on both coasts and in China. On paymentlawadvisor, we offer commentary on new developments that seem particularly significant, as well as resources that we believe can be helpful to others who are tasked with anticipating, understanding and addressing these developments.
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What to expect when you're expecting...to develop a #mobilepayments solution with a financial institution. http://t.co/YlqIjUTVBj
7 hours ago
RT @PeterTLuce: What's the best book you've read about payments and/or cryptocurrencies this year (fiction included)?
2 weeks ago
Mobile is poised to account for 30% of #CyberMonday sales http://t.co/ryugEN2vWy
3 weeks ago
The flurry of activity on pre-dispute arbitration agreements could indicate that additional action is near. #CFPB http://t.co/kTePftVaTp
3 weeks ago
Hope you caught @PeterTLuce presenting on the cryptocurrencies; check out our crypto resources via http://t.co/QsgvDLWnGM #VDCurrency
4 weeks ago