State of Texas Issues Memorandum on Virtual Currencies
Posted 2 days ago

The State of Texas is the most recent state to…

State of Texas Issues Memorandum on Virtual Currencies
Crtypto Currencies: Bitcoin and Beyond
Posted 5 days ago

On April 8, DWT payments team members Peter Luce and…

Crypto Currencies: Bitcoin and Beyond
An Update on FinCEN Virtual Currency Initiatives
Posted 22 days ago

At ACI's 7th National Forum on Emerging Payment Systems in…

An Update on FinCEN Virtual Currency Initiatives
Visa and MasterCard Endorse HCE
Posted 26 days ago

Visa and MasterCard announced in late February plans to support…

Visa and MasterCard Endorse HCE
You Say You Want a Revolution? Virtual Currency Issues & Opportunities for Financial Institutions
Posted 48 days ago

DWT payments team member Peter Luce and Steve Mott from BetterBuyDesign…

You Say You Want a Revolution? Virtual Currency Issues & Opportunities for Financial Institutions
Protection Against Discovery of SARs and Related Internal Investigation Documents Given Resounding Endorsement by Washington State Court
Posted 49 days ago

The Bank Secrecy Act prohibits financial institutions from producing Suspicious…

Protection Against Discovery of SARs and Related Internal Investigation Documents Given Resounding E…
Virtual Currency Round-Up
Posted 70 days ago

NY Mulls Bitcoin License

New York Department of Financial Services…

Virtual Currency Round-Up: NY Mulls Bitcoin License; FinCEN Issues Opinion Letters on Bitcoin Mining…
Virtual Currency Year-In-Review: Bitcoin and Beyond
Posted 106 days ago

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013…

Virtual Currency Year-In-Review: Bitcoin and Beyond
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Developments and Commentary

TexasState of Texas Issues Memorandum on Virtual Currencies

The State of Texas is the most recent state to announce a formal policy with regard to virtual currencies. The Texas Department of Banking (DOB) issued a supervisory memorandum on April 3, 2014, interpreting how virtual currencies, including cryptocurrencies, will be regulated under the Texas Money Services Act. You can ...

Bitcoin imageCrypto Currencies: Bitcoin and Beyond

On April 8, DWT payments team members Peter Luce and Jerry Wang presented on the topic of "Crypto Currencies: Bitcoin and Beyond" for an audience of business and legal professionals from a range of industries. The presentation covered the following topics: How Crypto-Currencies Work: Bitcoin Example Where Crypto-Currencies Fit In The Regulatory ...

tim-hortons-timmyme-nfc-hceVisa and MasterCard Endorse HCE

Visa and MasterCard announced in late February plans to support cloud-based mobile payments through a new feature in the Android mobile operating system called Host Card Emulation (HCE). HCE leverages Near Field Communication (NFC) applications on Android smartphones, letting users make payments by swiping their smartphones and permitting financial institutions ...

Pages from NACHA Virtual Currency Webinar Mott-Luce 2 19 14- v7You Say You Want a Revolution? Virtual Currency Issues & Opportunities for Financial Institutions

DWT payments team member Peter Luce and Steve Mott from BetterBuyDesign presented a webinar entitled "You Say You Want a Revolution? Virtual Currency Issues & Opportunities for Financial Institutions" for NACHA—The Electronic Payments Association on Feb. 19, 2014. Their presentation focused on the emergence of virtual currency and included the following topics: How Crypto-Currencies Work: Bitcoin ...

Washington stateProtection Against Discovery of SARs and Related Internal Investigation Documents Given Resounding Endorsement by Washington State Court

The Bank Secrecy Act prohibits financial institutions from producing Suspicious Activity Reports and documents related to internal monitoring and investigations that are intended to “detect fraud and money laundering.”  The BSA’s prohibitions were given an unequivocal endorsement in a new Washington State appellate court.  Norton v. U.S. Bank N.A.,  -- ...

Resource Updates

DC Circuit Durbin Decision Available on PLA

We have added the DC Circuit Court of Appeals “Durbin” decision to our Regulatory and Compliance Resources page (you can find it here).  The decision overturned a lower court’s ruling that had largely vacated the “Durbin Amendment,” a set of rules adopted by the Federal Reserve in 2011 governing interchange ...

College Debit Cards

PLA today posts the GAO’s report, issued last month, analyzing the market for college debit cards and expressing concern about “students’ access to no-fee ATMs, schools’ influence over students’ banking and payment choices, potential conflicts of interest for schools, and the lack of transparency surrounding card agreements.”  The CFPB’s public ...

Virtual Currency Resources

Decentralized virtual currencies (also called math-based, crypto-, or alt-currencies) harness the Internet’s distributed architecture and vast processing power to provide an entirely new platform for payments innovation. Because disruptive technologies such as Bitcoin do not always fit neatly into existing regulatory boxes, we compiled the PLA Virtual Currency Resources page to ...

Requirements-and-Best-Practices-for-Truncating-Card-Account-Numbers1Fear FACTA: Beware the Truncation Requirement of the Fair and Accurate Credit Transactions Act

All businesses, large and small, that issue electronically generated credit or debit card receipts to consumers at the point of transaction are subject to the “truncation” requirement of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). This seemingly modest provision, which forbids credit and debit card receipts, whether ...

Pages from Lessons From Recent Data Security Cases - LSI 11 22 2013Lessons From Recent Data Security Cases

At LSI’s Second Annual Mobile Payments Law Conference in Palo Alto, CA, DWT partner Randy Gainer gave a presentation entitled “Lessons From Recent Data Security Cases.” The presentation focused on the following topics: What types of alleged damages allow data breach plaintiffs to avoid dismissal of their claims? Does the economic loss doctrine ...