Developments and Commentary

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix provides guidance and a work program to assist examiners in evaluating the risks posed by an institution’s mobile financial services, or “MFS”, ...

CFPB Proposes Rule Regulating the Use of Pre-Dispute Arbitration Agreements

The Consumer Financial Protection Bureau proposed a rule that would regulate the use of pre-dispute arbitration provisions in agreements for many types of consumer financial products or services.  Below is a summary of key provisions of the Bureau’s proposal (click here to read PLA’s previous coverage of the subject.) First, the ...

Webinar: Legal Issues in the Mobile Landscape

The days of swiping a credit card on a card reader are over. Companies are increasingly exploring new and creative ways to allow their customers to pay for items using smartphones, computers, and mobile technologies. In a webinar scheduled for 12 PM EDT on Thursday, May 12, DWT Privacy and Security ...

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 ...

Resource Updates

The Wild, Distributed World: Get Ready for Radical Infrastructure Changes, From Blockchains to the Interplanetary File System to the Internet of Things

On May 24 we will be hosting a panel discussion in San Francisco on blockchain and related technologies. Please see below for details on how to register. Every so often—and more frequently now than ever before—we are treated to a deluge of media stories telling us why some new technology will change ...

Spotlight on CFPB Enforcement

At this week’s NBPCA Power of Prepaid conference in Washington, DC, DWT Payments team member Adam Maarec joined a panel entitled “Spotlight on CFPB Enforcement: Uncovering Recent Trends, Targets and Priorities Surrounding Prepaid” to discuss, amongst other topics, UDAAP as a CFPB enforcement priority; spotting unfairness, deception, and abusiveness; and ...

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 ...