Developments and Commentary

San JoseFinovate Summary

Two DWT payments lawyers, Gwen Fanger and Pete Johnson, attended the Finovate conference in San Jose on May 12th and 13th.  The Finovate conference focuses on FinTech innovations and is structured as a series of 7-minute, individual product demos over two days.  More information can be found here. The conference was ...

capitolLegislation Proposed to Ban Mandatory Arbitration Clauses

On April 29, 2015, Senator Al Franken (D-MN) and Representative Hank Johnson (D-GA) introduced the Arbitration Fairness Act of 2015 (AFA), which would amend the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. (FAA), by invalidating pre-dispute agreements requiring arbitration of employment, consumer, antitrust, or civil rights disputes. Under the ...

Virutal DollarFinCEN and Department of Justice Settle Anti-Money Laundering Charges Against Crypto-Currency Company Ripple Labs

On May 5, Ripple Labs (Ripple) entered into a consent decree with the Financial Crimes Enforcement Network (FinCEN), under which Ripple admitted to  conduct that violated U.S. anti-money laundering (AML) laws and agreed to take remedial measures to prevent future violations.  Concurrently, Ripple entered into an almost identical settlement agreement ...

Credit ScoreCFPB: The “Credit Invisibles” and Alternative Data

On May 5, 2015, the CFPB published a report, Data Point: Credit Invisibles, finding that 26 million Americans (as of December 2010, and out of 189 million Americans with scorable credit records), or one in every ten, do not have any credit history with a nationwide credit reporting agency (Equifax, ...

securityLegal Departments: New PCI DSS Requirements Mandatory in June

PCI Council publishes new PCI Data Security Standard Version 3.1 and provides very short time to implement new encryption standards. The PCI Council just published a new version of the PCI Data Security Standard (PCI DSS).  The newVersion 3.1 (agreement required) is available to use immediately and becomes mandatory on June ...

Resource Updates

psa_v2Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most recent actions to facilitate understanding of the themes and patterns in UDAAP enforcement actions that have been ...

psa_v2Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most recent actions to facilitate understanding of the themes and patterns in UDAAP enforcement actions that have been ...

San FranABA Meeting Sheds Light on UDAAP Priorities and CFPB’s Project Catalyst Initiative

A team of DWT payments lawyers attended the American Bar Association Business Law Section’s spring meeting in San Francisco last week. Adam Maarec from our Washington, DC office moderated a lively roundtable titled A Roadmap for Credit Card Lending: Mitigating Fair Lending and UDAAP Risks, and Anticipating the CFPB’s Focus in ...

claudeMobile Wallet Discussion at 2015 FinTech Startups Conference

At the recent 3rd Annual FinTech Startups Conference in New York City, DWT payments team member Claude Goetz joined a panel that included Jenny Fielding (Techstars), Mark Egerman (Cover), Michael Dudas (Button), and Andrew Dresner (JP Morgan Chase & Co.) to discuss the burgeoning mobile wallet market, with a particular ...

WhiteHouseFlagPresident Obama’s April Fools’ Day Order on Cyberterrorism – No Joking About It!

While it’s not clear whether the President’s release today of an Executive Order, "Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities," was purposefully timed to coincide with April Fools' Day, it is apparent that the government is ratcheting up its fight against cyberterrorism and making no ...