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 ...
Developments and Commentary
Christopher Avery on Apr 10, 2015
Last week, the Payment Card Industry Security Standards Council released new guidelines related to the security of tokenization products. The guidelines are a set of technical best practices for evaluating tokenization products that will be used to replace the primary account number (PAN), commonly known as the full credit card ...
Peter S. Johnson on Apr 10, 2015
Innovation in the payments industry continues to accelerate as both established and emerging companies invest significant resources in the development of new payment systems and technologies. Recognizing the challenge that rapidly-evolving technologies present to legislators, bipartisan groups have been formed in both the United States Senate and United States House ...
Kelly Zemil on Mar 30, 2015
Earlier this month, Equifax, Experian and TransUnion announced the creation of the “National Consumer Assistance Plan,” which will, among other things, change the way these credit bureaus handle consumer disputes and report unpaid medical bills. The Plan, which was created as part of a settlement agreement with the New York ...
Burt Braverman on Mar 25, 2015
- Financial Services Litigation and Enforcement
- Litigation and Enforcement Resources
- Regulatory and Compliance
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,658,300 settlement with PayPal, Inc. (PayPal) to resolve potential civil liability for 486 alleged violations of the Iranian, Sudanese, Cuban, Global Terrorism, and Weapons of Mass Destruction Proliferators (WMDP) sanctions programs. OFAC alleged that, for ...
Davis Wright Tremaine on Apr 23, 2015
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 ...
Davis Wright Tremaine on Apr 20, 2015
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 ...
Davis Wright Tremaine on Apr 01, 2015
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 ...
The Federal Financial Institutions Examination Council (FFIEC) has released a new appendix to the “Business Continuity Planning” booklet of the FFIEC Information Technology Examination Handbook containing guidance that is intended to align financial institutions’ oversight of the business continuity planning (BCP) activities of their third-party technology service providers (TSPs) with guidance ...
Andrew J. Lorentz & PLA Platypus on Mar 26, 2015
On March 26, 2015, DWT payments team member Andy Lorentz was a presenter at ACI’s 9th Emerging Payments System conference in Chicago, IL. His panel focused on the topic of “Ensuring Compliance with the Increasingly Aggressive State Regulatory and Enforcement Framework Governing Emerging Payment Systems.” Andy’s presentation offered a case ...
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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#MobileWallet Discussion at 2015 FinTech Startups Conference: http://t.co/huT1GuLR6f
6 days ago
New enforcement actions on our #UDAAP Database http://t.co/WskqPZcxL4
1 week ago
RT @averycm: Legal Departments: New #PCI DSS Requirements Mandatory in June - http://t.co/qMeURdznjS
1 week ago
RT @OneNorth: Congrats to @DWTLaw for being recognized as a @TheWebbyAwards honoree! http://t.co/Hk9VlQQ189 #webdesign #webbyawards
3 weeks ago
#FFIEC Release – Business Continuity Planning For Outsourced Technology Services http://t.co/ftGjjA08gs
4 weeks ago