Developments and Commentary

Consumer Financial Protection Bureau logoSurvey of UDAAP Activities Under the Dodd-Frank Act

DWT Payments Team member Adam Maarec recently published the third article in a series that surveys activities identified as unfair, deceptive, or abusive (UDAAP) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The latest survey covers activity between July 1, 2014, and December 31, 2014, and identifies specific ...

Bullet 3_UDAAPEnforcementCFPB Enforcement Data Reveals Increased UDAAP Focus, Willingness to Litigate

In conjunction with a forthcoming survey on the CFPB’s UDAAP enforcement actions and our UDAAP enforcement action database, we generated data to analyze all of the CFPB’s enforcement activity since the agency came into existence. The year-to-year data, which appears in the charts and table below, provides several interesting trends ...

Chip PinLegal Departments: Are You Ready for The New PCI DSS Requirements?

Our friends at the DWT Privacy & Security Law Blog have posted an article on the new Version 3 PCI DSS requirements that replaced Version 2 on Jan. 1, 2015.  You can read their post about this and other privacy matters at www.privsecblog.com.

CFPB_logo_659pxAn Overview of the CFPB’s Proposed Prepaid Account Rule

(To view a printable PDF of this post, click here.)  The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E and Regulation Z. To help navigate the comprehensive 235-page ...

VC MAP NO FONTState Virtual Currency Regulatory Heat Map

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.* ...

Resource Updates

Cyber2Cybersecurity: The Human Factor

Financial institutions are under a constant and growing cyber assault from hacktivists that want to cause online mischief, criminals that want to steal consumer data and nation-states that are looking for a military, political or economic advantage. In this increasingly costly war, the focus is often on the latest hardware, ...

unlock pinFFIEC Releases Revised BSA/AML Examination Manual

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 ...

Operation Chokepoint and the Brave New World of Criminal Liability

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 ...

psa_v2PLA Announces the Launch of UDAAP Database

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 ...

A Survey of Activities Identified as Unfair, Deceptive, or Abusive by the CFPB

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. ...