Developments and Commentary

Federal Trade CommissionFederal Trade Commission Hosts Crowdfunding & Peer-to-Peer Payments Forum

On October 26, 2016, the Financial Trade Commission hosted a forum on Crowdfunding and Peer-to-Peer Payments, in Washington, D.C., the latest in the Commission’s FinTech Forums Series. The forum included two panels: (1) Peer-to-Peer Payments – Their Emergence and Path Ahead and (2) Crowdfunding – Benefits and Risks for Consumers. ...

China Report: Uniform Interchange Rates Now Apply; Differentiated Interchange Fees Based On Different Types of Merchants No Longer Exist

I. Highlights of the New Regulation On September 6, 2016, a new Chinese regulation regarding fees for the use of bankcards (“Interchange”) in the PRC became effective. For these purposes, Interchange is comprised of fees charged by the card issuer, fees charged by the payment network and fees charged by the acquirer. ...

Regulators and Innovation – an Update on Key Developments

Innovation in the delivery of financial products and services continues at a rapid rate.  We discuss below some recent developments at the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency that illustrate the ways in which two key financial services regulators are working to keep ...

DWT Hosts Faster Payments Panel

On October 18, 2016, DWT hosted a NYPAY panel titled “What’s Next for the Networks in a World of Faster Payments?” 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. Deborah Baxley, Partner ...

PrivSecBlogFeb22Just Around the Corner – HIPAA Audits for Business Associates

Financial organizations that are business associates can expect a wave of HIPAA desk audits to evaluate the HIPAA compliance efforts of business associates.  These audits have a limited focus and are conducted by the U.S. Department of Health and Human Services’ Office for Civil Rights (OCR).  For business associates, desk ...

Resource Updates

capitolThe 2015 CARD Act Report

Following their prior post on the CARD Act Report, Payments team members Andrew Owens and Adam Maarec authored an article entitled “The 2015 CARD Act Report” for the November 2016 issue of The Review of Banking & Financial Services. The abstract for the article is as follows: The CFPB’s biennial report ...

Assessing the Utility of CARD Act Disclosures

PLA has for many years posted elite academic research questioning the utility of CARD Act disclosures.  For example, in 2013 we posted Regulating Consumer Financial Products: Evidence from Credit Cards by Sumit Agarwal from Georgetown University, Souphala Chomsisengphet from the Office of the Comptroller of the Currency, Neale Mahoney from the University of Chicago ...

Legal Developments Affecting Credit Card Steering Rules

PLA today posts a decision from the Second Circuit enforcing American Express’s contractual prohibition against steering (see United States v. American Express Company). Reversing a district  court opinion that barred these contractual terms for allegedly violating antitrust laws, the Second Circuit decision appears to allow Amex to prohibit merchants from: “offering ...

Blockchain, Regtech Dominate Financial Industry Innovations

On September 7, 2016, attorneys from Davis Wright Tremaine LLP attended Next Money NYC 2016. Next Money featured speakers from across the payments industry and the BBVA Open Talent Pitch Competition where twenty fintech start-ups competed for two € 30,000 prizes. Here are our top takeaways from the conference: Blockchain Holds ...

PCI DSS v. 3.2: New Requirements Coming to Protect Your Customers’ Wallets

PCI Council announces that new requirements will be considered “best practices” until compliance becomes mandatory on Feb.1, 2018 The Payment Card Industry (PCI) Security Standards Council (PCI Council) released Version 3.2 of the PCI Data Security Standard (PCI DSS), containing several new requirements for merchants, acquirers, and other entities that accept, ...