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 its Next CARD Act Report…. Continue Reading
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 focus on the market since… Continue Reading
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 joke about it. Taking a… Continue Reading
Our colleagues over at the DWT PrivSec Blog are closely monitoring the Obama administration’s proposed Consumer Privacy Bill of Rights. In a six-part series of posts, they will explore: Personal Data, De-Identification, and Retention Requirements Notice, Choice, and Context What’s Not Covered Data Security Accountability Expanded FTC Jurisdiction To read our team’s summaries and analysis, click here.
As players from across the online ecosystem have lined up to debate the effects of net neutrality, the financial services world has generally stayed out of the fray. That does not mean, however, that financial institutions aren’t keeping a close eye on what the FCC is doing and how it might affect their businesses and customer… Continue Reading
Join us March 10 at 1PM EST (10AM PST) for Re-identification Risks for Credit Card Data, featuring DWT payments team members Christin McMeley and Brian Hurh as well as Khaled El Emam, Founder and CEO of Privacy Analytics. An article was published recently in Science magazine claiming that it is “easy” to re-identify credit card transaction data that has been anonymized…. Continue Reading
On Feb. 19, DWT payments team member Andy Lorentz gave a presentation to the Financial Services Roundtable Consumer Working Group that covered a number of key topics related to the CFPB’s prepaid proposal. An overview of the presentation includes: Highlights of the Prepaid Proposal Regulation Z and Prepaid Accounts Implications for deposit account overdrafts To… Continue Reading
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 practices that allegedly violate the… Continue Reading
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, software and analytics to fortify… Continue Reading
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.
DWT payments team member Karen Ross recently spoke at Law Seminars International’s 23rd Annual Seattle Conference on Technology Law. Karen’s presentation focused on the following topics: The Mobile Payments Ecosystem Regulatory Oversight OCC – Third Party Relationship Risk Management Guidance CFPB – Enforcement Policy CFPB’s Project Catalyst Pros and Cons To view the presentation materials,… Continue Reading
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 maintain an effective Anti-Money Laundering… Continue Reading
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 Federal Trade Commission. PLA will… Continue Reading
The Federal Financial Institutions Examination Council (FFIEC) released general observations yesterday from a cybersecurity assessment of over 500 community financial institutions. The cybersecurity assessment evaluated the institutions’ preparedness to mitigate cyber risks. It ultimately found that due to the critical dependence of financial institutions on information technology to conduct business operations, combined with increasing sector… Continue Reading
Bill Gates once opined that “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” Join us in an informal conversation at Money2020 about trends in the legal, compliance and state licensing landscape for payments and find out what you need… Continue Reading
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. The new article updates the previous… Continue Reading
In the July 2014 issues of The Review of Banking & Financial Services, DWT payments team members Burt Braverman and Micah Ratner wrote about the truncation requirement of FACTA, which has spawned a wave of class action litigation with potentially ruinous damages for “willful” violations. The authors describe the court rulings in these cases at the… Continue Reading
DWT payments team members Claude Goetz and James Mann recently shared some insight about pooling hospitality loyalty programs in an article published by Law360. To read their tips, click here.
With 3,000+ attendees, including 300+ CEOs, from 1,250+ companies and 50+ countries, Money2020 is the premier destination for the global community of innovators in Payments and Financial Services and the intersection with Retail, Mobile, Marketing Services, Data, Technology and other sectors that are profoundly changing how people and businesses manage, spend and borrow money. Money2020… Continue Reading
As The Am Law Daily‘s Juan Ferrer reports, Bitcoin’s move toward the mainstream is the latest wrinkle in a so-called emerging payments sector that some law firms see as offering growth opportunities. For more information, including commentary on the subject from DWT partner Andy Lorentz, click here.
The June 2013 issue of E-Finance & Payments Law & Policy featured an article from DWT partner Vincent Wang entitled “The Escalation of the Mobile Payments Market in China.” To read the article, click here.
DWT partner Randy Gainer will speak at the Electronic Transactions Association’s (ETA) upcoming Compliance Day on April 30 to address the topic of “Legal and Technical Security Challenges for Cloud-Based Mobile Payment Solutions.” Compliance Day kicks off ETA’s 2013 Annual Meeting and Expo. For more information about the event or to register, click here. For… Continue Reading
As “the cloud” becomes ubiquitous for business and consumer applications, and harnessing “big data” presents novel challenges and opportunities, it is time for a deep dive into the implications of the cloud and big data for the global legal system. Are current legal structures adequate to define and enforce the rights and liabilities of cloud… Continue Reading
Webinar, April 23, 2-3:30 PM Eastern. Using social media in your bank can have significant marketing and recruitment value. It can also bring outsized reputation risk and regulatory risk to your institution, too. Larger banks keep teams of lawyers on staff to help mitigate the fallout from a misguided social media message, but smaller financial… Continue Reading