Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Davis Wright Tremaine

Posts by Davis Wright Tremaine

Webinar: Re-Identification Risks for Credit Card Data

Posted in Privacy and Data Security, Regulatory and Compliance

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

The CFPB’s Prepaid Proposal: Reg E, Reg Z, and Overdrafts

Posted in Regulatory and Compliance

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

Survey of UDAAP Activities Under the Dodd-Frank Act

Posted in Regulatory and Compliance

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

Cybersecurity: The Human Factor

Posted in Privacy and Data Security Resources

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

Money Flows: The Future of Financial Transactions

Posted in Deals and Technology

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

Operation Chokepoint and the Brave New World of Criminal Liability

Posted in Litigation and Enforcement Resources, Resource Database

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

PLA Announces the Launch of UDAAP Database

Posted in Regulatory Compliance/Federal Agencies Resources, Resource 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 Federal Trade Commission.  PLA will… Continue Reading

Federal Financial Institutions Examination Council Releases Cybersecurity Assessment Results: Boards of Directors and Senior Management Need to Engage

Posted in Privacy and Data Security

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

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

Posted in Litigation and Enforcement Resources, Regulatory Compliance/Federal Agencies Resources

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

DWT Payments Team Members at Money2020

Posted in General

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

Am Law Lawyers Help Bring Bitcoin to the Masses

Posted in Resource Database

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.

Legal and Technical Security Challenges for Cloud-Based Mobile Payment Solutions

Posted in Privacy and Data Security

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

Cloud Services and Related Big Data Issues Seminar — Seattle, April 29-30

Posted in Deals and Technology

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

Social Media: What You Need to Know to Meet New Regulatory Expectations — April 23 Webinar

Posted in Regulatory and Compliance

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

Mobile Payment Litigation Risks: Free Webinar

Posted in Privacy and Data Security

At 9 AM Pacific/12 PM Eastern on March 28, DWT partner Randy Gainer will present a free webinar entitled “Mobile Payment Litigation Risks.” Attendes will learn how: 1. Weak computer network and mobile security may permit theft of payment data 2. Businesses may collect user information from smartphones without sufficient user permission 3. Consumer class… Continue Reading

Modifications to HIPAA Rules Impacts Financial Institutions — Informational Webinar

Posted in Regulatory and Compliance

On January 25th, the U.S. Department of Health and Human Services published major modifications to the HIPAA privacy, security, and breach notification rules in the Federal Register. These rules will significantly impact many financial institutions that service health care providers and health plans, potentially making them directly liable for penalties under HIPAA for noncompliance. This… Continue Reading

Single Purpose Commercial Prepaid Cards and Their Implementing Practices in Shanghai

Posted in Global Insights

In September 2012, the Ministry of Commerce (“MOFCOM”) issued the Administrative Measures on Single Purpose Commercial Prepaid Cards (Tentative) (“Single Purpose Cards Measures” — click here for the measures in Chinese and click here for an English translation), which took effect on Nov. 1, 2012, and provide the basic principles on the issuance and regulation… Continue Reading

CFPB’s Trial Disclosure Program Open for Comment

Posted in Regulatory and Compliance

The CFPB is currently seeking comment on its proposed “Policy to Encourage Trial Disclosure Programs.” The Policy is intended to “encourage banks, thrifts, credit unions, and other financial services companies to innovate by proposing and conducting” trial consumer disclosures for limited test periods, subject to the terms and conditions approved by the CFPB. The trial programs… Continue Reading