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
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
As noted in our post on January 29, the FFIEC recently proposed guidance on social media use (the guidance can be found here). DWT partner Andy Lorentz recently provided commentary on this development in the February 2013 issue of E-Commerce Law & Policy, noting that “The informality and real-time nature of many social media types… Continue Reading
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
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
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
From William James, Partner, Addleshaw Goddard On 23 November 2012 the Governing Council of the European Central Bank (ECB) approved the “Oversight expectations for links between retail payment systems”, which lay down Eurosystem oversight requirements with regard to links established by retail payment systems operating in the euro area. These expectations focus on ensuring the… Continue Reading
In October, DWT lawyers Andy Lorentz, Ken Payson, and Ronnie London presented on “Mobile Payments and Marketing Compliance” at the RAMP Advanced Commerce and Mobile Retail Services Summit in Chicago. The presentation covered topics including: Overview of the Regulatory Regime Less-Obvious Compliance Issues Potentially Significant Exposure from Seemingly Innocuous Conduct Previously, we posted a link to… Continue Reading