Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Davis Wright Tremaine

Posts by Davis Wright Tremaine

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement

psa_v2The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most recent actions to facilitate understanding of the themes and patterns in UDAAP enforcement actions that have been issued not j… Read the rest

OFAC Warns Financial and International Trade Sectors on Evasion of Crimean Sanctions

Posted in Global Insights

UkraineCrimeaOn Dec. 19, 2014, President Obama issued Executive Order 13685, “Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine,” to impose sanctions relating to the Russian occupation of the Crimean region of Ukraine (“Crimea”). E.O. 13685 prohibits most direct and indirect t… Read the rest

The CFPB and the Business of Insurance

Posted in Financial Services Litigation and Enforcement, Regulatory and Compliance

DWT payments team member Adam Maarec recently co-authored (with James C. Sivon) an article entitled “The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales” in the Quarterly Report of the Conference on Consumer Finance Law.

In 2014, the Bureau of Consumer Financial Protection (CFPB) is… Read the rest

Future Tense: Contemplating the Impending Transition to Digital Wallets and Mobile Prepaid Platforms over the Next 5 Years

Posted in Deals and Technology

CaptureOn June 11, DWT payments partner Andy Lorentz joined Kevin Boglarsky (Director, Payment Products at Discover), James Hutchison (SVP Emerging Commerce Products, FIS), and Brian Knight (Associate Director, The Milken Institute) at the NBCPA’s Power of Prepaid conference in Washington, DC, to share insights on the future of digital payments and techn… Read the rest

Finovate Summary

Posted in Deals and Technology

San JoseTwo DWT payments lawyers, Gwen Fanger and Pete Johnson, attended the Finovate conference in San Jose on May 12th and 13th.  The Finovate conference focuses on FinTech innovations and is structured as a series of 7-minute, individual product demos over two days.  More information can be found here. The conference was attended by early stage companies de… Read the rest

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement

psa_v2The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most recent actions to facilitate understanding of the themes and patterns in UDAAP enforcement actions that have been issued.

In o… Read the rest

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement

psa_v2The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most recent actions to facilitate understanding of the themes and patterns in UDAAP enforcement actions that have been issued not j… Read the rest

ABA Meeting Sheds Light on UDAAP Priorities and CFPB’s Project Catalyst Initiative

Posted in Regulatory and Compliance

San FranA 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 RepRead the rest

Mobile Wallet Discussion at 2015 FinTech Startups Conference

Posted in Deals and Technology Resources

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 the l… Read the rest

President Obama’s April Fools’ Day Order on Cyberterrorism – No Joking About It!

Posted in Privacy and Data Security

WhiteHouseFlagWhile 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 cyberterror… Read the rest

President Obama’s Proposed Consumer Privacy Bill of Rights

Posted in Privacy and Data Security

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 Jur
Read the rest

American Banker Talks to Andy Lorentz on Net Neutrality

Posted in Regulatory and Compliance

Dot comAs 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 bases.

American BankeRead the rest

Webinar: Re-Identification Risks for Credit Card Data

Posted in Privacy and Data Security, Regulatory and Compliance

Credit Card wo goldJoin 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 … Read the rest

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

Posted in Regulatory and Compliance

CFPB SlideOn 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 o
Read the rest

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 all… Read the rest

Cybersecurity: The Human Factor

Posted in Privacy and Data Security

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 fo… Read the rest

Operation Chokepoint and the Brave New World of Criminal Liability

Posted in Financial Services Litigation and Enforcement

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 f… Read the rest

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 finan… Read the rest

Upcoming Event: The Future of Payments is … Now (?)

Posted in Deals and Technology

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 to know now to better prepare for tom… Read the rest