Posts by Davis Wright Tremaine
Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At the recent 2016 Digital Payments Intensive in London, DWT Payments team member Vincent Wang, a partner in our Sha… Read the rest
For retailers, the costs involved with a credit card data breach go well beyond the immediate needs of retaining a privileged forensic investigator, hiring outside counsel and public relations and crisis management advisors, and notifying customers of the breach and offering credit protection services to them.
DWT PrivSec and Payments team member Cou… Read the rest
DWT Consumer Financial Services team members Adam Maarec and Allison May attended last week’s Annual Symposium of Women in Housing and Finance, which focused on the impact of financial technology. A few of the most notable comments are summarized below.
Blythe Masters, CEO of Digital Asset Holdings, explained how blockchain technology has the potent… Read the rest
At the 2016 Digital Payments Intensive in London, DWT Emerging Payments and Prepaid team leader Andy Lorentz offered attendees insight into some major recent and upcoming developments with respect to regulation of consumer financial services activities in the United States this year. Such developments include everything from pending rules on pre… Read the rest
In an effort to help companies better understand the implications of the Consumer Financial Protection Bureau’s enforcement actions involving allegations of abusive conduct taken under the authority of the Consumer Financial Protection Act of 2010, DWT Payments team member Adam Maarec, along with Laurie Lucas (associate professo… Read the rest
PLA today posts publicly available materials relating to First Data’s Clover and TransArmor solutions. To facilitate reference to these materials, as well as to the excerpts from the First Data S-1 that we posted last fall (and future posts of First Data materials, as the opportunity arises), we are creating a “First Data Materials” section on ou… Read the rest
How to Improve Data Security in Payment Systems: Changing Risks and Changing Technology for In-House Counsel
Thursday, March 31st, 2016
12:00 PM EDT
Davis Wright Tremaine presents this audio web cast through Celesq® Attorneys Ed Center in partnership with West LegalEdcenter, a Thomson Reuters business.
With new technology behind how credit card tr… Read the rest
The intersection of technology and financial services innovation raises a host of regulatory questions for new participants, and that’s before thinking about how those regulations are evolving to keep pace with new developments. DWT’s Emerging Payments and Prepaid practice leader Andy Lorentz joined Tommy Nicholas (Co-Founder, Alloy.co), Wre… Read the rest
Nonprofits engaged in fundraising from the general public have been “crowdfunding” for centuries! Now, however, there is a profusion of online crowdfunding platforms of different types, each with its own benefits and attendant payments-related issues.
Andy Lorentz and David Lawson from the DWT Payments team met with non-profit l… Read the rest
DWT and the Financial Services Roundtable jointly presented a webinar on the CFPB’s latest CARD Act Report and its potential impact on the credit card market in January 2015. In case you missed it (or want to listen again), a recording of the webinar is now available by clicking here.
DWT Payments team members Andy Owens and Adam Maarec were joined by Rich Fo… Read the rest
DWT Payments Team member Adam Maarec recently published an updated Survey of Activities Identified as Unfair, Deceptive, or Abusive Under the Dodd-Frank Act. The survey covers activities that occurred during the second half of 2015. Source documents for each of the enforcement actions referenced in the survey are available in our UDAAP database.
We i… Read the rest
PLA today posts “Simplification of Privacy Disclosures: An Experimental Test,” in which Omri Ben-Shahar and Adam Chilton, both of the University of Chicago School of Law, having studied the consumer impact of such disclosures, conclude: “Our results reveal that none of the simplification techniques help inform respondents or affect their beha… Read the rest
DWT’s Payments Team participated in the ABA Consumer Financial Services Committee’s Winter Meeting in Park City, Utah last week. Andrew Owens delivered a presentation on advertising and issuing credit online during the program’s kick-off event, and Adam Maarec participated in a panel on how to integrate unfair, deceptive, or abusive act or prac… Read the rest
Thursday, January 21, 2016
4:00 p.m. – 5:00 p.m. EST
Join us for a discussion of the CFPB’s latest CARD Act Report and its potential impact on the credit card market, jointly presented by Davis Wright Tremaine’s Payments Team and the Financial Services Roundtable. We’ll explore the concerns expressed by the CFPB, including not only such “he… Read the rest
PLA today updates the UDAAP database with a series of enforcement actions from the CFPB and, notably, the prudential regulators.
The majority of enforcement actions involving allegedly unfair, deceptive, and abusive acts and practices (UDAAP) over the last six months have been filed by the Consumer Financial Protection Bureau (CFPB) using its UDAAP po… Read the rest
Originally posted on Empire Startups
Your dry-cleaner knows you by first name, but your stockbroker doesn’t. A deep dive into technologies shaking up traditional banking, asset management, insurance and FinServ as a whole. While disrupting banks makes headlines, it’s also increasingly important for startups to forge strategic partners… Read the rest
Innovation outside of banks is driving sharp increases in outsourcing and partnerships, making foreign vendor due diligence an even more essential component of operating in the FinTech space. At ACI’s recent Advanced Legal, Regulatory and Compliance Forum on Cross-Border & Global Payments and Technologies in New York, DWT Payment team member A… Read the rest
The CFPB and FDIC have issued new enforcement actions that include allegations of unfair, deceptive, and/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.
In addit… Read the rest
On October 1, DWT Payments team member and Financial Services Practice Group Chair Claude Goetz joined a panel at ACI’s Prepaid Card Compliance Forum in Chicago to discuss “The Interplay Amongst Prepaid Cards, New Technologies, and Emerging Payment Systems, Including Mobile Wallets, Virtual Currencies, and EMV Cards: Exploring New Opportunitie… Read the rest
The payments industry stands on the edge of unparalleled payment innovation: mobile wallets, wearables, cloud-based payment cards, tokens and digital cash. What do they all mean and which ones are likely to actually change the way we pay for things?
The banks remain key players in the deployment of major mobile payment solutions and the operation of t… Read the rest
DWT Payments Team member Adam Maarec recently published the fourth 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 January 1, 2015 and June 30th, 2015, and identifies specific practices that al… Read the rest
As has been widely reported, the U.S.-EU Safe Harbor – probably the most commonly used method for transferring personal data to the United States – has been invalidated by an EU court. The court’s decision has wide-ranging implications for data protection compliance for U.S. businesses and other organizations with activities in Europe.… Read the rest
PLA today posts “Can Credit Cards with Access to Complimentary Credit Score Information Benefit Consumers and Lenders?“, authored by Vyacheslav Mikhed with the Payment Cards Center at the Federal Reserve Bank of Philadelphia. The paper documents Barclaycard’s offering of free FICO scores and finds correlations between customers’… Read the rest
PLA today posts “Do Banks Pass Through Credit Expansions?“, which attributes the overall failure of cheap central bank credit to stimulate card issuers’ lending to a mismatch between the issuers’ marginal propensity to lend (they prefer to raise lines for good risks) and obligors’ marginal propensity to borrow (line i… Read the rest