Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Davis Wright Tremaine

Posts by Davis Wright Tremaine

Simplification of Privacy Disclosures: An Experimental Test

Posted in Privacy and Data Security, Regulatory and Compliance
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

CFSC Roundup: From Issuing Credit Online to UDAAP Compliance Management

Posted in Credit/Debit Payments Resources, Financial Services Litigation and Enforcement
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

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement
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

Foreign Vendor Due Diligence

Posted in Global Insights
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 ARead the rest

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement
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

The Interplay Amongst Prepaid Cards, New Technologies, and Emerging Payment Systems

Posted in Deals and Technology
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

Evolution of the Mobile Payment Market

Posted in Deals and Technology
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

Can Credit Cards with Access to Complimentary Credit Score Information Benefit Consumers and Lenders?

Posted in General
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

Executive Order–Using Behavioral Science Insights

Posted in Regulatory and Compliance
PLA today posts an Executive Order signed by President Obama titled Using Behavioral Science Insights to Better Serve the American People. Among other things, the Order directs executive departments and agencies, including Federal regulators of financial institutions, to “develop strategies for applying behavioral science insights to programs… Read the rest

FinTech – Worlds Colliding or Bridging a Divide?

Posted in Deals and Technology, Regulatory and Compliance
  The payments industry is undergoing unprecedented growth, rapid technological advancements, and a flood of new entrants into the market. Questions abound as to how all of the stakeholders will work together, which products will be adopted by consumers and retailers, best practices for managing privacy and data security risks, and how federal an… Read the rest

Regulate In Haste, Repent At Leisure, Bank Lobbyists Warned

Posted in Deals and Technology, Regulatory and Compliance
In light of The Clearing House (TCH), a 153 year-old banking association and payments company, pushing legislators to address gaps in data security practices of alternative payment providers (APPs) in a recent white paper, Mark Taylor from PaymentsCompliance spoke to several industry thought leaders, including DWT’s Andy Lorentz, to get perspec… Read the rest

Recent Actions Added To UDAAP Database

Posted in Financial Services Litigation and Enforcement
The 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
On 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
On 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
Two 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
The 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
The 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