In simultaneous enforcement actions against TransUnion and Equifax, the Consumer Financial Protection Bureau settled charges against the credit reporting agencies for, among other things, allegedly deceptive marketing practices involving proprietary “educational credit scores” that the agencies had advertised were used by lenders in ma… Read the rest
Innovation in the delivery of financial products and services continues at a rapid rate. We discuss below some recent developments at the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency that illustrate the ways in which two key financial services regulators are working to keep up.
CFPB’s Innovation Insights Re… Read the rest
On October 18, 2016, DWT hosted a NYPAY panel titled “What’s Next for the Networks in a World of Faster Payments?” NYPAY is a New York-based forum for the payments and mobile commerce industry. The recent panel was part of a series of NYPAY events hosted by DWT.
Deborah Baxley, Partner at PayGility Advisors, moderated the panel, which included Dan Gonz… Read the rest
Last week, DWT Consumer Financial Services team member Tom Scanlon spoke at the June NYPAY panel titled, “Regulating Prepaid: Balance Between Protecting Consumers & Promoting Payments”.
NYPAY is a New York-based forum for innovators and leaders in the payments and mobile commerce industry. The recent panel was part of a series of NYPAY events h… Read the rest
The Treasury Department recently issued a white paper detailing its findings on the current state of the online marketplace lending industry and offering policy recommendations, including a call for increased regulation of the industry.
The report was informed by a request for information (“RFI”) issued by the Treasury Department in 2015 (see our … Read the rest
On May 24 we will be hosting a panel discussion in San Francisco on blockchain and related technologies. Please see below for details on how to register.
Every so often—and more frequently now than ever before—we are treated to a deluge of media stories telling us why some new technology will change our lives. Recently, the thundering drumbeat of tech… Read the rest
The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook.
The appendix provides guidance and a work program to assist examiners in evaluating the risks posed by an institution’s mobile financial… Read the rest
The days of swiping a credit card on a card reader are over.
Companies are increasingly exploring new and creative ways to allow their customers to pay for items using smartphones, computers, and mobile technologies. In a webinar scheduled for 12 PM EDT on Thursday, May 12, DWT Privacy and Security and Payments team member Courtney Stout, along with David Ze… Read the rest
Earlier this month, DWT hosted a NYPAY panel titled “Will the Blockchain Eliminate the Need for Payment Intermediaries?” NYPAY is a New York-based forum for the payments and mobile commerce industry. The recent panel was part of a series of NYPAY events hosted by DWT. DWT continues to monitor developments on blockchain and virtual currency.
Eric Pisc… 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
DWT Payments team members Adam Maarec and Chris Chamness recently authored an article for Paybefore entitled “CFPB’s Enforcement Lessons for the Payments Industry.” The article focuses on four key topics: recent enforcement action data, including the bureau’s use of its authority to prevent unfair, deceptive, or abusive act… 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
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
Have you ever been depressed when a Kickstarter project to make potato salad proceeded to rake in more than your annual salary? Felt a sense of despair as an Indiegogo campaign to develop an X-rated card game went on to attract tens of thousands of dollars in funding? The October edition of the SAR Stats bulletin may make you feel (a little) better.
Accordi… Read the rest
Update: The Federal Reserve received forty comments in response to its request. A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs. Many commenters agreed with the Federal Reserve’s assessment that the ubiquity necessary to establish a successful same-day ACH service co… 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
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
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
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
PLA today posts two excerpts from the First Data S-1 that give interesting overviews of the payments ecosystem from First Data’s perspective, as well as a list of certain First Data alliances and related arrangements. We hope you find this information useful.… Read the rest
PLA today posts “Trends and Preferences in Consumer Payments: Updates from the Visa Payment Panel Study,” a Philadelphia Fed discussion paper. The paper presents useful data about, among other things, the importance of rewards programs to the marketing of general purpose cards, as well as changes in the use of store private label cards versus gas c… Read the rest