Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Tag Archives: Andrew Lorentz

Federal Reserve Approves Major Prepaid Card Provider Green Dot’s Application to Own a Bank

By Andrew J. Lorentz on Posted in Regulatory and Compliance

Overcoming concerns about a business plan devoted exclusively to the issuance and servicing of general purpose reloadable prepaid cards, the Federal Reserve Board voted on November 23, 2011 to approve Green Dot’s application to purchase Bonneville Bancorp and its wholly owned subsidiary, Bonneville Bank, a Utah state-chartered bank. The Board’s approval order can be read… Continue Reading

Verizon Once Again Reports Widespread Shortfalls in Payment Card Industry Data Security Standard Compliance

By Andrew J. Lorentz and Randy Gainer on Posted in Privacy and Data Security

The 2011 Payment Card Industry Compliance Report by Verizon once again indicates widespread non-compliance with the Payment Card Industry (“PCI”) Data Security Standards. Only 21% of organizations were compliant at the time of their initial assessment, essentially the same as last year. Organizations are also failing to prioritize their compliance efforts in the manner recommended by the PCI… Continue Reading