Developments and Commentary

Mandatory Cash Acceptance Update – Philadelphia Legislation & Athletic Venues

On March 18, the Governor of New Jersey signed a bill making his state just the second to require that certain businesses accept cash as a form of payment. DWT has previously detailed this bill, as well as pending legislation in a number of American cities that would likewise require retailers ...

SCOTUS Rules Foreclosure Firms Are Not “Debt Collectors” in Nonjudicial Proceedings

This week, in a unanimous decision, the Supreme Court held that law firms conducting nonjudicial foreclosures are not “debt collectors” under the Fair Debt Collection Practices Act. McCarthy & Holthus LLP (McCarthy) sent the petitioner, Dennis Obduskey, correspondence regarding the foreclosure of his Colorado home in 2014, about five years after ...

Hands with transport card, smartphone, smartwatch and bank card near POS terminal. Wireless, contactless or cashless payments, rfid nfc. Vector illustration in flat styleMandatory Cash Acceptance Legislation and the Ongoing Argument Over Going Cashless

In an American economy driven by Silicon Valley, where Americans pay more than half of their bills online, and millennials have taken to online social platforms like Venmo to split the bill for dinner, cash continues to represent nearly a third of transactions in the United States. In fact, though ...

Visa and Mastercard Obtain Preliminary Approval of Second Attempt at Interchange Settlement

On January 24, 2019, Judge Margo K. Brodie of the U.S. District Court for the Eastern District of New York granted preliminary approval of Visa and Mastercard’s second attempt to settle the 13-year old antitrust litigation brought by approximately 12 million merchants, alleging that Visa, Mastercard, and several issuing and ...

Federal Reserve Seeks Comment on Actions to Promote Faster Payments

On November 15, 2018, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register its request for public comment on potential actions the Federal Reserve could take to “promote ubiquitous, safe, and efficient faster payments in the United States by facilitating real-time interbank settlement of ...

Resource Updates

Lessons from Recent BSA/AML Enforcement Actions

On February 14, 2019, DWT FinTech co-chair Andy Lorentz gave a presentation on lessons learned from recent BSA/AML enforcement actions–a continued area of emphasis in a de-regulatory climate–to the Innovative Payment Alliance Financial Crimes Task Force. To view the presentation materials, please click here.

DWT Payments Team Members Featured in Thomson Reuters’ Recent CFS Law Report

On December 27, 2018, Thomson Reuters published a new Consumer Financial Services Law Report, which highlights significant caselaw and emerging trends. Their latest report features an article written by a few of our payments members: Bradford Hardin, Jonathan Engel, and Juliana Gerrick, titled “States Diverge from Federal Regulators on Disparate ...

DWT’s Project W Hosts FinTech Women Event: FI Perspective on the FinTech Ecosystem

On November 6, 2018, DWT’s Project W hosted the third FinTech Women event of the year, featuring a panel discussion titled “State of the FinTech Ecosystem: the FI Perspective.” The panelists represented a wide cross-section of financial institutions engaged in the FinTech ecosystem, including a large national bank, a growing ...

State of Regulation: Focus on FinTech

On Thursday, November 8, DWT FinTech team co-leader Andy Lorentz took part in the Commerce.Innovated Class 8 Demo Day in New York City. Andy led a discussion on legal developments in FinTech, with a focus on federal regulatory rollbacks, an update on federal enforcement activities, a discussion of the regulatory ...

Artificial Intelligence & Machine Learning: The Future Computed

On July 30, DWT payments member Robin Nunn spoke on a panel focused on Artificial Intelligence and Machine Learning at the National Bar Association’s (NBA) 93rd Annual Convention & Exhibits. The panel discussed a range of questions, including, “What is AI? How are existing laws affected by AI? Who should ...