Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Andrew J. Lorentz

Andrew J. Lorentz

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Posts by Andrew J. Lorentz

CFPB’s First No-Action Letter: Supporting Innovation AND Supervision for Fair Lending

Posted in Regulatory and Compliance
The Consumer Financial Protection Bureau (the “Bureau”) issued its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a marketplace lender that sought to clarify that its automated model for underwriting unsecured, non-revolving loans does not present a violation of the Equal Credit Opportunity Act (“ECOA”) and… Read the rest

OCC Issues Draft Fintech Supplement to OCC Licensing Manual

Posted in OCC Fintech Charter
On March 15, 2017, the Office of the Comptroller of the Currency issued a “Draft Supplement” to the Comptroller’s Licensing Manual, entitled “Evaluating Charter Applications from Financial Technology Companies” (Supplement).  The OCC’s Supplement is designed to provide substantive standards and procedures for the OCC’s evaluati… Read the rest

Developments on the OCC’s Initiative for Fintech Companies

Posted in OCC Fintech Charter
Since Comptroller of the Currency Thomas J. Curry announced last December that the OCC will move forward to consider granting special purpose national bank charters to financial technology companies—under the OCC’s existing authorities—the banking industry has grappled with the various dimensions of the agency’s “responsible innovati… Read the rest

OCC to Consider Special Charter Applications for Fintech Companies

Posted in OCC Fintech Charter
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the OCC will move forward with considering granting federal charters—under the OCC’s existing authorities—to financial technology companies.  Comptroller Curry’s action is the latest, clearly most substantial, step forward in administering the “respon… Read the rest

Anatomy of a Consent Order: “Gizmo” Case Study

Posted in Financial Services Litigation and Enforcement
On March 26, 2015, DWT payments team member Andy Lorentz was a presenter at ACI’s 9th Emerging Payments System conference in Chicago, IL. His panel focused on the topic of “Ensuring Compliance with the Increasingly Aggressive State Regulatory and Enforcement Framework Governing Emerging Payment Systems.” Andy’s presentation offered a case s… Read the rest

The Fed’s Goals, Strategies, and Tactics for an Improved U.S. Payment System

Posted in Regulatory and Compliance
The Federal Reserve System recently issued a paper titled Strategies for Improving the U.S. Payment System that provides a roadmap for end-to-end payment system advances over the short and long term. Background The Fed announced its refreshed strategic focus on the development of payment system improvements in an October 2012 speech, which was followe… Read the rest

An Overview of the CFPB’s Proposed Prepaid Account Rule

Posted in Regulatory and Compliance
(To view a printable PDF of this post, click here.)  The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E and Regulation Z. To help navigate the comprehensive 235-page rulema… Read the rest

CFPB Proposes No-Action Letter Policy for Innovative Products

Posted in Deals and Technology, Regulatory and Compliance
The Consumer Financial Protection Bureau has proposed a no-action letter policy under which the agency would issue letters stating that its staff “has no present intention to recommend initiation of an enforcement or supervisory action” with respect to specified matters involving innovative financial products or services. The proposal is an enc… Read the rest

Penalties for Violation of Certain Money Transmitter Laws

Posted in Financial Services Litigation and Enforcement, Regulatory and Compliance
On Monday, September 22, DWT payments team member Andy Lorentz spoke at ACI’s 8th Emerging Payment Systems Conference in Washington, DC, as part of a panel entitled “Ensuring Compliance with the Increasingly Aggressive State Regulatory and Enforcement Framework Governing Emerging Payment Systems, Including Virtual Currencies: An In-… Read the rest

Mobile Payments Projects with Financial Institutions: Lessons from the Trenches

Posted in Deals and Technology
At LSI’s Second Annual Mobile Payments Law Conference in Palo Alto, CA, DWT partner Andrew Lorentz gave a presentation entitled “Mobile Payments Projects with Financial Institutions: Lessons from the Trenches.” The presentation focused on four lessons on how to navigate your way through this process: Decide who offers the product… Read the rest

Key Trends in Global Payments

Posted in Regulatory and Compliance
DWT payments team members Andy Lorentz and Vincent Wang recently spoke at the Addleshaw Goddard International Financial Services Convention in London on September 27-28, 2013. Given the complexity of regulatory regimes across the world, it has become increasingly difficult for individual firms to provide a comprehensive global legal solution when i… Read the rest

A Point of View on Bank Secrecy Act/AML Issues for Mobile Payments

Posted in Regulatory and Compliance
At LSI’s Mobile Payments Systems conference in Washington, D.C., DWT partner Andrew Lorentz gave a presentation entitled “A Point of View on Bank Secrecy Act/AML Issues for Mobile Payments.” The presentation focused on the following topics: Perspective Key issues and challenges Enforcement and regulatory trends To view the presentation mater… Read the rest

The X’s and O’s of Mobile Payments

Posted in Deals and Technology, Privacy and Data Security, Regulatory and Compliance
On March 14, 2013, Davis Wright Tremaine partner Andy Lorentz teamed up with BetterBuyDesign’s Steve Mott to present the X’s and O’s of Mobile Payments at DWT’s Game Time at Restaurant High 2013, an invitation-only event for high-level restaurant executives to learn about key developments in the industry and look toward what t… Read the rest

Added Functionality: Regulatory Issues Associated with Credit and Overdraft Features

Posted in Regulatory and Compliance
The attached presentation entitled Added Functionality: Regulatory Issues Associated with Credit and Overdraft Features was given by DWT partner Andy Lorentz at American Conference Institute’s 7th National Forum on Prepaid Card Compliance in Washington, D.C. on January 30, 2013. The presentation covered topics including: 2005 Joi… Read the rest

International & Cross-Border Payments Forum: Expanding Beyond North America

Posted in Global Insights
DWT partner Andy Lorentz moderated a panel at American Conference Institute’s Advanced Forum on International & Cross-Border Payments in New York, NY. The panel discussed Expanding Beyond North America: Key Considerations and Proven Strategies for Entering Into or Accepting Payments From New Markets, Including the EU, Asia, and Latin America… Read the rest

DWT’s Top 10 Signs You Probably Need a Banking Lawyer

Posted in Deals and Technology, Regulatory and Compliance
DWT partner Andy Lorentz co-chaired the LSI Mobile Payments Law Conference in San Francisco on November 15-16 and participated in a panel entitled “U.S. Financial Services Law: When Do Technology Companies Need a Banking Lawyer?” As part of that panel, he delivered a presentation entitled “DWT’s Top 10 Signs You Probably Need… Read the rest

“Because It’s Not Monopoly Money”: Emerging Regulatory Issues for Mobile Payments

Posted in Regulatory and Compliance
The attached presentation was given by DWT lawyer Andy Lorentz at Law Seminars International’s Fourth Annual Advanced Conference on the New Wireless Ecosystem in Seattle on November 5-6, 2012. The presentation covered topics including: What Would a Banker Think? Recent Enforcement Actions Partnering With a Bank Rules For Prepaid Produc… Read the rest

The New “A” in UDAAP, Privacy, Third Party Relationships, and Marketing

Posted in Regulatory and Compliance
On October 12, 2012, DWT partner Andy Lorentz, along with Green Dot Corporation Chief Compliance Officer Christine Hunt-Fuhr and Bancorp Bank Senior Vice President, Director of Third Party Risk Branan Cooper, presented at ACI’s 6th National Forum on Prepaid Card Compliance in San Francisco, CA. The presentation was entitled “The New R… Read the rest

RAMP Presentation: Mobile Marketing Regulatory Compliance: Lurking Dangers and Cautionary Tales

Posted in Regulatory and Compliance
The attached presentation was given by DWT lawyers Andy Lorentz, Ken Payson, and Ronnie London at the RAMP Advanced Commerce and Mobile Retail Services Summit in Chicago on October 2, 2012. The presentation covered topics including: Overview of the Regulatory Regime Less-Obvious Compliance Issues Potentially Significant Exposure from Seemingly Inn… Read the rest