Brian Hurh counsels clients on financial regulatory, transactional and privacy matters involving traditional lending products as well as mobile, prepaid and other emerging consumer payment solutions. Ask Me About:
*CFPB
*UDAAP
By Brian J. Hurh on Posted in Regulatory and ComplianceI. Introduction
A confluence of regulatory activity and policy debates seem to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how financial data may be shared by financial institutions, controlled by third-party data aggregators, and used… Read the rest
By Brian J. Hurh on Posted in Regulatory and ComplianceIn a recent speech at the Northwestern Kellogg Public-Private Interface Conference, Federal Reserve Board Governor Lael Brainard indicated that the relationships between banks and data aggregators within the “fintech stack” may present safety and soundness concerns that warrant oversight by the FRB (and perhaps other prudential regulators).… Read the rest
By Brian J. Hurh and Bryan Thompson on Posted in Financial Services Litigation and EnforcementMobile service providers frequently look at their customers’ credit reports and scores to determine the best pricing plans for those customers. But asa recent settlement between Sprint Corporation and the Federal Trade Commission shows, mobile carriers that use customers’ credit information to determine service rates may be subject to the FTC… Read the rest
By Brian J. Hurh and Davis Wright Tremaine on Posted in Regulatory and ComplianceThe Treasury Department recently issued a request for information to explore various aspects of “online marketplace lending.” The RFI seeks comment on a broad array of online financial services companies that lend not only to consumers but also to small businesses. When considering the RFI in connection with other recent regulatory activity, incl… Read the rest
By Brian J. Hurh and Davis Wright Tremaine on Posted in Deals and Technology, GeneralOn November 13, 2014 the Consumer Financial Protection Bureau issued its long-awaited proposed rule on prepaid products. The rules would apply broadly to any “prepaid account,” whether in the form of a card, code or other device, capable of being loaded with funds that can be used at unaffiliated merchants, for peer-to-peer transfers, or for ATM with… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
The CFPB has proposed rules to afford financial institutions an alternative delivery method for annual privacy notices under the privacy provisions of GLBA and Regulation P (12 CFR part 1016). This alternative delivery method would permit financial institutions (under limited circumstances) to post annual privacy notices on their websites in lieu… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
We have added the DC Circuit Court of Appeals “Durbin” decision to our Regulatory and Compliance Resources page (you can find it here). The decision overturned a lower court’s ruling that had largely vacated the “Durbin Amendment,” a set of rules adopted by the Federal Reserve in 2011 governing interchange fees and network routing for debit t… Read the rest
By Brian J. Hurh on Posted in Regulatory and ComplianceWe are updating our resource page to include a May 2013 U.S. GAO report on potential tax compliance issues related to virtual economies and currencies, which followed on the heels of FinCEN’s virtual currency guidance in March 2013 (read our analysis here). The GAO guide recognizes that virtual currencies pose various tax compliance risks, but acknowl… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
In May, we highlighted the FTC’s notice of proposed rulemaking that proposed changes to the Telemarketing Sales Rule (TSR) (16 CFR 310). The NPRM included a proposed ban on the use of certain “novel” payment methods in all telemarketing transactions (i.e., both inbound and outbound). The proposed banned payment methods include remotely created c… Read the rest
By Brian J. Hurh on Posted in Financial Services Litigation and Enforcement
The FTC recently released its annual letter to the CFPB on recent FTC enforcement actions related to the Truth in Lending Act, the Consumer Leasing Act, the Electronic Fund Transfer Act, and the Equal Credit Opportunity Act. The letter’s greatest utility, though, might be found in its footnotes – a comprehensive collection of citations (with URLs) no… Read the rest
By Brian J. Hurh on Posted in Deals and Technology, Regulatory and Compliance
We understand that Visa recently revised its rules to permit US issuers and merchants to offer immediate discounts at the point of sale to encourage and reward the use of different types of Visa cards. Visa’s prior rule barred such point-of-sale differentiation among Visa cards. While the rule change could have a broad impact, we speculate that it also ma… Read the rest
By Brian J. Hurh on Posted in Regulatory and ComplianceThe Federal Trade Commission (“FTC”) has released its revised guidance on the principles of advertising disclosures in the online marketplace. Entitled “.com Disclosures,” the new guidance enhances the FTC’s earlier Dot Com Disclosures guide, published in May 2000, to address over a decade of technological changes in e-commerce, inclu… Read the rest
By Brian J. Hurh on Posted in Regulatory and ComplianceEarlier this month, the FTC released a Report highlighting some of the key issues in the mobile payments space, with particular focus on mobile carrier billing, privacy and data security, and international payments. The Report is based on various workshops held by the FTC on mobile technologies, and provides summary guidance on what issues companies s… Read the rest
By James H. Mann and Brian J. Hurh on Posted in General
On February 11, 2013, the FTC made public its fifth interim report on a national study of credit report accuracy. The report concludes, among other things, that 26% of the 1,001 participants in the study identified at least one potentially material error on at least one of their three credit reports. A copy of the report is available here. The report will like… Read the rest
By Brian J. Hurh on Posted in General
NACHA’s Council for Electronic Billing and Payment recently released a guide on the use of “quick response” codes (or “QR codes”) to facilitate bill pay services, including initiating ACH payments and reviewing accounts. QR codes have been used for a variety of applications, including marketing and advertising, product information and eve… Read the rest
By Brian J. Hurh on Posted in Financial Services Litigation and Enforcement, Regulatory and Compliance
Earlier this month, First Bank of Delaware[FN1] was subjected to concurrent $15 million penalties by the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN), along with a $15 million settlement with the Department of Justice (DOJ). The fines and penalties were in settlement of alleged violations of the B… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
The Consumer Financial Protection Bureau (CPFB) generally oversees companies that offer consumer financial products and services, including mortgages, student loans, and credit cards. The CFPB website includes key information for financial services providers, including CFPB advisory bulletins on third-party service providers and credit car… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
Compliance means conforming to the applicable rules and regulations of the various federal regulatory agencies. Our Resources page gives you access to the various agency websites and related information, including the Federal Reserve and its regional banks, MOUs between the CFPB and federal and state agencies, OCC, FDIC, FFIEC, FTC, FinCEN, MTRA an… Read the rest
By Brian J. Hurh on Posted in Regulatory and Compliance
DWT representatives attended the October NACHA MEGA meeting in Atlanta, GA to discuss recent trends in payments and ACH services. Among the highlights from the conference were:
Jan Estep, President and CEO of NACHA, kicked off the events with updates on recent and upcoming NACHA activities. In particular, Ms. Estep announced that the proposal to imple… Read the rest
Our Payments Team addresses changes and continuities in the payments industry every day—leveraging our many years of industry experience and our presence on both coasts and in China. On paymentlawadvisor, we offer commentary on new developments that seem particularly significant, as well as resources that we believe can be helpful to others who are tasked with anticipating, understanding and addressing these developments.
RT @FTconnector: Talking about The Evolution of AI in Finance last week @DWTLaw in NYC
#finance #ArtificialInteligence #fintech https://t.co/QoKk4kUHhe
4 months ago
RT @PaulMoniz1: What’s next in #FinTech? Panel hosted @DWTLaw discussing FinTech 1 and FinTech2. Thx to @NYPAYGROUP for sponsoring.… https://t.co/bPcftlQy9F
4 months ago
RT @s_sboo: @DWTLaw's own Robin Nunn will be discussing FinTech Products and Services at @ABABusLaw's 9th Institute on Consumer… https://t.co/Kbu5rcDQ7s
5 months ago
We invite you to join @DWTlaw partner Jonathan Engel at @ABABusLaw’s annual meeting in Austin Sept 13-15. Jonathan… https://t.co/RdYZBdMjvM
5 months ago
Next up: @DWTLaw partner Robin Nunn explores #AI issues at the @nationalbar 93rd Annual Convention on 7/30. Join Ro… https://t.co/VcB2Nuwp1Q