Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Category Archives: General

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CFPB Proposes Rule Regulating the Use of Pre-Dispute Arbitration Agreements

Posted in Financial Services Litigation and Enforcement, General
The Consumer Financial Protection Bureau proposed a rule that would regulate the use of pre-dispute arbitration provisions in agreements for many types of consumer financial products or services.  Below is a summary of key provisions of the Bureau’s proposal (click here to read PLA’s previous coverage of the subject.) First, the proposed rule wou… Read the rest

Creating a Diverse Community in FinTech

Posted in General
This post originally appeared on the FemTech Leaders website. It seems like every company, association, and professional services firm has an officially sanctioned diversity subcommittee or initiative these days, and, by and large, that’s a very good thing—it reflects a growing (and much-needed) emphasis on creating work environments that are d… Read the rest

3 Takeaways from the Empire Startups Fintech Conference

Posted in General
On November 10, attorneys from Davis Wright Tremaine LLP attended the Empire Startups Fintech Conference in San Francisco, CA.  Partner Wendy Kearns moderated a panel called “Traditional FinServ – Where to Disrupt and When to Partner” featuring guests Nichole Mustard of Credit Karma, Ryan Gilbert of Better Finance, and Chris Kelly of Loyal3. … Read the rest

Can Credit Cards with Access to Complimentary Credit Score Information Benefit Consumers and Lenders?

Posted in General
PLA today posts “Can Credit Cards with Access to Complimentary Credit Score Information Benefit Consumers and Lenders?“, authored by Vyacheslav Mikhed with the Payment Cards Center at the Federal Reserve Bank of Philadelphia. The paper documents Barclaycard’s offering of free FICO scores and finds correlations between customers’… Read the rest

CFPB Proposed Prepaid Account Rule

Posted in Deals and Technology, General
On 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

PLCC Program Structures: Strategic Choices for Merchants

Posted in Deals and Technology, General
Consistent with Payment Law Advisor’s purpose of demystifying card programs – see, for example, Culture Shock: A Retailer’s Initial Lending Program with a Bank, and PLCC and Cobrand Arrangements – this article briefly reviews various PLCC-program structures that a merchant could adopt, along with key pros and cons of each. Identifying the mos… Read the rest

Marijuana, Banking, and the “10-Foot Pole”

Posted in Financial Services Litigation and Enforcement, General, Regulatory and Compliance
On February 14, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued guidance aimed at clarifying Bank Secrecy Act expectations for financial institutions interested in providing services to marijuana-related businesses (“FinCEN Guidance”).  The FinCEN Guidance came on the heels of related guidance from the Department of J… Read the rest

Virtual Currency Resources

Posted in General
Decentralized virtual currencies (also called math-based, crypto-, or alt-currencies) harness the Internet’s distributed architecture and vast processing power to provide an entirely new platform for payments innovation. Because disruptive technologies such as Bitcoin do not always fit neatly into existing regulatory boxes, we compiled the… Read the rest

MONEY2020: Big Bets on the Future of Emerging Payments

Posted in Deals and Technology, General
Earlier this month, DWT sponsored, and four members of the DWT FinTech team including PLA contributors Scot Tucker and Karen Ross attended, the second annual Money 2020 conference in Las Vegas.  Money 2020 is vying to be the premiere conference for the convergence of players in the emerging payments space.  This year’s attendees exceeded 4,000 p… Read the rest

DWT Payments Team Members at Money2020

Posted in General
With 3,000+ attendees, including 300+ CEOs, from 1,250+ companies and 50+ countries, Money2020 is the premier destination for the global community of innovators in Payments and Financial Services and the intersection with Retail, Mobile, Marketing Services, Data, Technology and other sectors that are profoundly changing how people and businesses m… Read the rest

50 State Survey of Gift Card Laws

Posted in General
The National Conference of State Legislatures (NCSL) recently released a chart that provides an overview of state gift card statutory requirements in all US states and territories as of mid-March 2013. While the chart is not exhaustive in its summary of each state’s law, it includes summaries of the state law sections that are often of most interest incl… Read the rest

Authorities Regarding GLBA Privacy and the FCRA

Posted in General
One of PLA’s missions is to facilitate knowledge-management for payments practitioners. Pursuant to that mission, PLA is today posting four fundamental, but not always easily accessed, authorities regarding GLBA privacy and the FCRA. Regarding GLBA privacy, we are posting OCC interpretative letters 910 and 917, which remain basic authorities for… Read the rest

FTC Releases Fifth Interim Report on Credit Report Accuracy

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

NACHA Issues Guidelines for Using QR Codes in Bill Pay Services and ACH Payments

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