By Adam D. Maarec on Posted in Deals and Technology, Regulatory and Compliance
Innovation in the delivery of financial products and services continues at a rapid rate. We discuss below some recent developments at the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency that illustrate the ways in which two key financial services regulators are working to keep up.
CFPB’s Innovation Insights Re… Read the rest
By Adam D. Maarec and Christopher M.A. Chamness on Posted in Deals and TechnologyThe Treasury Department recently issued a white paper detailing its findings on the current state of the online marketplace lending industry and offering policy recommendations, including a call for increased regulation of the industry.
The report was informed by a request for information (“RFI”) issued by the Treasury Department in 2015 (see our … Read the rest
By Lance Koonce on Posted in Deals and Technology
On May 24 we will be hosting a panel discussion in San Francisco on blockchain and related technologies. Please see below for details on how to register.
Every so often—and more frequently now than ever before—we are treated to a deluge of media stories telling us why some new technology will change our lives. Recently, the thundering drumbeat of tech… Read the rest
By Dsu-Wei Yuen on Posted in Deals and TechnologyThe Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook.
The appendix provides guidance and a work program to assist examiners in evaluating the risks posed by an institution’s mobile financial… Read the rest
By Davis Wright Tremaine on Posted in Deals and Technology, Privacy and Data SecurityThe days of swiping a credit card on a card reader are over.
Companies are increasingly exploring new and creative ways to allow their customers to pay for items using smartphones, computers, and mobile technologies. In a webinar scheduled for 12 PM EDT on Thursday, May 12, DWT Privacy and Security and Payments team member Courtney Stout, along with David Ze… Read the rest
By Julia Dempewolf on Posted in Deals and TechnologyEarlier this month, DWT hosted a NYPAY panel titled “Will the Blockchain Eliminate the Need for Payment Intermediaries?” NYPAY is a New York-based forum for the payments and mobile commerce industry. The recent panel was part of a series of NYPAY events hosted by DWT. DWT continues to monitor developments on blockchain and virtual currency.
Eric Pisc… Read the rest
By Davis Wright Tremaine on Posted in Deals and TechnologyDWT Consumer Financial Services team members Adam Maarec and Allison May attended last week’s Annual Symposium of Women in Housing and Finance, which focused on the impact of financial technology. A few of the most notable comments are summarized below.
Blythe Masters, CEO of Digital Asset Holdings, explained how blockchain technology has the potent… Read the rest
By Adam D. Maarec and Christopher M.A. Chamness on Posted in Deals and Technology
DWT Payments team members Adam Maarec and Chris Chamness recently authored an article for Paybefore entitled “CFPB’s Enforcement Lessons for the Payments Industry.” The article focuses on four key topics: recent enforcement action data, including the bureau’s use of its authority to prevent unfair, deceptive, or abusive act… Read the rest
By Davis Wright Tremaine on Posted in Deals and Technology, Regulatory and ComplianceThe intersection of technology and financial services innovation raises a host of regulatory questions for new participants, and that’s before thinking about how those regulations are evolving to keep pace with new developments. DWT’s Emerging Payments and Prepaid practice leader Andy Lorentz joined Tommy Nicholas (Co-Founder, Alloy.co), Wre… Read the rest
By Davis Wright Tremaine on Posted in Deals and TechnologyNonprofits engaged in fundraising from the general public have been “crowdfunding” for centuries! Now, however, there is a profusion of online crowdfunding platforms of different types, each with its own benefits and attendant payments-related issues.
Andy Lorentz and David Lawson from the DWT Payments team met with non-profit l… Read the rest
By Davis Wright Tremaine on Posted in Deals and Technology, Regulatory and ComplianceDWT and the Financial Services Roundtable jointly presented a webinar on the CFPB’s latest CARD Act Report and its potential impact on the credit card market in January 2015. In case you missed it (or want to listen again), a recording of the webinar is now available by clicking here.
DWT Payments team members Andy Owens and Adam Maarec were joined by Rich Fo… Read the rest
By Dsu-Wei Yuen on Posted in Deals and TechnologyUpdate: The Federal Reserve received forty comments in response to its request. A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs. Many commenters agreed with the Federal Reserve’s assessment that the ubiquity necessary to establish a successful same-day ACH service co… Read the rest
By Davis Wright Tremaine on Posted in Deals and Technology
Originally posted on Empire Startups
Your dry-cleaner knows you by first name, but your stockbroker doesn’t. A deep dive into technologies shaking up traditional banking, asset management, insurance and FinServ as a whole. While disrupting banks makes headlines, it’s also increasingly important for startups to forge strategic partners… Read the rest
By Davis Wright Tremaine on Posted in Deals and TechnologyOn October 1, DWT Payments team member and Financial Services Practice Group Chair Claude Goetz joined a panel at ACI’s Prepaid Card Compliance Forum in Chicago to discuss “The Interplay Amongst Prepaid Cards, New Technologies, and Emerging Payment Systems, Including Mobile Wallets, Virtual Currencies, and EMV Cards: Exploring New Opportunitie… Read the rest
By Davis Wright Tremaine on Posted in Deals and TechnologyThe payments industry stands on the edge of unparalleled payment innovation: mobile wallets, wearables, cloud-based payment cards, tokens and digital cash. What do they all mean and which ones are likely to actually change the way we pay for things?
The banks remain key players in the deployment of major mobile payment solutions and the operation of t… Read the rest
By Davis Wright Tremaine on Posted in Deals and Technology, Regulatory and Compliance
The payments industry is undergoing unprecedented growth, rapid technological advancements, and a flood of new entrants into the market.
Questions abound as to how all of the stakeholders will work together, which products will be adopted by consumers and retailers, best practices for managing privacy and data security risks, and how federal an… 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.