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Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

FRB Governor Indicates Data Aggregators Could Impact Bank Safety & Soundness as Part of the “Fintech Stack”

In 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”...more

6/2/2017  /  Banking Sector , Banks , CFPB , FinTech , FRB

The CFPB’s Final Prepaid Account Rule

On October 13, the DWT Payments team briefed the Consumer Working Group of the Financial Services Roundtable (FSR) on the CFPB’s final prepaid account rule. The presentation focused on the following topics: - Scope of...more

The Consumer Credit Card Market

Credit cards are central to the financial lives of most American consumers. Credit cards represent a key medium for U.S. consumer spending. In the first six months of 2015 alone, there were some 14.5 billion U.S. general...more

Sprint Agrees to Pay FTC $2.95 Million to Settle Risk-Based Pricing Rule Charges Under the FCRA

Mobile 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...more

Treasury Department RFI on Online Marketplace Lending Signals Potential Shift Towards Regulation of Small Business Loans

The 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...more

An Overview of the CFPB’s Proposed Prepaid Account Rule

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...more

CFPB Proposed Prepaid Account Rule

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...more

CFPB Proposes Alternative Delivery Method for GLBA Privacy Notice

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...more

DC Circuit Durbin Decision Available on PLA

We have added the DC Circuit Court of Appeals “Durbin” decision to our Regulatory and Compliance Resources page. The decision overturned a lower court’s ruling that had largely vacated the “Durbin Amendment,” a set of rules...more

GAO Issues Report On Tax Compliance Issues Regarding Virtual Economies and Currencies

We 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...more

9/4/2013  /  Bitcoin , Compliance , FinCEN , GAO , Virtual Currency

Comment Deadline on Ban of Remotely Created Checks and Payment Orders under FTC Telemarketing Sales Rule Extended to August 8

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...more

FTC Annual Letter to the CFPB

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....more

5/15/2013  /  CFPB , FTC

Visa Revises Rules to Permit Discounts on Proprietary, Co-Brand Cards to Foster Its Partnership with Chase

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...more

FTC Order Against Fraudulent Payment Processor Joins Growing List of Regulatory Actions Involving Third Party Service Providers

Following on the heels of significant regulatory actions by the Consumer Financial Protection Bureau, Federal Reserve, and the FDIC against regulated companies and their third-party service providers, the Federal Trade...more

3/20/2013  /  Fraud , FTC , Payment Processors , Third-Party

FTC Releases Long-Awaited Update to its 2000 Dot Com Disclosures Guide

The 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...more

FTC Releases Report on Mobile Payments; Guidance on Addressing Issues in Mobile Carrier Billing, Privacy and Data Security

Earlier 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...more

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

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....more

Regulatory Action Against First Bank of Delaware Reinforces BSA and AML Concerns with Third-Party Relationships

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...more

12/4/2012  /  DOJ , FDIC , FinCEN
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