Obrea O. Poindexter

Obrea O. Poindexter

Morrison & Foerster LLP

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CFPB Takes Action Against Carrier for Charging for Unwanted Services

On December 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place...more

12/19/2014 - CFPB Cramming Enforcement Actions Fraudulent Charges Mobile Payments Sprint Telecommunications Third-Party UDAAP

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

12/19/2014 - Arbitration Banking Sector Banks Consumer Financial Products Dodd-Frank Fair Lending Federal Reserve Mobile Payments Mortgages Payment Systems Privacy Laws Regulation AA Structured Financial Products TCPA

Overview of the CFPB Prepaid Account Proposed Rule

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed...more

11/24/2014 - Banking Sector Banks CFPB Prepaid Payment Products Proposed Regulation Regulation E Regulation Z Rulemaking Process TILA

Sweeping Prepaid Card Proposal Issued by CFPB

Today, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited proposed rule to further regulate prepaid card products (the “Proposed Rule”). The Proposed Rule was the topic of discussion at a field hearing...more

11/14/2014 - CFPB Prepaid Payment Products Proposed Regulation

Progress on Payment Services in Europe

The European Union is in the process of updating its regulatory regime for payment services to reflect the developing nature of the payment services market. The European Commission's proposed revised Payment Services...more

11/14/2014 - EU Payment Systems

FinCEN Issues Statement Encouraging Banks to Evaluate Money Services Businesses on a Case-by-Case Basis

On November 10, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Statement addressing bank “de-risking,” often described as the practice of closing accounts or refusing to open accounts for particular types...more

11/13/2014 - Bank Accounts Bank Secrecy Act Banks FinCEN Money Services Business

FinCEN Rulings Designate Certain Virtual Currency Businesses as Money Transmitters

On October 27, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings regarding virtual currency. The first administrative ruling concerns a proposed virtual currency trading and booking...more

10/30/2014 - Bank Secrecy Act Bitcoins Compliance FinCEN Money Transfer Money Transmitter Virtual Currency

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

10/6/2014 - Banking Sector Banks CFPB Consumer Lenders Credit Cards Creditors DOD Military Lending Act Military Service Members Veterans

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

9/29/2014 - CFPB Consumer Financial Products FTC Mobile Apps Mobile Payments Request For Information

Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy...more

9/18/2014 - Banking Sector Banks CFPB Data Breach Debt Collection Federal Reserve Lending Mortgages OCC Privacy Policy RESPA Robo-Signing TCPA Volcker Rule

CFPB Issues Warning to Credit Card Issuers: Promotional APR Offers May Be Deceptive and/or Abusive

On September 3, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin to warn credit card issuers about marketing practices related to credit card promotional APR offers (“Bulletin”). The Bulletin warns...more

9/5/2014 - Banking Sector Banks CFPB Credit Cards Dodd-Frank Interest Rates Unfair or Deceptive Trade Practices

Blurred Lines

Mobile payments are taking off, and by 2017, consumers worldwide are likely to be using the technology to spend $700 billion or more annually, according to Forrester Research. But as technology companies look for ways to...more

8/27/2014 - Bank Secrecy Act Banking Sector Debit and Credit Card Transactions Financial Institutions FTC Mobile Payments Nonbank Firms Risk Assessment Technology U.S. Treasury Wireless Technology

FTC Releases Staff Report on Mobile Phone Bill Cramming

On July 28, 2014, the Federal Trade Commission (“FTC”) released a report, entitled “Mobile Cramming: An FTC Staff Report” (“Report”). The Report focuses on, and makes recommendations regarding, the mobile payment option...more

7/30/2014 - Billing FTC Mobile Devices Telecommunications

CFPB Complaints Database Expands to Include Prepaid Cards and Nonbank Products

On July 21, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it has further expanded its Consumer Complaint Database (“Database”) to include additional types of financial products. Specifically, the CFPB...more

7/23/2014 - CFPB Consumer Complaint System Credit Repair Services Debt Settlement Services Prepaid Payment Products

Bureau Proposes Sharing Consumer Narratives in Complaints Database

On July 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing in El Paso, Texas to announce a new policy proposal (“Proposal”) that would expand the Consumer Complaint Database (“Database”) to allow...more

7/22/2014 - CFPB Consumer Complaint System

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Yesterday, the New York Department of Financial Services (“NYDFS”) issued a proposed rule for public comment setting forth a novel and comprehensive “BitLicense” regulatory scheme for entities engaged in “Virtual Currency...more

7/21/2014 - BitLicense Licenses Licensing Rules Proposed Regulation Public Comment Social Networks Virtual Currency

CFPB to Assume a Larger Role in Virtual Currency Initiatives

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

7/8/2014 - CFPB DHS DOJ GAO Information Reports IRS Law Enforcement Legislative Committees Popular Property Tax Virtual Currency

CFPB Further Delays Prepaid Proposed Rule

Industry anticipation continues to grow as the Consumer Financial Protection Bureau (CFPB) announced that its general-purpose reloadable (GPR) prepaid card proposal will now be issued by the end of the summer. Although this...more

6/30/2014 - CFPB Disclosure Legislative Agendas Prepaid Payment Products Proposed Regulation Rulemaking Process

CFPB Holds Field Hearing on Mobile Financial Services

Yesterday, at the historic Old U.S. Mint in New Orleans, Louisiana, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing on mobile financial services in connection with its newly released formal Request for...more

6/16/2014 - CFPB Mobile Payments Public Forum Request For Information Smartphones

CFPB Issues a Request for Information Related to Mobile Financial Services

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released a request for information (“RFI”) concerning the use of mobile financial services, specifically among unbanked and underbanked consumers. The RFI was...more

6/13/2014 - CFPB Data Protection Mobile Apps Mobile Banking Request For Information

Financial Services Report, Summer 2014

In This Issue: - Beltway Report - Bureau Report - Mobile Payments - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy Report - Arbitration Report - TCPA...more

6/9/2014 - Banks Cybersecurity Data Protection Encryption Fair Lending FDIC FFIEC Financial Regulatory Reform Heartbleed Mobile Payments Mortgages OCC OIG Popular RESPA SCRA TCPA TILA Volcker Rule

The Fed’s Report on Mobile Financial Services: Slow Growth in Mobile Payments

Earlier this year, the Board of Governors of the Federal Reserve System (“Board”) released a report on its third annual Survey of Consumers’ Use of Mobile Financial Services (the “2013 Survey”). The 2013 Survey are part of...more

5/27/2014 - Mobile Apps Mobile Banking Mobile Devices

CFPB Announces Potential Model Packaging Disclosures for GPR Prepaid Cards

On March 18, 2014, the Consumer Financial Protection Bureau (CFPB) continued its long march toward regulating general-purpose reloadable (GPR) prepaid cards by releasing test model disclosures for prepaid card packaging that...more

3/24/2014 - CFPB OMB Prepaid Payment Products

FinCEN Issues Additional Clarifications Regarding Bitcoin and other Convertible Virtual Currency Activities

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings that address the application of Bank Secrecy Act (“BSA”) regulations to convertible virtual currency-related...more

2/7/2014 - Bank Secrecy Act Bitcoins FinCEN Money Services Business Regulation X U.S. Treasury Virtual Currency

Socially Aware - Volume 5, Issue 1 - January/February 2014

In This Issue: FFIEC Issues Final Guidance on Social Media Usage by Financial Institutions; Uncovering a Line in the Sand: Employee Social Media Use and the NLRA; Website Operators Await Final Guidance Regarding...more

2/3/2014 - Disclosure Do Not Track FFIEC First Amendment Mobile Apps NLRA NLRB Privacy Policy Social Media

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