Obrea O. Poindexter

Obrea O. Poindexter

Morrison & Foerster LLP

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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

FFIEC Issues Final Guidance on Social Media Usage by Financial Institutions

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued final guidance for financial institutions relating to their use of social media (the “Guidance”). With its release, the FFIEC adopts...more

1/9/2014 - Audits Banks Compliance FFIEC Social Media

CFPB Increases Penalty Fee Safe Harbor Amounts for Card Issuers

In yesterday’s Federal Register, the Consumer Financial Protection Bureau (“CFPB”) published an amendment to the safe harbor thresholds for credit card penalty fees found in Section 1026.52(b)(1)(ii) of Regulation Z to...more

12/18/2013 - CFPB Consumer Price Index Regulation Z Safe Harbors

GAO Recommends Consideration of New Privacy Rules for Mobile Technologies

On November 15, 2013, the U.S. Government Accountability Office (“GAO”) released a report it had previously delivered to the U.S. Senate Committee on Commerce, Science and Transportation (“Committee”) that focuses on...more

12/16/2013 - GAO Mobile Devices Privacy Policy

CFPB Brings First Enforcement Action Involving Deferred Interest Products, Imposes Novel and Burdensome Application Requirements...

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) announced a consent order with GE Capital Retail Bank and its subsidiary CareCredit (collectively “CareCredit”) related to what the CFPB alleges were unfair and...more

12/12/2013 - Applications CARD Act CareCredit CFPB Consent Order Credit Cards Deferred Interest Products Disclosure Requirements Enforcement Actions GE Capital Retail Bank Remediation

Financial Services Report - Quarterly News, Winter 2013

Editor’s Note - Stuff didn’t happen this quarter. Lots of it. The federal government didn’t happen for two weeks in October, which caused some to celebrate and others to wring their hands and clamor for a strong,...more

12/11/2013 - Affordable Care Act CARD Act HAMP Healthcare HMDA HOLA HUD

A Smart Wallet -- The potential for mobile payments is huge. So are the potential legal and regulatory hurdles

Banks, retailers, and pundits are paying a lot of attention to mobile payments, which typically involve the use of smartphones and tablets to pay for purchases. But a lack of mobile infrastructure has kept the use of mobile...more

11/5/2013 - Banks Infrastructure Mobile Devices Mobile Payments

CFPB Signals Additional Concerns about Consumer Credit Card Market with Report on CARD Act

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released the “CARD Act Report,” a report summarizing the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more

10/3/2013 - CARD Act CFPB Credit Cards Disclosure Requirements Fees

Financial Services Report - Quarterly News, Fall 2013

In This Issue: Beltway Report; Bureau Report; Privacy Report; Mobile Payments Report; Mortgage Report; Operations Report; Preemption Report; Arbitration Report; and TCPA Report. Excerpt from Beltway Report:...more

9/17/2013 - Arbitration EFTA Federal Reserve Mobile Payments Mortgages Preemption Privacy Policy TCPA

Inter-Governmental Task Force Recommends Extending Anti-Money Laundering Measures to Telecoms, Software Companies and Other...

The Financial Action Task Force (“FATF”) recently released a white paper entitled “Guidance for a Risk Based-Approach: Prepaid Cards, Mobile Payments and Internet-based Payment Services” (“Guidance”). The Guidance contains...more

7/23/2013 - Anti-Money Laundering Financial Action Task Force Mobile Payments Risk Assessment Risk Management Telecommunications

Senators Request CFPB Issue Guidance and Rulemakings, Bring Enforcement Actions Relating to Payroll Card Programs

Last week, 16 Democratic Senators sent a letter on regulation of payroll cards to Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray and Department of Labor (“DOL”) Acting Secretary Seth Harris. The letter...more

7/19/2013 - CFPB DOL EFTA Enforcement Actions Minimum Wage Payroll Cards

Bitcoin Receives Cease and Desist Order Evidencing Increased Regulatory Scrutiny of Virtual Currency

On May 30, 2013, the California Department of Financial Institutions (“CADFI”) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect, and promote the use and...more

7/19/2013 - Bitcoins Business Assets Cease and Desist Financial Actvities FinCEN Virtual Currency

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