FDIC Supervisory Insights Focuses On Mobile Payments And High-Yield Checking


On December 17, the FDIC published the Winter 2012 issues of Supervisory Insights. The two featured articles focus on mobile payments and high-yield checking. In “Mobile Payments: An Evolving Landscape,” FDIC staff (i) review mobile payment technology, (ii) provide guidance regarding understanding and managing risks, and (iii) include a chart explaining the applicability of various federal laws to mobile payments. The article states that, going forward, non-bank mobile payment providers may start to capture greater market share from financial institutions and alter bank/customer relationships. The article describes the potential for banks to gradually be pushed out of the payment transaction, and identifies potential impacts of such disintermediation, including loss of access to key customer data. A second article, “High-Yield Checking Accounts: Know the Rules,” reviews the features of high-yield checking accounts and identifies problematic disclosures that may accompany their promotion. The article identifies what examiners look for when examining high-yield account offerings and provides best practices for banks.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.