News & Analysis as of

ATMs

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

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A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Mayer Brown

FDIC Issues Narrow Interpretation of ATM Exception in Definition of Domestic Branch

Mayer Brown on

On August 9, 2024, the US Federal Deposit Insurance Corporation (FDIC) issued an interpretation of the exclusion of automated teller machines (ATMs) and remote service units (RSUs) from the definition of a domestic branch....more

A&O Shearman

Financial Conduct Authority Policy Statement on Rules for Access to Cash

A&O Shearman on

The Financial Conduct Authority has published a policy statement on the final rules and guidance for a new regulatory regime to support access to cash for the consumers and businesses that rely on it, along with a research...more

McGlinchey Stafford

Understanding Payment Authorizations: Regulation E vs. NACHA Rules

McGlinchey Stafford on

Consumers often are able to effect transactions by providing payment authorization ahead of time. How often a consumer may authorize a prescheduled transaction differs slightly under Regulation E and the National Automated...more

Goodwin

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

Goodwin on

The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Ballard Spahr LLP

CFPB proposes rule to ban “rarely charged” NSF fees for declined transactions based on wildly expansive view of “abusive” prong

Ballard Spahr LLP on

On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more

Troutman Pepper

Well, California Has Decided to Regulate Crypto

Troutman Pepper on

On October 13, California Governor Gavin Newsom (D) signed Assembly Bill 39 (Digital Financial Assets Law). This new law broadly empowers the California Department of Financial Protection and Innovation (DFPI) to govern...more

Amundsen Davis LLC

Don’t Gamble With Your Cybersecurity and Incident Response Plan: Lessons Learned from the Las Vegas Ransomware Attacks

Amundsen Davis LLC on

Typically, we beat the drum of the need to prepare for a data incident—anything from a full-blown ransomware attack to an employee accidently sharing data with the wrong person—by having your Incident Response Plan developed...more

Stikeman Elliott LLP

Federal Court of Appeal Confirms Tax Court of Canada’s Decision: Supply of Right to Place and Operate ATMs is a Taxable Supply

Stikeman Elliott LLP on

On June 8, 2023, the Federal Court of Appeal upheld a Tax Court of Canada decision that, by allowing a supplier of Automated Teller Machines (“ATMs”) to place and operate ATMs throughout its casino resort, a casino operator...more

Ballard Spahr LLP

CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels

Ballard Spahr LLP on

The CFPB has issued a data spotlight that shows bank overdraft/non-sufficient funds (NSF) fee revenues have declined significantly from their pre-pandemic levels....more

K2 Integrity

As Cryptocurrency Becomes More Mainstream, Payment Scam Risks Increase

K2 Integrity on

Payment scams exploiting the lure of cryptocurrency are a growing concern for individuals and businesses—losses from crypto scams increased from $907 million in 2021 to $2.57 billion in 2022. These scams typically involve...more

BakerHostetler

ETH Staking Data Published; Blockchain Solutions Launch; NY AG Proposes Crypto Legislation; UK Targets Crypto ATMs; Crypto Hack...

BakerHostetler on

ETH Staking Data Published, Blockchain Solutions Launch for Financial Services - According to a recent report, Ethereum’s ether (ETH) staking rewards “hit a record 8.6% post-Merge, with validators earning $46 million in...more

Orrick, Herrington & Sutcliffe LLP

SEC orders crypto ATM operator to pay $3.9 million for selling unregistered tokens

On April 28, the SEC settled with a cryptocurrency ATM operator for allegedly selling unregistered tokens in order to raise money to expand its bitcoin ATM network. Described as a “token sale,” the SEC claimed the respondents...more

Husch Blackwell LLP

Federal Court Allows Class Action on Deposit Account Fees to Proceed

Husch Blackwell LLP on

A New York federal court has largely denied a state credit union’s motion to dismiss a class action lawsuit regarding non-sufficient funds (NSF) fees, overdraft fees, and out-of-network ATM fees. See Fairchild-Cathey v....more

Orrick, Herrington & Sutcliffe LLP

District Court grants $11.9 million settlement in ATM fees suit

In December, the U.S. District Court for the District of New Jersey granted preliminary approval of a $11.9 million settlement in a class action suit resolving allegations pertaining to a defendant national bank’s...more

Holland & Knight LLP

Banks Should Prepare for CFPB Inquiries in Regards to Overdraft Practices and Fees

Holland & Knight LLP on

In September 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against a large national bank for charging unfair and abusive overdraft fees. In support of its action, the Bureau noted that...more

Cozen O'Connor

CFPB Orders Regions Bank to Pay for Surprise Overdraft Fees

Cozen O'Connor on

The CFPB has reached a settlement with Regions Bank to resolve allegations that Regions charged its customers overdraft fees on certain ATM withdrawals and debit card purchases even after telling consumers they had sufficient...more

Foodman CPAs & Advisors

CDD – Recordatorio Amistoso De Las Agencias A Los Bancos

El 6/7/22, las Agencias (Junta de Gobernadores del Sistema de la Reserva Federal, la Corporación Federal de Seguros de Depósitos, la Red de Ejecución de Delitos Financieros, la Administración Nacional de Cooperativas de...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

ADA Design Standards Expected for Sales and Ticketing Kiosks and Other Self-Service Transaction Machines

​​​​​​​The U.S. Architectural and Transportation Barriers Compliance Board (commonly known as the Access Board) announced that it intends to issue an Advance Notice of Proposed Rulemaking (ANPRM) under the Americans with...more

McGuireWoods LLP

FinCEN Issues Statement on BSA Due Diligence for Independent ATM Owners and Operators

McGuireWoods LLP on

On June 22, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a Statement on Bank Secrecy Act Due Diligence for independent ATM owners and operators. The purpose of the statement is to “provide clarity to banks...more

Wiley Rein LLP

No Notice-Prejudice Exception Applies to Financial Institution Bonds under Oklahoma Law

Wiley Rein LLP on

The United States District Court for the Northern District of Oklahoma has held, as a matter of first impression, that no notice-prejudice exception applies under Oklahoma law to a financial institution bond in the case of an...more

Sheppard Mullin Richter & Hampton LLP

April 2022 Crypto Enforcement Actions And Regulatory Guidance Roundup

In April, we continued to see a steady pace in the seriousness and frequency of crypto enforcement actions by state and federal law enforcement.  (See our March 2022 Crypto Enforcement Actions Roundup blog here where we...more

BakerHostetler

NFT Initiatives Continue; EU Issues Blockchain Healthcare Report; Crypto Addressed by Various US Regulators; State Actions Target...

BakerHostetler on

Sports Teams and Messaging Apps Go All-In on NFTs, Potential Hack Foiled - A major U.S. football team has reportedly inked a lucrative sponsorship deal with a popular digital asset platform. According to reports, the...more

Troutman Pepper

GAO Report Indicates Tightening Regulations Coming on Crypto ATMs

Troutman Pepper on

In a January 10 report titled, “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO) identified virtual currency...more

Troutman Pepper

FTC Issues Crypto Payment Scam Alert

Troutman Pepper on

On January 10, the Federal Trade Commission (FTC) issued an alert about a new cryptocurrency payment scam involving impersonators convincing consumers to send money obtained from a cryptocurrency automated teller machine...more

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