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
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
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
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
On August 10, 2018, the Federal Bureau of Investigation (FBI) issued a private warning to banks warning them that cybercriminals are planning to “conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming...more
In a lawsuit against its insurance company requesting reimbursement for close to $2.4 million from two different hacking incidents, National Bank of Blacksburg detailed the intrusions, which are instructive of a sophisticated...more
Bankinfosecurity.com report that “Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity...more
Many community banks received letters from advocacy group Access Now alleging that the banks' websites violated the Americans with Disabilities Act (ADA) for the visually impaired in provision of electronic information...more
The CFPB has published a notice in the Federal Register announcing that it plans to seek OMB approval to conduct online testing of ATM/overdraft disclosures with 8,000 individuals. Comments are due on or before January 16,...more
Earlier this month, the CFPB issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts,” and four one-page prototype model forms to replace the current Regulation E model form for banks to...more
Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more
The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more
It is said that a chain is only as strong as its weakest link. Often the same is said for an organization’s data privacy & security defensives. Could it be that the ubiquitous ATM machine is the weak link to the banking...more
An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more
Skimming continues to be a problem for ATM machines and law enforcement continues to try to combat the problem. Skimming devices are attached to credit and debit card and ATM machines in order to intercept debit and credit...more
On October 27, 2015, the United States Department of Education issued 433 pages of new regulations governing student loan programs under the Student Assistance General Provisions regulations promulgated under the Higher...more
The CFPB has published a notice indicating that it is seeking approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft...more
Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more
This week Cubits.gr and BTCGreece began a partnership aimed at providing a solution to Greek capital controls. Part of that solution entails supporting voucher payments backed by bitcoin and installing one thousand Bitcoin...more
A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more
The original Payment Services Directive (2007/64/EC) (“PSD1”) was introduced to provide greater price transparency for users of payment services and to create a level, competitive playing field among providers of different...more
The U.S. Attorney’s Office in Newark, NJ has announced that Marius Ventila, a Romanian native, was sentenced to 10 years in prison and to pay $7.5 million in restitution for his part in a credit card skimming scam that used...more
The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide...more
The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. In early December 2013, Chinese government authorities took the first steps towards defining and regulating virtual...more