ATMs

News & Analysis as of

PTAB Refuses Attempt to Kill ATM Patent as Claiming Abstract Idea: NRT Technology Corp. and NRT Technologies, Inc., Petitioner, v....

In what appears to be a small measure of good news (and hope for the future) for patent holders in the automated teller machine art, the PTAB last week held that claims to an ATM-implemented money dispensing process were not...more

Quincy Credit Union ATM machines compromised in skimming scheme

Hundreds of Quincy Credit Union (Massachusetts) customers reported that unauthorized ATM withdrawals were made from their accounts over the holiday weekend. Officials now believe that skimmers were placed on ATM machines in...more

PRA fines Raphaels Bank for outsourcing control failings

PRA has fined Raphaels Bank £1,278,165 for breach of what was at the time Principle 2 in relation to outsourcing of provision of ATMs. The bank had agreed in 2006 to enter into a joint venture agreement with a group company...more

The EMV Liability Shift - What’s Next?

Over the past several years, the major credit card networks (VISA and MASTERCARD) have begun the process of converting credit card usage in the United States to the EMV standard. The EMV standard is a method of preventing...more

ABA comments on CFPB proposed overdraft survey

The American Bankers Association has submitted a letter commenting on the CFPB’s request for approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of...more

U.S. Department of Education Turns Eye to Regulating Financial Services Industry

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

CFPB use of behavioral economics validated by Executive Order

Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

Federal Reserve Bank of Boston’s Payment Strategies Team Provides Snapshot of Mobile Banking Landscape

On August 17, the Federal Reserve Bank of Boston published a report that outlines the results of a 2014 survey intended to capture “a point-in-time snapshot of mobile banking and payments at [financial institutions]” across...more

CFPB seeking approval for national web survey on overdraft disclosures

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

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

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

Digital Currency to the Rescue: Bitcoins as Solution to Greek Capital Controls

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

Court Revives Antitrust Suit Against MasterCard, Visa, Three Banks

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 Second Payment Services Directive - Political Agreement Nears

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

ATM skimming crook sentenced

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

CFPB issues financial guides for new immigrants

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

Can I Pay with a Card? – Proposed Restrictions on NY Employers’ Use of Payroll Cards

Payroll cards (i.e., debit cards onto which employee wages can be loaded) provide an alternative to more traditional forms of wage payment such as paper checks or direct deposit. Payroll card programs can offer cost-saving...more

Fifth Circuit Affirms Certification of Electronic Funds Transfer Act Class

In a case similar to its late-2014 decision in Mabary v. Home Town Bank, N.A., 771 F.3d 820 (5th Cir. 2014), the Fifth Circuit recently affirmed certification of a class of consumers who were charged a fee for using an...more

This Week In Securities Litigation

The Fifth Circuit decided a significant case on loss causation. The Court concluded that the truth could emerge from a series of disclosures which, in and of themselves were not sufficient to uncover the fraud, but which when...more

SEC Brings Another ATM Based Ponzi Scheme Case

Ponzi and investment scheme cases are a staple of SEC enforcement in the post Madoff world. Emerging, however, may be a new trend based on a subset of these frauds – investments in ATM machines. At the close of last month the...more

Federal Reserve Board Reports On Prepaid Cards, Domestic Payments

Recently, the Federal Reserve Board released two payments-related reports: (i) a report to Congress on government-administered general use prepaid cards; and (ii) a detailed report on the Federal Reserve’s 2013 payments...more

Connecticut Bill Revises Licensing Laws, Numerous Other Financial Services Laws

On June 3, Connecticut Governor Dannel Malloy signed HB 5353, which makes numerous unrelated changes to Connecticut’s laws governing financial services companies. For example, with regard to mortgage servicing, the bill: (i)...more

Federal Regulators Plan Cybersecurity Assessments for Certain Banks

Federal regulators have substantially elevated cybersecurity risk assessments as yet another monitoring tool. They now view risk assessments not just as relevant to mundane IT issues but as more fundamental for assessing...more

New York Targets Online Lenders Through Debit Card Networks

On April 30, the New York State Department of Financial Services (DFS) again expanded the scope of its activities targeting online payday lenders by announcing that two major debit card network operators agreed to halt the...more

FFIEC Advises Banks On Website, ATM Cyber Attacks

On April 2, the FFIEC advised financial institutions that distributed denial-of-service (DDoS) attacks on a financial institution’s public websites present operational and reputation risks. If coupled with attempted fraud, a...more

Agencies Issue Denial of Service Guidance and Guidance on ATMs

On April 3, the members of the Federal Financial Institutions Examination Council (FFIEC), including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...more

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