News & Analysis as of

Reduce Potential ADA Liability by Making ATMs and Websites Accessible

Banks and credit unions are among the most recent targets of a wave of demand letters and lawsuits alleging violation of the Americans With Disabilities Act of 1990 (the “ADA”). The most common allegations concern...more

Your Daily Dose of Financial News

Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

The New Supreme Court Term: Cases for the Automotive Industry to Watch

A new Supreme Court term is once again underway. This one looks to be unique in that it is likely to be an eight-Justice bench into 2017—with Republican leaders standing firm on their refusal to go forward with confirming any...more

New Rules for New York Employers Who Use Payroll Debit Cards and Direct Deposit

As the workplace becomes increasingly digitized, both employers and employees can benefit from the conveniences technology provides. Chief among those is the convenience of electronic access to funds, which allows people to...more

Your daily dose of financial news - The Brief – 9.21.16

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

Supreme Court to Consider Whether Allegations of Adherence to a Business Association’s Rules Can Trigger Antitrust Liability

Can participation in a business or trade association and allegiance to its rules trigger antitrust liability for association members under the Sherman Act? Next term, the Supreme Court will hear Osborn v. Visa Inc., the...more

New York Implements Regulation Strongly Favoring Payment of Wages by Check and Discouraging Payment by Direct Deposit and Debit...

On September 7, 2016, the New York State Department of Labor (“NYDOL”) adopted a final regulation setting the conditions by which employers in New York State can pay wages by direct deposit or by debit card. This regulation...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Network Rules Occupy Second Circuit, U.S. Supreme Court

Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked...more

CFPB Week in Review

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

ATM vulnerability – Banks beware!

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

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

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

Procompetitive Effects of Business Associations in the Balance?: Business Association Membership and the Sufficiency of Sherman...

What facts beyond mere membership in a trade association trigger Sherman Act liability? Next term, the Supreme Court will hear an antitrust case testing the requirements for pleading the conspiracy element of a claim brought...more

Proposed Rule Would Radically Alter Use of Direct Deposit and Paycards in New York

On June 15, 2016, the New York State Department of Labor (“NYSDOL”) published a proposed rule governing the permissible methods for an employer in New York to pay wages to employees. The most radical change is that all...more

Connecticut Authorizes Use of Payroll Cards to Pay Employees

On June 7, 2016, Connecticut Governor Dannel P. Malloy signed into law a new statute authorizing employers to use payroll cards to pay employees. Previously, the Connecticut Department of Labor's position was such cards were...more

ATM Skimmer pleads guilty in Rhode Island federal court

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

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

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

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