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Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

Employer’s Final Paycheck Deductions Upheld

The Ninth Circuit just held that an employer is entitled to deduct from an employee’s final paycheck money an employee owes to the employer. Ward v. Costco Wholesale Corp. Costco issued Ms. Ward a company credit card, but...more

PCI DSS 3.0: Business as Usual?

In the past, critics of the Payment Card Industry (PCI) Data Security Standard (DSS) have alleged that the DSS requirements either (1) provide little more than a minimal baseline for security with a “check-the-box” compliance...more

CFPB eliminates independent ability-to-pay requirement for credit card applicants 21 or older

The CFPB has amended Regulation Z to remove the requirement that a card issuer must consider the independent ability to pay of an applicant who is 21 or older. The final rule, which will be effective upon publication in the...more

Time for a Consumer Financial Protection Compliance Tune-up

New Year’s is a good time for a Consumer Financial Protection Bureau (“CFPB”) compliance tune-up. Providers of consumer financial products and services (“providers”) operate in a dynamic environment influenced by challenges...more

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