Debit Cards

News & Analysis as of

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

Issuer Banks’ Claims in Target Data Breach Litigation Survive Motion to Dismiss

Federal District Judge Paul Magnuson has ruled that banks that issued credit and debit cards to customers whose data was stolen in the December 2013 Target data breach could continue to litigate claims against Target for...more

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

Payment Industry Council Issues Best Practices For Security Awareness

Recently, the Payment Card Industry (PCI) Security Standards Council published guidance to help organizations strengthen their security awareness. The guidance, developed by retailers, banks, and technology providers, details...more

Back -to- School 2014

In mid-August Jewel-Osco announced that its computers, containing credit and debit card information, had suffered an “unlawful intrusion”. They are but the latest retailer to do so with the list that now includes CVS, Home...more

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

Recent Issues Raised Regarding Payment of Seafarers Via Payroll Cards

We understand that some questions regarding the payment of seafarers’ wages through payroll cards were raised during the first meeting of the Special Tripartite Committee established by the Governing Body of the International...more

CFPB Concerned Overdraft Opt-In Requirement Not Protecting Consumers

On July 31, the CFPB released its latest assessment of overdraft data it has collected from large banks. The report provides the following summary findings: ?Overdraft and non-sufficient funds (NSF) fees constitute the...more

FTC Publishes revised COPPA FAQs, clarifies parental consent methods

The FTC has issued three new FAQs clarifying the “verifiable parental consent” requirements under the COPPA Rule. In one of the revised FAQs, the FTC reiterates that the COPPA Rule’s list of parental consent methods is...more

COPPA Update: FTC Provides More Flexibility on Obtaining Verifiable Parental Consent

Some clarification and a bit more flexibility was forthcoming late last week from the Federal Trade Commission to help ease compliance with the “new” COPPA. In its recent update to three FAQs in Section H (Verifiable...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

Cybersecurity: Litigation, Crime & Enforcement

On December 19, 2013, Target publicly announced it had experienced a data security breach via malware installed on its point-of-sale network. Forty million customer credit and debit card numbers, encrypted PINs, and CVV codes...more

Department of Education proposal on campus financial products expected in July

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more

NY Regulator Cracks Down on Payday Lenders’ Use of Debit Networks

New York’s Department of Financial Services (DFS) is expanding its efforts to combat illegal payday lending to New York consumers by taking a series of steps to prevent payday lenders from collecting payments through the...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

Congress Members Urge Department of Education to Amend Rules Governing Banking Practices on College Campuses

In a continued effort by federal and state legislators to curb alleged abuse by financial institutions on college campuses, several members of Congress sent a letter to the Department of Education expressing their support for...more

Democratic Lawmakers Urge Education Department To Alter School-Sponsored Debit Card Rules

On April 22, Senator Elizabeth Warren (D-MA), Congressman George Miller (D-CA) and 22 other lawmakers sent a letter to Department of Education (DOE) Secretary Arne Duncan, supporting the DOE’s ongoing efforts to revise its...more

Elizabeth Warren and other congressional members urge rulemaking by the Department of Education re: regulating college/bank...

On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its rulemaking authority to...more

California Considers Data Breach Bill Imposing Significant New Obligations on Businesses

Who should be responsible for paying for the costs of data breaches? - Reacting to the recent high-profile security lapses at major retailers, California lawmakers are considering a bill that would shift the burden of...more

D.C. Circuit Rejects Merchant Challenge To Higher Cap On Debit Card Transaction Fees

On March 21, the U.S. Court of Appeals for the D.C. Circuit held that the Federal Reserve Board’s final rule imposing a 21-cent per transaction limit on debit card interchange fees (up from a 12-cent per transaction limit in...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

College Debit Cards

PLA today posts the GAO’s report, issued last month, analyzing the market for college debit cards and expressing concern about “students’ access to no-fee ATMs, schools’ influence over students’ banking and payment choices,...more

Scrutiny of campus financial products grows

The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more

Commercial Financial Services Brief: Can My Bank Recover Costs Related to Replacing Debit or Credit Cards?

Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more

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