Electronic Payment Transactions

News & Analysis as of

CFPB: Principles for Faster Payment Systems

On July 9, 2015, the CFPB published a set of Consumer Protection Principles it believes should guide the financial industry in the development of newer, faster methods of payment. These Principles, though merely suggestions,...more

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

NACHA Adopts Same-Day ACH Rule

On May 19, NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). In 2012, NACHA had proposed an Expedited Processing and Settlement (EPS) rule providing for a...more

Taiwan Act Governing Electronic Payment Institutions

On February 4, 2015, Taiwan promulgated the Act Governing Electronic Payment Institutions, and pursuant to the Act, the Financial Supervisory Commission on April 27, 2015 announced a series of enforcement rules of the Act,...more

Seventh Circuit Clarifies “Date of Receipt” of Online Mortgage Payment

In a recent putative class action by borrowers against a mortgage servicer alleging violations of the Truth in Lending Act (“TILA”), the Seventh Circuit Court of Appeals found that mortgage servicers must credit electronic...more

When Is “Payment Authorization” the Same as a “Payment”? Seventh Circuit Weighs In

A divided Seventh Circuit found that the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., requires mortgage servicers to credit online electronic payments on the day the customer authorizes the payment, despite not...more

ASIC looks for more opportunities for electronic disclosure

The release of ASIC’s consultation paper 224 Facilitating electronic financial services and disclosures invites financial product providers and advisors to provide feedback on improving electronic financial services...more

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and...

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the...more

Heartbleed: It’s 10 PM; Do You Know Where Your Data is?

The Heartbleed vulnerability is, by now, an item about which we have all assuredly heard a lot. To get caught up on your reading on the technology aspects of this issue, see the linked articles I have compiled in the ”To...more

Tennessee Allows Industrial Banks To Charge Fees For Electronic Payments

On April 4, Tennessee Governor Bill Haslam signed into law SB 1486, which authorizes registered industrial banks, industrial loan and thrift companies, and industrial investment companies to charge a convenience fee to any...more

Tax Law Blog: Electronic Signatures, What's Next?

While more and more transactions are eliminating paper and becoming completely electronic, I think we all assumed certain documents would still need to be signed on paper. For example, real estate documents, tax documents,...more

The New Electronic Payment Services Landscape: Developments in EU Legislation

On July 24, 2013, the European Commission issued legislative proposals to update and complement the current EU legal framework on payment services to develop further an EU-wide single market by promoting more competition,...more

Federal Reserve Banks Seek Public Input On Threats To Payment System

On September 10, the Federal Reserve Banks issued a public consultation paper that identifies “key gaps and opportunities” in the U.S. payment system. They include: (i) payment recipients prefer other forms of payments than...more

Iowa Immigration Law Blog: Visa Fee Electronic Payment System Tips

The U.S. Citizenship and Immigration Service (USCIS) recently announced that an electronic payment system will be used for the new fee for immigrant visas issued at a U.S. consulate. The fee of $165 per person is used to pay...more

Electronic Transactions Association Releases Resources For Mobile Payment Solutions

On February 19, the Electronic Transactions Association’s (ETA) Mobile Payments Committee released three resources to help firms navigate emerging issues in the mobile payments market. The Committee is an industry-wide task...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - February 22, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PAYMENTS - SECURITIES - Excerpt from Mortgages:...more

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