The UK’s Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have together fined a leading bank a total of £48,650,000 for IT failures that left customers unable to access their accounts. The fine...more
The relationship between FinTechs and banks has significantly evolved in the past ten years, from a competitive stance to beneficial partnerships. We recently presented at the 2021 Tennessee Bankers Association Annual...more
In January 2020, we wrote a Law360 guest article that highlighted some of the risks that followed Wells Fargo Bank NA's strategy in its patent dispute with the United Services Automobile Association over remote deposit check...more
House Financial Services Committee Sets Fintech Priorities for a New Administration - House Financial Services Committee Chairwoman Maxine Waters sent a letter to the incoming administration with nearly 50 pages of...more
On September 16, 2020, Kraken announced that it “is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide...more
Since we last reported on United Services Automobile Association’s (USAA) fight against Wells Fargo to Protect Cloud-Based Check Depositing Assets Against Competitors, USAA has dealt a 1-2 punch to Wells Fargo for infringing...more
United States Automobile Association (USAA) is a financial services company that provides insurance, banking, investment, and retirement products and services for members of the military and their families. On June 7, 2018,...more
Companies involved in mobile checking should watch case closely - The United States Automobile Association (USAA) owns a portfolio of patents aimed at mobile check deposit technology. One group of these patents is targeted...more
While on a plane last week, I read a great Wall Street Journal (WSJ) article called “How to Keep Your Mobile Banking Safe.” Although I question whether anyone can keep their online bank account completely safe, it was a good...more
FinTech and RegTech Trends to Watch - Much has been written about FinTech and RegTech in the last few years and, for many lenders, such terms aren’t wholly relevant to the day-to-day operations of their businesses – or are...more
The Indonesian Financial Services Authority (the OJK) will now manage the provisions of digital banking services by commercial banks through its recently issued regulation POJK 12/2018, effective 8 August 2018. POJK 12/2018...more
Just how many counts of fraud attacks occurred in the first quarter of 2018? These results from ThreatMetrix uncovered some alarmingly high numbers, including...more
Two of the largest U.S. banks – Bank of America (“BofA”) and Wells Fargo – were sued for patent infringement by Wapp Tech Limited Partnership and Wapp Tech Corp. in the Eastern District of Texas in July 2018. ...more
Over the years USAA has aggressively asserted its patent portfolio related to check depositing. Specifically, USAA holds itself out as an innovator in the research and development of allowing banking customers to deposit...more
Mobile banking is quickly gaining momentum as the most important form of interaction between customers and their banks, and, by some accounts, is expected to become neck-in-neck with online banking and ATM use this year. Each...more
Passwords are a pain to keep track of and it is well known that consumers use the same password for multiple platforms because none of us can remember multiple complex passwords. When a hacker obtains one password, they can...more
Are you more likely to leave your house without your mobile phone or without cash? Very few of us carry cash anymore, but according to the March 2016 Board of Governors of the Federal Reserve System report entitled Consumers...more
The federal body tasked with creating standards for the uniform regulation of financial institutions has released new information to assist examiners in evaluating mobile services offered by financial institutions and their...more
Following the trend of federal agency interest in fostering (and potentially regulating) innovation in the field of financial technology (FinTech), the Office of the Comptroller of the Currency (OCC) released the white paper...more