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
Beam Financial, Inc. (Beam), a mobile banking app, will be banned from offering any service that may be used to deposit, store, or withdraw funds, and must give a full refund to users as part of a settlement with the Federal...more
As people have come to learn this week (many for the first time), the stock market is a volatile tool through which earnings are made and lost in the literal blink of an eye. We, of course, do not intend to provide investing...more
In a complaint filed in the U.S. District Court for the Northern District of California, the FTC alleges that a company that distributes a mobile banking application (App) and its founder who is the company’s sole officer...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
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
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
Mobile banking is a convenient and powerful tool that provides customers with a bevy of cutting-edge services, including mobile check deposits, on-the-go bill pay, and peer-to-peer payments. For financial institutions, this...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
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
Consider the following hypothetical scenario (and a typical scam involving mobile check deposits) in which an employer (the “Company”) issues a paper check to one of its employees (the “Employee”). The Employee remotely...more
Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released a request for information (“RFI”) concerning the use of mobile financial services, specifically among unbanked and underbanked consumers. The RFI was...more
Today, the CFPB will publish in the Federal Register a “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable...more
The CFPB has launched an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and...more
Earlier this year, the Board of Governors of the Federal Reserve System (“Board”) released a report on its third annual Survey of Consumers’ Use of Mobile Financial Services (the “2013 Survey”). The 2013 Survey are part of...more