Navigating New Compliance Challenges: The Impact of the Money Transmitter Modernization Act on Payroll Processing - Payments Pros – The Payments Law Podcast
On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams. Calling its protocol for...more
On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more
The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more
Two recent guilty pleas involving a cryptocurrency exchange serve as a reminder to all money services businesses (“MSBs”)—including those ostensibly located outside the United States but that conduct business there—of the...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
The Consumer Financial Protection Bureau (CFPB) is not the only consumer watchdog keeping a close eye on the financial sector and certainly not the only agency focused on FinTech. This is also a key area for the Federal Trade...more
The CFPB’s Office of Financial Protection for Older Americans has issued a new report on combating elder abuse. ...more
The CFPB has released a “Remittance Rule Assessment Report.” The report was issued pursuant to Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct a review of a significant rule and publish an assessment...more
On June 19, 2018, the Washington State Department of Financial Institutions (the “DFI”) amended the DFI’s money services rules to conform to updates to the Washington Uniform Money Services Act signed into law last year....more
Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it...more
This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more
Small Bank Holding Company and Qualified Mortgage Regulatory Relief Bills Pass House The U.S. House of Representatives has passed two regulatory relief bills with bipartisan support, one of which would raise the ceiling on...more
New and existing money services businesses frequently ask when or if the CFPB will “examine” them. All consumer financial services businesses naturally worry about the CFPB’s reach and want to be prepared. This article...more
Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition to...more
In This Issue: Arbitration Report; Bureau Report; Privacy Report; Mortgage Report; Operations Report; Preemption Report; and Beltway Report. Excerpt from Arbitration Report: Ninth Circuit Punts - ...more