Payment Systems

News & Analysis as of

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

Blog: UK FCA Writes To Currency Transfer Service Providers, After MP Criticises It For Failing To Act

The UK’s Financial Conduct Authority has e-mailed currency transfer service providers about their legal obligations, when they’re advertising exchange rates. The e-mail seems to have been sent in response to Parliamentary...more

CMS Proposes Fiscal Year 2017 Payment for Skilled Nursing Facilities and Provisions for FY 2019 Value-Based Purchasing...

Overall, the Proposed Rule details CMS’s proposals for SNFs in CMS’s accelerating pace of shifting Medicare payment from volume to value toward the administration’s goals and timeline for moving the Medicare program, and the...more

PayPal reaches settlement with Texas AG over privacy and security disclosures

PayPal agreed to pay $175,000 and strengthen its privacy and security disclosures in a settlement agreement reached with the Texas Attorney General’s office (the “AG’s office”). The AG’s office claimed that PayPal failed to...more

The Continuing Mystery of Satoshi Nakamoto

Bitcoin was born on November 2008 when an anonymous user named “Satoshi Nakamoto” published a post on a cryptography blog linking to a paper the user had written about a decentralized peer-to-peer electronic cash system. ...more

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

FFIEC Updates IT Examination Handbook

On April 29, the FFIEC updated its IT Examination Handbook, revising its Retail Payment Systems booklet to include an Appendix E, Mobile Financial Services. The Retail Payment Systems booklet consists of guidance intended to...more

Manatt on Medicaid: Massachusetts Releases Details on Forthcoming DSRIP Waiver Proposal

Medicaid Accountable Care Organizations - On April 14, 2016, the Massachusetts Executive Office of Health and Human Services released new details on a proposed restructuring of the MassHealth (Massachusetts Medicaid)...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

CMS Releases Hospital Inpatient PPS and Long-Term Care Hospital PPS Proposed Rule

CMS released updates to the Hospital Inpatient Prospective Payment System (Hospital IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) in a proposed rule on April 18, 2016 (Proposed Rule). The Proposed...more

UK Financial Regulatory Developments - April 2016 #16

Payments UK launches Standards Collaboration Framework - Payments UK has launched a new Standards Collaboration Framework to help the industry better access and implement the standards it relies on. Payments UK also...more

UK Financial Regulatory Developments - April 2016 #12

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

UK Financial Regulatory Developments - April 2016 #6

IOSCO updates information repository for OTC clearing - IOSCO has published an updated version of its information repository for central clearing requirements for over-the-counter (OTC) derivatives. The repository sets...more

NACHA Issues Amendments to Operating Rules on Same-Day ACH Payments, Unauthorized Entry Fees and Disclosures for POS Entries

The NACHA, The Electronic Payments Association (“NACHA”) has adopted several amendments to its Operating Rules and Guidelines (“NACHA Rules”) that could significantly impact the operations of financial institutions....more

Trump Hotels investigating second credit card breach

KrebsOnSecurity has reported that sources from the banking industry have advised of a pattern of fraud on credit cards used at Trump Hotel Collection (Trump) properties. Trump has confirmed that it is investigating the...more

FTC Launches Study of Assessment Process for Payment Card Industry Data Security Standards

On March 7, the FTC announced a study of Payment Card Industry Data Security Standard (“PCI DSS”) assessments – the audits required of certain merchants pursuant to rules imposed by payment card brands such as Visa and...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

Payment Systems Regulator Issues Final Guidance On Its Approach To The Interchange Fees Regulation

The UK’s Payment Systems Regulator (PSR) has published its final “Guidance on [its] approach as a competent authority for the EU Interchange Fee[s] Regulation“. This guidance explains how the PSR will monitor and enforce the...more

Financial Regulatory Developments Focus - March 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Payment Systems Regulator Consults on Account Regulations

The Payment Systems Regulator published a consultation paper on the application of the Payment Account Regulations 2015 to alternative arrangements for switching accounts, including draft guidance on its approach to...more

Your daily dose of financial news The Brief – 3.23.16

John Thain’s golden parachute got knocked down a few karats this week, with CIT Group cutting 30% off of his farewell bonus for failing to “successfully integrate OneWest, the California bank CIT bought last year for $3.4...more

Director Cordray appears before House Financial Services Committee

Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more

FTC Issues Inquiry into Credit Card Companies’ Compliance with Payment Card Industry Data Security Standards

On March 7, the FTC announced that it issued orders to nine companies requiring them to file a Special Report regarding their assessments of other companies’ compliance with the Payment Card Industry Data Security Standards...more

UK Financial Regulatory Developments - March 2016 #11

LEIROC publishes parent data collection policy - LEIROC has published its process for the first phase of collecting data on the direct and ultimate parents of legal entities in the Global LEI System (GLEIS). This follows...more

UK Payment Systems Regulator Publishes Interim Outcome of Review into the Supply of Indirect Access to Payment Systems

The UK Payment Systems Regulator published its interim report relating to its market review into the supply of indirect access to payment systems. The PSR considers that competition in the supply of indirect access is going...more

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