Payment Systems | JD Supra

State Banking Associations Object To Senators’ Request For Increased Bank Payment System Security Oversight

by BuckleySandler LLP on 3/14/2014

On March 5, 53 state bankers associations sent a letter to Federal Reserve Board Chair Janet Yellen defending banks’ efforts to secure consumer financial data and highlighting the responsibilities of other parties, in...more

Review of the European Union’s proposal for a new directive on payment services (“PSD2”)

by Morrison & Foerster LLP on 2/18/2014

The European Union is in the process of updating its regulatory regime for payment services to reflect the developing nature of the payment services market. The European Commission’s proposed revised Payment Services...more

FRB Seeks Comment on Multiple Changes to its Policy on Payment System Risk

by Goodwin Procter LLP on 12/13/2013

The FRB issued a request for public comment (the “Request for Comment”) to Part II of the FRB’s Policy on Payment System Risk; Procedures for Measuring Daylight Overdrafts (the “PSR Policy”). The changes to the PSR Policy...more

CFPB Director Delivers Remarks On Nonbank Supervision, Payment Systems

by BuckleySandler LLP on 12/5/2013

On November 21, CFPB Director Richard Cordray delivered remarks at The Clearing House Annual Conference, including a review of the CFPB’s efforts to resolve concerns raised by the mortgage market through adoption of new...more

UK Treasury Announces Policy on New Payment Systems Regulator

by Orrick - Structured Finance Group on 10/16/2013

On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator. ...more

Federal Reserve Banks Aim to Improve US Payment System

by Davis Wright Tremaine LLP on 10/1/2013

On September 10, 2013, the Federal Reserve Banks published a public consultation paper designed to start a conversation and ultimately aimed at improving the US payment system. In the face of rapidly evolving technology, the...more

Federal Reserve Banks Seek Public Input On Threats To Payment System

by BuckleySandler LLP on 9/20/2013

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

FRB Reserve Banks Issue Consultation Paper Seeking Public Comments on Ways to Improve Payment System

by Goodwin Procter LLP on 9/17/2013

The FRB’s Financial Services Policy Committee, a committee of the conference of presidents of the FRB’s Reserve Banks, announced that the Federal Reserve Banks (the “Reserve Banks”) had published a public consultation paper...more