Payment Systems

News & Analysis as of

Financial Services Weekly News Roundup - January 2015 #4

by Goodwin Procter LLP on

The CFTC Exercises Expanded Jurisdiction Over Retail Transactions in Physical Commodities. Title VII of the Dodd-Frank Act of 2010 amended the Commodity Exchange Act (CEA) to add new authority over certain leveraged,...more

Federal Reserve Issues “Strategies for Improving the U.S. Payment System”

by Orrick - Structured Finance Group on

On January 26, 2015 the Federal Reserve issued a multi-faceted plan for collaborating with payment system stakeholders, including large and small businesses, emerging payments firms, card networks, payment processors,...more

OIG Report Recommends Reforms to Reduce Hospice Incentives to Provide Care in Assisted Living Facilities

by King & Spalding on

On January 14, 2015, OIG published a report that analyzes Medicare payments for hospice care in assisted living facilities (ALFs). OIG concluded that CMS should implement measures to reform Medicare payments to hospices,...more

Russian Legislation Update

by White & Case LLP on

In This Issue: - Financial System Stability - Payment System - Banking - Anti-Money Laundering - Subsoil - Personal Data - Corporate: Notarial certification on the adoption of a company’s decisions;...more

Apple Pay and Google Wallet: Mobile Payment Going Mainstream

by Goulston & Storrs PC on

When Apple announced on September 9, 2014 that the iPhone 6 would be equipped with a mobile payment system appropriately called Apple Pay, the entire mobile payment universe woke up. Although competitors had existed for...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

by Blake, Cassels & Graydon LLP on

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

FinCrimes Update - December 2014, Volumn 1, Issue 10

by BuckleySandler LLP on

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

Russian Legislation Update - 1 – 28 December 2014

by White & Case LLP on

In This Issue: - Banking - Payment System - Corporate: ..Civil Code Reform ..Notarial certification on the adoption of a company’s decisions - Excerpt from - Corporate: Civil Code Reform: On 1...more

Legal Departments: Are You Ready for The New PCI DSS Requirements?

by Davis Wright Tremaine LLP on

Starting Jan. 1, 2015, the Payment Card Industry Data Security Standard (PCI DSS) Version 3.0 (click-through agreement required) will replace Version 2.0. The PCI DSS is a set of requirements developed by the four major...more

Financial Services Report - Winter 2014

by Morrison & Foerster LLP on

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

A Primer on EMV Technology for Merchants

by Proskauer - Privacy & Data Security on

With the new year just around the corner, retailers should make a resolution to learn more about EMV technology. That’s because 2015 is slated to be the year EMV technology makes significant inroads in the United States, and...more

Financial Regulatory Developments Focus - December 2014 #2

by Shearman & Sterling LLP on

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Financial Market Infrastructure - Financial Services - People - Events...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

by King & Spalding on

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

Technology may reduce fraud but doesn’t fix regulatory confusion

by Loeb & Loeb LLP on

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

by BuckleySandler LLP on

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

CFPB praises change in military discretionary allotment system

by Ballard Spahr LLP on

CFPB Assistant Director for Servicemember Affairs Holly Petraeus has issued a statement applauding changes to the military discretionary allotment system announced last week by the Department of Defense (DoD). The...more

Progress on Payment Services in Europe

by Morrison & Foerster LLP on

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

Fed Issues Final Rule to Amend Regulation HH and Payment System Risk Policy

by Orrick - Structured Finance Group on

On October 28, the Federal Reserve Board issued a final rule that amends the Regulation HH risk-management standards for companies that have been designated as systemically important by the Financial Stability Oversight...more

FinCEN Continues Scrutiny of Virtual Currency Companies

by Goodwin Procter LLP on

The Financial Crimes Enforcement Network recently issued two administrative rulings holding that certain virtual currency trading platforms and payment systems were subject to registration as money services businesses....more

President Issues Executive Order to Improve Security of Federal Payment Systems

by Ballard Spahr LLP on

President Obama recently signed an executive order requiring federal agencies to improve the security of payment card transactions by upgrading to chip-and-PIN payment systems, which enable payments to be processed using an...more

Federal Reserve Banks Payment System Improvements Project Moves Forward

by Davis Wright Tremaine LLP on

Keep your eye on this one. In the fall of 2013, the Federal Reserve Banks launched a study of the US payments system. The study has three targets: first, a faster payment system; second, a more secure payment system;...more

CMS Releases CY 2015 MPFS Proposed Rule

by King & Spalding on

On July 3, 2014, CMS released a Proposed Rule regarding payment policies under the Medicare Physician Fee Schedule (MPFS) for services furnished on or after January 1, 2015. Unless Congress intervenes, CMS estimates that the...more

MedPAC Report Addresses Synchronizing Medicare Policy Across Payment Models

by King & Spalding on

The Medicare Payment Advisory Commission (MedPAC) recently released its biannual report to Congress. In the report, MedPAC addresses synchronizing Medicare policy across payment models. ...more

Highlights of Proposed Rules for Skilled Nursing Facilities, Inpatient Rehabilitation Facilities, and Inpatient Psychiatric...

by Ober|Kaler - Health Law Group on

On May 1, 2014, CMS released proposed payment and policy changes for Medicare Skilled Nursing Facilities (SNFs), Inpatient Rehabilitation Facilities (IRFs), and Inpatient Psychiatric Facilities (IPFs). Some of the key changes...more

Health Headlines: Also in the News - May 2014

by King & Spalding on

CMS Proposes Payment Changes for Hospice Providers, SNFs, IRFs and Inpatient Psych Facilities – Last week, CMS issued proposed rules that would make certain payment and policy changes to the payment systems for...more

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