Payment Systems

News & Analysis as of

3rd Circuit Says: FTC Can Take Action Against Companies That Suffer Data Security Breaches

Companies can be fined by the federal government for failing to properly safeguard consumer data, according to a decision this week by Pennsylvania's federal appellate court....more

Potential Game Changers: Roundup of Legal Changes in the China Payments Industry

DOMESTIC BANK CARD CLEARING MARKET OPENS UP Only a few months ago, the State Council's announcement of the Decision on the Implementation of Market Access Administration in relation to Bank Card Clearing Institutions...more

Financial Regulatory Developments Focus - August 2015 #4

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

PSR seeks PSP experiences

PSR issued a survey for payment service providers (PSPs) who access payment services indirectly to assist it in identifying and understanding their experiences and any concerns they have. The survey will inform the actions,...more

PSR responds to concurrency consultation

PSR has published its response to its consultation on competition concurrency guidance as well as final guidance on its Competition Act 1998 (CA98) powers and procedures and its market reviews, market studies and market...more

FOS issues micro-enterprises review

FOS has published an insight briefing reviewing the complaints it has received from “micro-enterprises” in connection with financial services. The review examines the types of “micro-enterprise” approaching FOS and the types...more

EMV Liability Shift Update – What Liability Actually Shifts?

With the October 1, 2015 liability shift deadline looming, merchants who have not yet made the change continue to evaluate the cost of accepting EMV cards versus the liability that will shift from the issuer to the merchant...more

Checklist for Businesses that Handle Credit/Debit Cards

If your business client accepts credit or debit card payments, it’s subject to the Payment Card Industry Data Security Standards (PCI DSS), which consists of a set of industry tools and measurements to assist in the safe...more

CHAPS and CREST settlement days to be extended in summer 2016

I bring good news from the Bank of England. Whether you have been up all night trying to close a £1 billion securities transaction for your client, or you are buying a house and there’s a last minute snag, the deadline for...more

Insights & Trends: Regulating Faster Electronic Payments – More Complexity or Improved Consistency?

In January of this year, the Federal Reserve System issued a white paper titled “Strategies for Improving the U.S. Payments System.” The white paper notes that current technological developments (including the widespread...more

CMS Issues Final FY 2016 Medicare IPPS/LTCH Rule

On July 31, 2015, the Centers for Medicare & Medicaid Services (CMS) released a major final rule to update the Medicare acute hospital inpatient prospective payment system (IPPS) and the long-term care hospital prospective...more

CMS Finalizes Medicare IRF PPS Rates/Policies for FY 2016

On August 6, 2015, CMS published its final rule to update Medicare PPS rates for inpatient rehabilitation facilities for FY 2016, which begins October 1, 2015. CMS estimates that rates will increase by 1.8% overall ($135...more

Also In The News - Health Headlines - August 2015

CMS Issues SNF Final Payment Rule for FY 2016 – On July 30, 2015, CMS released the final Medicare FY 2016 payment rule for skilled nursing facilities (SNFs). The final rule will result in an estimated increase of $430 million...more

Treasury Department RFI on Online Marketplace Lending Signals Potential Shift Towards Regulation of Small Business Loans

The Treasury Department recently issued a request for information to explore various aspects of “online marketplace lending.” The RFI seeks comment on a broad array of online financial services companies that lend not only to...more

CMS Publishes Final FY 2016 Medicare Inpatient Psychiatric Facilities PPS Rule

Today CMS published its final rule updating payment policies and rates for the Medicare Inpatient Psychiatric Facilities (IPF) Prospective Payment System (PPS) for FY 2016. The final rule provides a 1.5% increase to IPF PPS...more

“Aloha” Means Cybersecurity, Consumer Multistates, and Swimming with Turtles at Conference of Western Attorneys General

Attorneys General, meeting at the Conference of Western Attorneys General (“CWAG”) on Maui recently, tackled as usual a range of issues from the Rule of Law, an ongoing and important initiative with Mexican police,...more

Federal Reserve Appoints Faster Payments Strategy Leader

On July 30, the Federal Reserve announced the appointment of Sean Rodriguez as its Faster Payments Strategy Leader. Rodriguez serves as a Senior Vice President at the Chicago Federal Reserve Bank. In his new role, Rodriguez...more

CFPB Releases Principles for Payment Systems

Why it matters - In an effort to provide guidance to payment systems looking to reduce "pocket-to-pocket" payment times, the Consumer Financial Protection Bureau (CFPB) released principles for consumer protection to...more

Consumer Financial Protection Bureau releases Consumer Protection Principles

In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB)...more

House Ways & Means Health Subcommittee Hosts Hearing on Hospital Payment Issues

On July 22, 2015, the U.S. House Ways & Means Health Subcommittee heard testimony from Mark Miller, Ph.D., executive director of Medicare Payment Advisory Commission (MedPAC). Dr. Miller’s testimony highlighted recent trends...more

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

Federal Reserve Announces Members of Faster Payments and Secure Payments Task Force

On July 21, the Federal Reserve Board of Governors announced the members of the Faster Payments and Secure Payments Task Force as described in the Strategies for Improving the U.S. Payment System white paper released earlier...more

CFPB Recommends Consumer Protection Principles for Faster Payment Networks

On July 9, the CFPB issued a set of guiding principles aimed to help private industry better protect consumers as new, faster electronic payment systems continue to emerge. “While American consumers benefit from and make use...more

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

Financial Services Weekly News Roundup - July 2015 #3

Regulatory Developments - CFPB Outlines Guiding Principles for Faster Payment Networks: On July 9, the CFPB released an outline of its guiding Consumer Protection Principles (Principles) for protecting consumers as...more

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