Payment Systems

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Financial Services Report - Winter 2014

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

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

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

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

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

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

CFPB praises change in military discretionary allotment system

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

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

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

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

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

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

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

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...

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

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

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

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”)

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

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

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

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

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

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

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

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