While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more
2/27/2023
/ Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
Business E-Mail Compromise (BEC) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Data Breach ,
Financial Crimes ,
Financial Institutions ,
Money Laundering ,
Popular ,
Uniform Commercial Code (UCC)
With Real-Time Payments from The Clearing House rapidly gaining traction among banks and FedNow set to launch next July, one might believe that adoption of instant payments among network participants and users will be smooth...more
Our team is pleased to announce an important publication on FinTech developments and regulation in the United States. Authored by Andrew Lorentz and Thomas Kost—and drawing on contributions from many DWT colleagues—the...more
The Consumer Financial Protection Bureau (CFPB) has been very clear that fair lending and racial equity are top priorities for the agency under Acting Director Dave Uejio. Support of those priorities will be far-reaching. ...more
On Thursday, November 8, DWT FinTech team co-leader Andy Lorentz took part in the Commerce.Innovated Class 8 Demo Day in New York City. Andy led a discussion on legal developments in FinTech, with a focus on federal...more
On January 30, 2018, DWT payments team member Andy Lorentz moderated a panel at ACI’s 18th National Forum on Prepaid Card Compliance, in Washington, D.C., entitled “Update on State Regulatory Enforcement Initiatives Affecting...more
The Consumer Financial Protection Bureau (the “Bureau”) issued its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a marketplace lender that sought to clarify that its automated model for underwriting...more
On October 13, the DWT Payments team briefed the Consumer Working Group of the Financial Services Roundtable (FSR) on the CFPB’s final prepaid account rule. The presentation focused on the following topics:
- Scope of...more
At the 2016 Digital Payments Intensive in London, DWT Emerging Payments and Prepaid team leader Andy Lorentz offered attendees insight into some major recent and upcoming developments with respect to regulation of consumer...more
4/14/2016
/ Bank Secrecy Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Loans ,
Pre-Dispute Arbitration ,
Prepaid Payment Products ,
UDAAP
The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E...more
The Consumer Financial Protection Bureau has proposed a no-action letter policy under which the agency would issue letters stating that its staff “has no present intention to recommend initiation of an enforcement or...more