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Navigating New Compliance Challenges: The Impact of the Money Transmitter Modernization Act on Payroll Processing - Payments Pros... [Audio]

In this episode of Payments Pros, Keith Barnett is joined by Eli Polanco, founder and CEO of Nivelo, to discuss critical issues in payroll processing. They highlight the significant impact that the Money Transmitter...more

CFPB Says Earned Wage Access Products are Subject to the Truth in Lending Act

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to...more

DOL Issues New Guidance on Prepaid Unemployment Benefits Cards

The Department of Labor (DOL) has recently issued a revised Unemployment Insurance Program Letter to clarify how state workforce agencies should deliver unemployment benefits payments to consumers. This new guidance...more

Regulation Through Enforcement: Insights From the BlueSnap Lawsuit — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, host Keith Barnett discusses the Federal Trade Commission's (FTC) lawsuit and $10 million settlement against the payment facilitator, BlueSnap. On May 1, the FTC filed a complaint alleging...more

Banks Should Continue to Prep for CFPB Data Rule Rollout

Companies that fall within the definition of “data provider” are expected by this fall to be required to comply with the Consumer Financial Protection Bureau’s proposed rule implementing Section 1033 of the Dodd-Frank...more

CFPB Rules Buy Now, Pay Later Lenders Must Offer Key Credit Card Protections

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an “interpretive rule,” subjecting “Buy Now, Pay Later” (BNPL) transactions to provisions of Regulation Z applicable to “credit cards.” Among other...more

Tackling Credit Push Fraud: Understanding Nacha's Risk Management Package (Part Two) — Payments Pros: The Payments Law Podcast [Audio]

In the final episode of the Payments Pros special two-part series, Jordan Bennett, Nacha's senior director of network risk management, joins Keith and Carlin to discuss the new rules regarding fraud monitoring. Fraud...more

Kansas Becomes Fourth State to Enact Earned Wage Access Legislation

On April 19, Kansas Governor Laura Kelly signed House Bill (HB) 2560 to regulate earned wage access (EWA) products and services. HB 2560 enacts the Earned Wage Access Services Act that requires EWA providers to be licensed by...more

Tackling Credit Push Fraud: Understanding Nacha's Risk Management Package (Part One) — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, Carlin and Keith welcome back Jordan Bennett, Nacha's senior director of network risk management, for a two-part series on the newly approved rules designed to combat credit push fraud....more

CFPB Warns Remittance Transfer Providers That Marketing About Speed and Cost Could Violate the CFPA

Can remittance transfer providers be held liable under the Consumer Financial Protection Act (CFPA) when marketing about the speed and cost of their services? According to a March 27 Circular issued by the Consumer Financial...more

Sigue Corporation Ordered to Cease and Desist Operations

On March 22, a group of 39 states, Puerto Rico, and the District of Columbia (participating states) entered an interim consent order against Sigue Corporation, a licensed money transmitter corporation, ordering it to cease...more

Nacha Approves New Rules to Combat Credit-Push Fraud

On March 18, Nacha, the organization that governs the ACH network, announced that its members approved a new set of rules aimed at reducing the incidence of frauds, such as business email compromise (BEC), that exploit...more

CFPB Director Chopra Delivers Remarks on Standard-Setting for Open Banking

In a recent speech at the Financial Data Exchange Global Summit, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the current state of open banking in the United States and emphasized the...more

Wisconsin Legislature Passes Earned Wage Access Bill

On February 20, the Wisconsin Senate passed House Bill (HB) 574 to regulate earned wage access (EWA) products and services. HB 574 creates a new chapter to the Wisconsin Statutes that requires EWA providers to be licensed by...more

Instant Decline, Instant Relief? Unpacking the CFPB's Proposed Rule on NSF Fees — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) latest proposed rule. This rule aims to prohibit covered financial institutions from...more

Massachusetts Introduces Earned Wage Access Product Legislation

On February 15, Massachusetts became the latest state to introduce legislation to regulate earned wage access (EWA) products and services. House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly...more

Republican Representatives Urge CFPB to Revisit Proposed Payment App Rule

Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or...more

2023 Payments Year in Review: Subscriptions, FedNow, and More! — Payments Pros: The Payments Law Podcast [Audio]

In the second and final installment of our two-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain continue their discussion around the payments landscape of 2023 and their predictions for...more

2023 Payments Year in Review: CFPB and FTC Regulatory Trends — Payments Pros – The Payments Law Podcast [Audio]

In the first installment of a two-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain delve into the payments landscape of 2023 and share their predictions for 2024. Our co-hosts discuss the...more

Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, Keith Barnett is joined by James Stevens to discuss the Merchant Acquirer Limited Purpose Bank Charter (MALPB) in Georgia, a unique charter that allows companies to offer merchant payment...more

New York Enacts Credit Card Surcharge Caps and Disclosure Requirements

Last month, New York Governor Kathy Hochul signed into law Assembly Bill 2672, which both prohibits sellers from charging a credit card surcharge greater than what they are charged by the credit card company and requires...more

Troutman Pepper's 2023 Payments Year in Review

Financial institutions and financial technology businesses, including payment processors and money transmitters, are experiencing increased regulatory scrutiny while trying to remain innovative and ahead of the curve....more

New Year Same Focus on Fees: CFPB Proposes to Amend Regulation Z to Raise New Barriers to Overdraft Charges

On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with request for public comment to amend exemptions to Regulation Z so the Truth in Lending Act (TILA)/Regulation Z would apply...more

Applications for Georgia Merchant Acquirer Limited Purpose Bank Charter: A Positive Sign for Fintech and Nonbank Direct Access to...

On January 12, Fiserv announced that it filed an application with the state of Georgia for a merchant acquirer limited purpose bank (MALPB) charter. This application is a seismic development and positive sign for those in the...more

Redefining Banking: A Conversation on the CFPB's Proposed 1033 Rule — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Jordan Wright, CEO of Atomic Financial, to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed 1033 rule. This rule aims to limit...more

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