FinCEN clarifies that entities that are dissolved in 2024, or merge into other entities in 2024, do still have beneficial ownership information filing requirements if not exempt....more
Buy Now, Pay Later (“BNPL”) payments are often presented by retailers and BNPL lenders to consumers as an alternative to traditional credit card payments. After close scrutiny of industry practices for several years, the...more
Starting January 1, 2024, many new and existing U.S. and foreign entities will be required to file reports with the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Treasury. ...more
In an effort it describes as intended to help “level the playing field” between banks and nonbank consumer financial service providers that are sometimes characterized as “Big Tech”, the Consumer Financial Protection Bureau...more
The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more
11/6/2023
/ APIs ,
Compliance ,
Compliance Dates ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Dodd-Frank ,
Financial Services Industry ,
NPRM ,
Open Banking ,
Personal Data ,
Proposed Rules ,
Regulation Z
The Federal Reserve Board (“FRB”) proposes to lower fees for debit card purchases. The FRB announced proposed rulemaking to reset its Durbin Amendment cap on interchange fees to 17.7 cents on an average transaction from 24.5...more
The U. S. Supreme Court has redirected escheatment of certain unclaimed funds from states that were previously presumed properly to claim the funds. In this decision, instead of escheating all of the unclaimed funds arising...more
With limited amendments to its proposed rule, the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Department of the Treasury, recently promulgated its final rule (the “Reporting Rule”) implementing the...more
The purpose of the Durbin Amendment was to lower merchants’ costs of accepting debit cards for customer payments. Up to now, because of technology limitations, online merchants were not provided lower cost debit card...more
In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more
8/25/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
New Guidance ,
Non-Bank Lenders ,
Returned Check Fees ,
Section 5 ,
State Attorneys General ,
Transaction Fees ,
UDAAP ,
Unfair or Deceptive Trade Practices
Consumer debt collectors may not be permitted to charge consumers “convenience fees” for card payments, which the Consumer Financial Protection Board (the “CFPB”) calls “pay-to-pay” fees, unless the underlying loan agreement...more
8/19/2022
/ Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Convenience Fees ,
Debt Collection ,
Debt Collectors ,
Enforcement ,
Exclusions ,
FDCPA ,
Fees ,
Loan Agreements ,
Statutory Requirements ,
Third-Party Service Provider ,
UDAAP
Potentially as soon as late 2022 or early 2023, a new U.S. regulatory requirement will come into effect which will affect over 25 million existing business entities and another 3-4 million new entities each year. The...more
Today’s proposed rule will greatly expand the application of reporting requirements identifying the true owners of business entities formed under U.S. law or formed under foreign laws and registered to do business in the...more
At the direction of the President, FinCEN is intensifying its regulation of banks and fintechs across the spectrum of the laws that it is charged with enforcing. This past June, the White House published the Memorandum on...more
7/28/2021
/ AML/CFT ,
Anti-Money Laundering ,
Biden Administration ,
Compliance ,
Cyber Crimes ,
Drug Trafficking ,
Enforcement Priorities ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Human Trafficking ,
Nuclear Weapons ,
Presidential Memorandum ,
Significant Transnational Criminal Organization ,
State Sponsors of Terrorism
On 2 February 2021, the FCA published its Review of the Unsecured Credit Market in the UK. The full title of the review is “The Woolard Review - A review of change and innovation in the unsecured credit market” (“the...more
Summary of the California Consumer Financial Protection Law -
..Applies to any person that offers or provides a consumer financial product or service to a California resident
..Prohibits unlawful, unfair, deceptive, or...more
Today, Michigan's "agent of payee" exemption to its money transmitter law is effective and West Virginia also passed an agent of payee exemption earlier this month that will be effective soon. These developments are part of a...more
On June 25, 2018 the Supreme Court ruled, in a 5-4 decision, that American Express’s antisteering rules do not violate federal antitrust laws. In reaching this conclusion the Court determined that, for two-sided markets like...more
A new standard published by the Payment Card Industry Security Standards Council (“PCI SSC”) may make it easier and less costly for retailers to take advantage of lower cost PIN based transactions in card present scenarios....more
The Consumer Financial Protection Bureau has issued a brief press announcement that the Prepaid Card Rule would be further revised and that the effective date for compliance will be further postponed from the current deadline...more
Retailers are still feeling the pain from implementing EMV-compliant POS systems. An article by Kate Fitzgerald in the PaymentsSource Technology newsletter (August 8, 2017) caught our eye....more
State laws that prohibit retailers from charging customers a surcharge for using a credit card are being challenged on First Amendment grounds.
For more than four decades, California’s Song-Beverly Credit Card Act of 1971...more
Jonathan Hightower and Rob Klingler are joined by Stan Koppel, an attorney from Bryan Cave's San Francisco office, to discuss payments systems employed by banks around the country. Stan shares his background and touches on...more
On April 20, 2017, the American Banker reported that U.S. Bank’s new high-end credit card features an interesting differentiator from the high-end cards recently introduced by other large credit card issuers. U.S. Bank’s new...more
The U.S. Supreme Court ruled last week that New York’s statutory ban on merchant’s surcharging customers who choose to pay for credit cards is a regulation of speech and is not merely a regulation of pricing conduct, as the...more