News & Analysis as of

Data Security Payment Systems

Mandelbaum Barrett PC

GO DIGITAL OR GO HOME! Trump’s Executive Order to Eliminate Paper Checks To/From Federal Agencies

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On March 25, 2025, President Donald Trump signed a landmark executive order that will fundamentally change how the United States Treasury Department handles payments. Effective September 30, 2025, the Treasury will cease...more

McDermott Will & Emery

New PCI DSS 4.0 Credit Card Compliance Requirements Effective April 1, 2025

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As of April 1, 2025, all merchants and third-party service providers (TPSPs) involved in processing credit or debit card payments must fully adhere to the enhanced security requirements outlined in the Payment Card Industry...more

Davis Wright Tremaine LLP

PCI SSC Clarifies Obligations for Ecommerce Merchants That Outsource Payment Card Processing

The Payment Card Industry Security Standards Council (PCI SSC) has issued an FAQ for ecommerce merchants that outsource their payment card processing to a vendor using an embedded payment page or form (such as an "iframe")....more

Robinson+Cole Data Privacy + Security Insider

DOGE Blocked from Access to Department of Treasury Payment Systems

On February 21, 2025, a federal district court judge from the Southern District of New York issued a preliminary injunction against the Department of Government Efficiency’s (DOGE), access to Treasury Department payment...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Interpretive Rule on Emerging Payment Mechanisms Under EFTA

On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more

Cooley LLP

CFPB Explores Options for Bringing Digital Payments Providers Under Privacy and Payments Laws

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...more

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

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The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Womble Bond Dickinson

Upcoming Deadline for PCI DSS 4.0.1 Implementation

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A critical deadline of March 31, 2025 is upcoming for the full implementation of the new requirements contained in the Payment Card Industry Data Security Standard (PCI DSS) version 4.0....more

Foley & Lardner LLP

A Look at the Cross-Border Payments Market

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The cross-border payments market is expected to boom in 2025. Data compiled by Statista shows that in 2023, the total value of cross-border payments was $190.1 trillion. That is predicted to hit $290.2 trillion by 2030, with...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

WilmerHale

FTC Announces Enforcement Action Against Global Tel*Link Corporation for Unfair Data Security Practices and Inadequate Data Breach...

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On November 16, the Federal Trade Commission (FTC) announced an enforcement action against Global Tel*Link Corporation and two of its subsidiaries (collectively, “GTL”), which provide communications and payment services to...more

McDermott Will & Emery

[Webinar] PCI DSS 4.0: Timelines and Initial Preparation Steps Required for Your Business - February 1st, 12:00 pm - 1:00 pm EST

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Last year, the Payment Card Industry Security Standards Council released version 4.0 of its Data Security Standard (PCI DSS 4.0). The new version, which brings major changes to the payments ecosystem and compliance...more

Goodwin

CFPB Publishes Circular Confirming Failure to Safeguard Consumer Data Could Be Unfair in Violation of CFPA

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In This Issue: ..The Consumer Financial Protection Bureau (CFPB) published a Consumer Financial Protection Circular 2022-04 (Circular) in relation to safeguarding consumer data under the Consumer Financial Protection Act...more

Davis Wright Tremaine LLP

Introducing PCI DSS 4.0: New Payment Card Security Standards

On March 31, 2022, the Payment Card Industry Security Standards Council published version 4.0 of its PCI Data Security Standard (PCI DSS). The updated standards provide significant new guidance on the scope and applicability...more

McDermott Will & Emery

PCI DSS 4.0 Introduces Transformational Change: New Risk Analysis, Governance Requirements and Alternative Customized Approach

On March 31, 2022, the Payment Card Industry Security Standards Council released version 4.0 of its Data Security Standard (PCI DSS 4.0). The new version—which brings major changes to the payments ecosystem—places an...more

White and Williams LLP

PCI SSC Issues New Standards for Payment Software

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The Payment Card Industry Security Standards Council (PCI SSC) has issued a new Software Security Framework for secure payment software. The new framework includes both a Secure Software Standard and Secure Software Life...more

Bass, Berry & Sims PLC

Privacy Perils: Just Venmo Me

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With an estimated 79 million American adults using mobile peer-to-peer (P2P) payment services, such as PayPal's Venmo, Google Pay, and Apple Pay, this technology has revolutionized the way people split dinner tabs or pay...more

BCLP

Credit Cards and the Payment Card Industry Data Security Standard

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For most retailers their primary source of revenue comes from credit card transactions. In order to accept credit cards, a retailer must enter into a contractual agreement with a payment processor and a merchant bank....more

McGuireWoods LLP

A Storm Brews: Retailers Push Back Against Payment Card Industry Data Security Standards

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As businesses and financial institutions grapple with data security in the wake of high profile breaches, tensions between retailers and the credit card industry over the creation and implementation of security standards...more

Davis Wright Tremaine LLP

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 3.23.16

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John Thain’s golden parachute got knocked down a few karats this week, with CIT Group cutting 30% off of his farewell bonus for failing to “successfully integrate OneWest, the California bank CIT bought last year for $3.4...more

Kelley Drye & Warren LLP

FTC Requests Auditors’ Data on PCI Data Security Assessments

Earlier this week, the FTC issued orders to nine credit card and payment security auditors in an effort to gain insight into data security compliance auditing and its role in protecting consumers’ information and privacy....more

King & Spalding

Consumer Financial Protection Bureau Penalizes Dwolla For Deceptive Acts Concerning Its Data Security Practices

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On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) entered into a consent order with Dwolla, Inc. (“Dwolla”) that penalized the company for engaging in deceptive acts related to the company’s data security...more

BakerHostetler

New PCI Guidance Provides Businesses With Security Incident Response Assistance

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A security event involving payment card data, especially card present data, can be one of the most costly events a company may face. Not only did a recent study report the average total cost of a data breach as $3.8 million,...more

Robinson+Cole Data Privacy + Security Insider

Trump Hotel Collection Confirms Year-Long Data Breach

Trump Hotel Collection, the high-end hotel chain owned by the billionaire Republican presidential hopeful and real estate developer Donald Trump, has confirmed a data security breach involving malware that the company says...more

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