GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
Effective February 6, 2026, Customs and Border Protection (“CBP”) will issue refunds electronically via Automated Clearing House (“ACH”). This rule change will affect all refunds, subject to limited exceptions (e.g., certain...more
On December 4, the Fed announced the pricing for certain payment services provided by the Federal Reserve Banks, e.g., the clearing of checks, ACH transactions, instant payments, wholesale payment and settlement services,...more
Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys general (“State AGs”) across...more
Last week, a coalition of retail and restaurant trade associations sent a letter to leaders of congressional banking committees urging them to enact national legislation to allow them to round cash transactions to the nearest...more
In the wake of complex high-deductible plans, many health care providers request that patients provide credit card information, which the provider securely stores and later processes based on its communicated policies and...more
The IRS is officially moving away from paper check refunds. Effective September 30, 2025, the IRS will no longer issue tax refunds in the form of paper checks. Instead, the IRS will only issue tax refunds in the form of...more
Le 21 août 2025, Paiements Canada a publié un guide intitulé Système de paiement en temps réel – Guide de participation pour les fournisseurs de services de paiement (le « guide »), lequel apporte des précisions sur le...more
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau's decision to restart the open banking rulemaking process; the UK FCA's publication of a policy statement with final...more
Once parties reach a settlement agreement in a class action or consolidated litigation, the primary focus often shifts to launching the settlement program and swiftly distributing funds to eligible claimants. However, during...more
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
On February 27, Texas State Senator José Menéndez (D) introduced Senate Bill 1736, a piece of legislation aimed at regulating convenience fees associated with electronic payments for motor vehicles. SB 1736 would allow such...more
HM Treasury has published its letter inviting Adam Plainer to lead an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR)...more
Payment service providers (PSPs) face a constant challenge to ensure the security of transactions carried out by their customers. The PSD2 Directive introduced standard rules and criteria for this purpose, but there is a...more
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such...more
A coalition of fifty AGs settled with payment processor ACI Payments, Inc. and its parent company (collectively, ACI) to resolve allegations that ACI violated state consumer protection laws and regulations when a testing...more
Con la expedición del Decreto 1297 de 2022, el Ministerio de Hacienda y Crédito Público presenta un nuevo avance en materia financiera mediante la modificación del Decreto 2555 de 2010, en lo relacionado con la regulación de...more
At the latest Trade & Export Finance webinar, partner Geoffrey Wynne delved into the topic of Irrevocable/Independent Payment Undertaking commonly referred to as an IPU. An IPU is a payment obligation usually given by the...more
Businesses using ACH will soon have to comply with a new rule, the WEB Debit Account Validation Rule, related to account validation. The effort – meant to help combat fraud and protect users – has also been a source of...more
The new strong customer authentication (“SCA”) requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) went live on 14 September 2019. While the new requirements apply only to payment service providers such...more
Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...more
The Federal Reserve is finally stepping into the real-time payments arena. On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and...more
Bank of Israel published a position paper with respect to the activity of banks’ payment apps (Pepper by Bank Leumi, Bit by Bank Poalim, and Paybox by Discount Bank) in the B2C market. The position paper is the conclusion of...more
The payment market in Israel and around the world is marching toward revolution: Facebook announced the launch of its digital currency, the Libra; Le’umi Bank entered into agreements with 400 businesses for acceptance of...more
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements - The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
The U.S. Board of Governors of the Federal Reserve System announced that it is undertaking a study that will begin this month with respect to fraud in the U.S. payments system. The study will identify causes and contributing...more