AI in Payments: Practical Applications and Legal Insights — Payments Pros – The Payments Law Podcast
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
Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year? A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps...more
On November 21, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise nonbank companies that offer digital wallets and payment apps. The rule allows the CFPB to supervise and examine nonbank companies...more
The Consumer Financial Protection Bureau (CFPB) on Nov. 21, 2024, issued a final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps...more
In this month's article, we share some of our top "bites" for the prior month covered during the September 2023 webinar. Bite 1: Update on Federal Student Loan Borrowers - On September 5, 2023, the CFPB reminded...more
On June 1, the CFPB published an issue spotlight and a consumer advisory detailing the risks associated with storing funds on digital payment apps, particularly in the event of a platform’s financial distress. Specifically,...more
Many individuals already use facial recognition technology to authenticate and authorize payment through their smartphone. According to Jupiter Research, by 2025 (only four years away), 95 percent of smartphones will have...more
With only two weeks left in its term in office, the Trump Administration issued yet another 11th hour Executive Order (“EO”) on January 5 that purports to create a new legal framework to ban transactions with certain Chinese...more
Following recent histrionics from the White House, ByteDance, “the Chinese internet giant that owns TikTok, has offered to sell all of the popular video app’s American operations as a way to save the business from being...more
As technology reshapes the banking industry, regulators are rising to the challenge. Digitalization is at the forefront of the challenges facing the banking industry as it undergoes a period of unprecedented upheaval....more
Does blockchain technology open up new avenues in the field of electromobility? Can decentralized processes that are controlled by a large network be used to convert individual mobility on the road to electrified vehicles and...more
PayPal, the company responsible for the popular mobile payments app, Venmo, recently agreed to voluntarily bolster its privacy and security disclosures—and pay a $175,000 penalty—in response to an enforcement action brought...more
It’s a week of big fat NOs so far, with Tribune emphatically turning down Gannett yesterday and Monsanto doing the same to Bayer and its massive all-cash $62 billion offer...more
Last week Samsung launched its mobile payments app to compete with ApplePay and Android Pay, with much anticipation among technology bloggers. A few Technorati rushed to try the application so they could compare and contrast...more
That’s a lot of latte. It turns out that Starbucks—not a company in the mobile payments business—was the first company to make in-person payments by mobile phone mainstream. According to recent statements by the coffee...more
With New Devices Making Mobile Payments Easier, Banks Are Getting A Run For Their Money - The advent of mobile payments is changing consumers’ lives—and reshaping the competitive landscape for the companies that...more
In this issue: - FTC Recommends Improved Transparency and Security in Mobile Shopping Apps - Appellate Courts to Address What Constitutes an "Automatic Telephone Dialing System" Under the TCPA -...more
In recent months, the Federal Trade Commission (“FTC”) has been steadily ramping up its efforts to monitor, regulate, and provide best practice guidance in the rapidly expanding field of mobile applications. On September 10,...more
Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more
The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray emphasized during the CFPB’s September 11, 2014, meeting with the Consumer Advisory Board the CFPB’s new focus on protecting consumers who use mobile...more
On August 1, 2014, the Federal Trade Commission (FTC) released a report entitled What’s the Deal? An FTC Study on Mobile Shopping Apps (the FTC Report). The FTC Report is based on a study the FTC conducted (the FTC Study) to...more
Continuing its examination of consumer protection issues in the mobile payments sphere, on August 1, 2014, the FTC released a staff report examining the pre-download disclosures of mobile shopping applications to evaluate the...more
In a recently released staff report, the Federal Trade Commission makes several recommendations designed to reduce “mobile cramming.” Cramming occurs when consumers access or enroll in third-party services through a mobile...more
The industry for mobile applications is growing rapidly. As companies and independent developers look to gain—or strengthen—footholds in this competitive space, the Federal Trade Commission (FTC) asks, “… is security keeping...more
Lawmakers in Washington, D.C., continue to show interest in understanding and developing regulatory proposals relating to mobile apps. The interest appears to be driven, at least in part, by policymakers’ concerns about...more