In this episode of Payments Pros, Carlin McCrory is joined by Matthew Goldman, founder of Totavi, LLC and publisher of CardsFTW, to discuss operational compliance for card issuers. Their conversation highlights essential...more
In a significant ruling, the U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of a consumer’s state law claims against a federal credit union on federal preemption grounds. The putative class action...more
8/6/2025
/ Appeals ,
Banks ,
California ,
Class Action ,
Federal Credit Unions ,
Federal v State Law Application ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Preemption ,
Putative Class Actions ,
Returned Check Fees ,
State Law Claims ,
Statutory Violations ,
Unfair Competition ,
Unfair Competition Law (UCL) ,
Unfair or Deceptive Trade Practices
In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more
7/30/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Personal Data ,
Rulemaking Process ,
Stays
On July 18, America’s Credit Unions sent a letter to the Honorable Kyle Hauptman, Chairman of the National Credit Union Administration (NCUA), urging the agency to initiate rulemaking that would allow credit unions to take...more
7/24/2025
/ Consumer Financial Products ,
Credit Unions ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment ,
NCUA ,
Regulatory Requirements ,
Rulemaking Process ,
Stablecoins ,
The GENIUS Act
On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law....more
7/11/2025
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Enforcement Actions ,
Financial Institutions ,
Money Laundering ,
OCC ,
Payment Systems ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management ,
Unfair or Deceptive Trade Practices
The Office of the Comptroller of the Currency (OCC), alongside the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) (collectively, the agencies), with concurrence from the...more
6/30/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Products ,
Customer Identification Program (CIP) ,
Exemptions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
NCUA ,
OCC ,
Patriot Act ,
Regulatory Requirements
In this episode of Payments Pros, Carlin McCrory is joined by Mary Zinsner, a partner in the Consumer Financial Services Practice Group, to explore the increasing litigation trends in the payments industry, with a focus on...more
In this episode of Payments Pros, Carlin McCrory welcomes Melissa Sneed from the Georgia Department of Banking and Finance and James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, to explore...more
In this episode of Payments Pros, host Carlin McCrory welcomes Jason Mikula, a seasoned fintech and banking advisor, to explore various topics within the payments industry. They begin by examining the implications of U.S....more
On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the...more
In a recent letter to Andrea Gacki, Director of the Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill expressed his support for updating the Customer...more
2/12/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Customer Identification Program (CIP) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Regulatory Reform ,
Regulatory Requirements
In the first installment of a four-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain discuss significant developments in the payments landscape from the Consumer Financial Protection Bureau...more
1/29/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Privacy ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
New Rules ,
Regulatory Reform ,
Regulatory Requirements
On January 7, the National Credit Union Administration (NCUA) released its supervisory priorities for 2025, outlining the key areas of focus for federally insured credit unions. This guidance is crucial for credit unions as...more
1/21/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Credit Cards ,
Credit Unions ,
Cybersecurity ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
NCUA ,
Overdraft Fees ,
Risk Management ,
Supervisory Guidance
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more
On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets,...more
In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss a significant Consumer Financial Protection Bureau (CFPB) enforcement action against Global Tel Link Corporation (GTL), issued on November...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more
10/24/2024
/ Banks ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking
On October 11, the Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations on direct-to-consumer (i.e., non-employer offered) earned wage...more
10/24/2024
/ Banks ,
California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
New Regulations ,
Office of Administrative Law Judges (OALJ) ,
Wage and Hour
In the latest episode of Payments Pros, hosts Carlin McCrory and Keith Barnett are joined by James Stevens to discuss recent enforcement actions in the banking as a service (BaaS) space. They delve into regulatory trends,...more
In a significant development since our last post, Fiserv’s application for a merchant acquirer limited purpose bank (MALPB) charter has been approved by the Georgia Department of Banking and Finance. This approval marks a...more
On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed...more
10/3/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
EFTA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Transfer ,
Proposed Amendments ,
Proposed Rules ,
Regulation E ,
Regulatory Agenda
In this episode of Payments Pros, host Josh McBeain is joined by Caleb Rosenberg, a member of the firm’s Consumer Financial Services practice group, to discuss the complexities of business-to-business payments and the...more
10/2/2024
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Merchant Cash Advance (MCA) ,
New Regulations ,
New York ,
Payment Systems ,
Regulatory Requirements
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more
9/19/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Regulation E
This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...more
Tuesday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined...more