In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Pidgin's Senior Vice President of Innovation Kevin Olsen to discuss faster payments and the FedNow service.
Faster payments, such as real-time...more
On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining “larger participants” the CFPB supervises by adding a new section to...more
11/9/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Digital Wallets ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Mobile Payments ,
Nonbank Firms ,
Peer-to-Peer ,
Proposed Rules ,
Public Comment
This episode of Payments Pros spotlights an episode from The Crypto Exchange, where Kalama Lui-Kwan joins Payments Pros hosts Keith Barnett and Carlin McCrory to discuss consumer protection under Regulation E. They delve into...more
As discussed here, on August 1, the two major national credit union trade associations — the National Association of Federal Credit Unions (NAFCU) and the Credit Union National Association (CUNA) — announced plans to merge...more
In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory are joined by Jean Gonnell and Agustin Rodriguez, co-leaders of Troutman Pepper’s Cannabis practice, to discuss the legal complexities that...more
On October 17, the Clearing House Association, LLC (Association) and National Automated Clearing House Association (Nacha) joined forces to submit an amicus brief in support of a credit union held liable by a district court...more
10/23/2023
/ Amicus Briefs ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Credit Unions ,
Due Diligence ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Fraudulent Concealment ,
Fund Transfers ,
Punitive Damages ,
Uniform Commercial Code (UCC)
On October 16, the Federal Reserve Board (Fed) published a notice of an Open Board Meeting to take place on October 25. The only matter under consideration at that meeting will be the Fed’s proposed revisions to the debit...more
10/20/2023
/ Administrative Procedure Act ,
Banks ,
Certiorari ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Debit Cards ,
Dodd-Frank ,
Durbin Amendment Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees ,
Public Comment ,
Statute of Limitations
On October 17, 52 state and territorial attorneys general, in addition to state money transmission regulators, entered into settlements amounting to more than $20 million with ACI Worldwide (ACI), to resolve claims involving...more
10/20/2023
/ Data Breach ,
Data Privacy ,
Data Security ,
Financial Institutions ,
Financial Services Industry ,
Insufficient Funds ,
Money Transmitter ,
Mortgages ,
Payment Processors ,
Settlement ,
State Attorneys General ,
State Regulators ,
Third Party Payments ,
Unauthorized Transactions
On September 28, Visa, Inc. announced its new dispute process aimed at combatting first-party or “friendly fraud” for card-not-present transactions. The rule change offers merchants more ways to show a disputed charge is...more
On August 1, the two major national credit union trade associations — the National Association of Federal Credit Unions (NAFCU) and the Credit Union National Association (CUNA) — announced plans to merge and create a new...more
In the latest episode of Payments Pros, hosts Carlin McCrory and Keith Barnett are joined by James Rowe and Nanci McKenzie from Affirmative Technologies to discuss Automated Clearing House (ACH) originator risk.
Affirmative...more
In this episode of Payments Pros, Carlin McCrory welcomes Stout’s Disputes, Compliance, and Investigations Managing Director Terri Sands to discuss the evolvement in payments and the launch of FedNow.
Carlin and Terri...more
On July 27, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a joint notice of proposed...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has signaled that it intends to propose a rule that would allow it to exercise supervisory authority over a greater number of nonbank financial companies that...more
The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the...more
On February 28, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant in identifying and reporting check fraud schemes targeting the...more
In a letter dated February 10, the American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), National Association of Federally‐Insured Credit Unions (NAFCU), and The...more
In this episode of The Crypto Exchange, Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that...more
On August 29, the Federal Reserve Board (Fed) announced that its real-time payments system, FedNow, will launch sometime between May and July of 2023. FedNow will provide a platform on which banks can build their products....more
In this episode of The Crypto Exchange, Troutman Pepper Consumer Financial Services Partner Kalama Lui-Kwan welcomes back Keith Barnett and Carlin McCrory to discuss consumer protection under Regulation E and a recent letter...more
On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master...more
In this episode of The Crypto Exchange, Troutman Pepper attorneys Keith Barnett and Carlin McCrory welcome Marsha Jones from the Third Party Payment Processors Association to discuss a portion the ENABLERS Act, which proposes...more
On June 20, the Louisiana Office for Financial Institutions (OFI) proposed a Rule on licensure, registration, and regulation of persons engaging, or planning to engage, in virtual currency business activity in Louisiana. The...more
On March 8, the U.S. Federal Reserve Banks launched the FedNow Service Provider Showcase (Showcase) to show financial institutions and users the various services to assist them in implementing the FedNow Service (Service)....more
Following the significant sanctions and other restrictions imposed by the United States and its global allies resulting from the Russian Federation's invasion of Ukraine, the Financial Crimes Enforcement Network (FinCEN)...more