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
In the latest episode of Payments Pros, hosts Keith Barnett, Josh McBeain, and Carlin McCrory discuss Earned Wage Access (EWA), a system that allows employees to receive their earned wages before the employer's payroll...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
On September 7, the Consumer Financial Protection Bureau (CFPB) released an issue spotlight focusing on the role that mobile device operating systems play in determining consumer’s payment options. According to the CFPB,...more
On August 18, New Jersey Governor Phil Murphy signed into law A4284, which prohibits sellers from imposing certain surcharges for credit card transactions. Specifically, the law prohibits sellers from charging more than what...more
On August 1, Maryland’s Office of Financial Regulation (OFR) issued guidance to “provide clarity on how [the OFR] views Earned Wage Access [EWA] products and to describe the requirements entities offering these products must...more
8/21/2023
/ Consumer Financial Products ,
Earned Wage Access ,
Fees ,
Financial Services Industry ,
Maryland ,
OFR ,
Payday Lending Rule ,
Payday Loans ,
Third-Party ,
Tips ,
Wage and Hour
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
In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleagues Carlin McCrory and Addison Morgan to discuss a recent case in the Southern District of New York that has been in the news,...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
On July 7, Missouri Governor Mike Parson signed SB 103 into law, which prohibits any person from offering earned wage access (EWA) services without registering with the Division of Finance and paying an annual $1,000 fee. The...more
7/13/2023
/ Consumer Financial Products ,
Credit Reports ,
Credit Scores ,
Earned Wage Access ,
Electronic Fund Transfer Act ,
Financial Services Industry ,
New Legislation ,
Payday Lending Rule ,
Popular ,
Regulatory Requirements ,
Wage and Hour ,
Wages
Please join Troutman Pepper attorneys Chris Willis, Keith Barnett, Carlin McCrory, and Josh McBeain in announcing the Payments Pros Podcast — our new podcast providing insights for those in the payments law industry. This...more
In this episode of Payments Pros, our hosts Keith Barnett, Carlin McCrory, and Josh McBeain join their colleague Chris Willis to discuss the Consumer Financial Protection Bureau's (CFPB) larger participant rule for consumer...more
Please join Troutman Pepper Partner Chris Willis and colleagues Keith Barnett, Carlin McCrory, and Josh McBeain as they discuss the Consumer Financial Protection Bureau's (CFPB) larger participant rule for consumer payments...more
On June 15, Nevada Governor Joe Lombardo signed SB 290 into law, which imposes licensing, reporting, examination, and other substantive requirements on providers of earned wage access (EWA) products. Specifically, the...more
This edition of Payments Pros spotlights an episode from The Crypto Exchange podcast where Ethan Ostroff sat down with Payments Pros hosts Keith Barnett and Carlin McCrory to discuss recent developments with convenience fees...more
On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more
6/22/2023
/ Annual Reports ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Fraud ,
Financial Services Industry ,
Military Service Members ,
Mobile Apps ,
Regulation E ,
UDAAP
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
Troutman Pepper’s Payments Pros podcast offers insights from Troutman Pepper Fintech and Payment practice group attorneys, industry business leaders, and regulatory experts on the most challenging legal and regulatory...more