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Troutman Pepper Locke

Texas Senate Bill 1736 Proposes Allowing Convenience Fees for Electronic Motor Vehicle Payments

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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

Ballard Spahr LLP

CFPB issues final rule to give bureau supervisory power over digital consumer payment applications

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The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps....more

A&O Shearman

How to protect your customers from payment fraud: recommendations from the Polish regulator

A&O Shearman on

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

Troutman Pepper Locke

The OCC and Illinois Attorney General File Opposing Briefs on Interchange Fee Prohibition Act

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On October 2, the Office of the Comptroller of the Currency (OCC) filed an amicus brief in the U.S. District Court for the Northern District of Illinois in support of several banking associations’ motion for a preliminary...more

Troutman Pepper Locke

Republican Representatives Urge CFPB to Revisit Proposed Payment App Rule

Troutman Pepper Locke on

Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or...more

Ballard Spahr LLP

Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies

Ballard Spahr LLP on

On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more

Conyers

Beyond the Betrayal: Navigating Strategies for Victims of APP Fraud

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Authorised Push Payment (“APP”) fraud, where victims are tricked into authorising payments to fraudsters, resulted in losses of £485.2m in 2022 and is reported to have risen by 22% in 2023. With consumer protection laws...more

Jones Day

CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

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On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more

Cadwalader, Wickersham & Taft LLP

Entities Subject to the CFPB's Personal Data Financial Rights Proposed Rule, Part 2

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As we reported last week, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights.” Comments are due on December 29, 2023....more

Hogan Lovells

Global Payments Newsletter, May 2022

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Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more

Hogan Lovells

Snapshot of recent EU regulatory developments relevant to retail banking and payments

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There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more

Hudson Cook, LLP

GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule

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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

Hogan Lovells

Payments regulatory news, January 2021

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COVID-19: Pay.UK report on current account switching behaviours - On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours in the UK....more

White & Case LLP

Notices to the general public issued by Mexican National Banking and Securities Commission

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On December 4, 2020, the Mexican National Banking and Securities Commission (the “CNBV”) issued through its website two notices informing the general public of the following: I. Notice to the general public regarding...more

Latham & Watkins LLP

Readiness for PSD2: APIs Fall Short, but More Time for SCA

Latham & Watkins LLP on

While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more

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