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Financial Institutions › Payment Systems › Proposed Rules

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws EFT interpretive rule

Orrick, Herrington & Sutcliffe LLP on

On May 15, the CFPB published a Federal Register notice withdrawing its proposed interpretive rule on EFTs titled “Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes...more

American Conference Institute (ACI)

What the CFPB’s ‘Larger Participants’ Rule Means for FinTech Firms

American Conference Institute (ACI) on

Certain financial technology (FinTech) firms will soon be subject to the Consumer Financial Protection Bureau’s (CFPB) supervisory authority under the Consumer Financial Protection Act, and should be prepared accordingly....more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

Ballard Spahr LLP on

The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

Troutman Pepper Locke

CFPB Moves to Widen Supervisory Scope in Consumer Payments Market

Troutman Pepper Locke on

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

White & Case LLP

Fed Announces "FedNow" Real-Time Payments Service

White & Case LLP on

On August 5, 2019, the Board of Governors of the Federal Reserve System (“Board”) proposed the development of a real-time gross settlement service (“RTGS”) called “FedNow.” The service, expected to launch in 2023 or 2024,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2019

Nutter McClennen & Fish LLP on

Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...more

Ballard Spahr LLP

AML Rules for Payment Industry Proposed by European Union Regulators

Ballard Spahr LLP on

The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism steps for Member States of the European Union (EU)....more

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