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Category Archives: Mobile Payments

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Faster Payments Task Force Sets Goals and Recommendations for Faster Payments by 2020

Posted in Electronic Payments, Mobile Payments

On July 21, 2017 the Federal Reserve’s Faster Payments Task Force released the Faster Payments Task Force Final Report Part Two. The Final Report is a follow-up to Part One of the Faster Payments Task Force Final Report, which was published in January 2017 and provided an overview of the Task Force’s objectives and a… Read More

Financial Services Report – Summer 2017

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien, Planet of the Apes, Transformers, Cars, Spider Man, and more Inconvenient Truths from Al Gore all coming to a theatre near… Read More

Financial Services Report – Spring 2017

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So… Read More

Financial Services Report – Winter 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More

Financial Services Report – Fall 2016

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, UDAAP

So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the swing of things, we thought we’d lead with just a few of the animals making headlines… Read More

FTC Announces FinTech Forum on Crowdfunding, Peer-to-Peer Payments

Posted in Events, Mobile Payments, UDAAP

On August 3, 2016, the Federal Trade Commission (FTC) released two items in connection with its series of events on the implications of FinTech for consumers. First, the FTC announced it will be hosting the next event in the FinTech Forum series on October 26, 2016. The event will address crowdfunding and peer-to-peer payments. Second,… Read More

Financial Services Report – Spring 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper copies, and we report on issues that were not even a twinkle in anyone’s eye back then (the… Read More

Financial Services Report – Winter 2015

Posted in Add On Products, Arbitration, Auto Lending, CFPB, Credit Cards, Enforcement Actions, Fair Lending, Indirect Auto Lending, Military Issues, Mobile Payments, Mortgage, Payday Lending, Privacy, Regulatory Developments, Student Lending, UDAAP

We are a full service newsletter, so we offer these can’t-miss Christmas gift ideas for the hard-to-please. Hoverboards are the “It” gift this season, but what about all the poor souls who don’t own one? We’ve devised a remote that lets you seize control from a distance and slam the thing in reverse, toggle forward,… Read More

#ThrowbackThursday: FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the Space, Including Enforcement Actions

Posted in CFPB, Enforcement Actions, Mobile Payments

In September 2014, Morrison & Foerster published the client alert “FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the Space, Including Enforcement Actions.” Summary: Earlier this month, the Bureau of Consumer Protection of the FTC submitted comments to the CFPB in response to the CFPB’s June… Read More

Financial Services Report – Fall 2015

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Investigations, Mobile Payments, Mortgage, Payday Lending, Privacy, UDAAP

The kids may be back in school, but it was the adults who got smarter. North Korea moved to its own time zone, so now it lags only a half hour behind everyone else. Think about it. Show up late for work but still be on time. Know that the bartender really doesn’t mean it… Read More

CFPB Lays Out Consumer Protection Principles for New Payment Systems

Posted in CFPB, Mobile Payments, Privacy

Earlier today, the CFPB released a series of consumer protection principles for the development of new payment systems (“Principles”). The CFPB’s stated purpose in releasing the Principles is to ensure that consumer interests remain top of mind throughout system development. According to the CFPB, the Principles are based on the CFPB’s experience in advocating for the development… Read More

Webinar: Digital Wallets, Mobile Payments and the CFPB’s Prepaid Proposal

Posted in CFPB, Events, Mobile Payments

Wednesday, July 15, 2015 12:00 p.m. – 1:00 p.m. EDT West LegalEdcenter Webinar On December 23, 2014, the CFPB published its long-awaited proposal to regulate prepaid cards (the “Proposed Rule”). The Proposed Rule is expansive in scope and would regulate as “prepaid accounts” certain digital wallet products, person-to-person (P2P) payment functionality and potentially person-to-business (P2B)… Read More

Financial Services Report – Summer 2015

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, UDAAP

June is crowded with celebrations. It feels like a Tokyo subway. June is the month of weddings, graduations, flag days, and dad daze. June 15 is the 800th anniversary of the Magna Carta. This month we acclaim Summer Solstice, Gay Pride Month, and National Aquarium Month. And who could forget National Accordion Awareness Month? Seriously?… Read More

Mobile Payments Transactions and Contractual Considerations

Posted in Events, Mobile Payments

Wednesday, May 27, 2015 1:00 p.m. – 2:00 p.m. EDT Teleconference Mobile payments products and services are being designed and implemented through strategic partnerships with financial institutions, payment card networks, merchants and technology companies. Mobile payments providers who enter into contractual agreements with consumers and other entities should consider certain key transactional issues. Speakers will… Read More

CFPB Takes Action Against Carrier for Charging for Unwanted Services

Posted in CFPB, Mobile Payments, UDAAP

On December 17, 2014, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place unauthorized charges on customers’ phone bills. This is not the first time a federal regulator has taken action against similar practices; nor is it… Read More