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
Tag Archives: Mobile Payments
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, UDAAPHope 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
#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 PaymentsIn 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
CFPB Lays Out Consumer Protection Principles for New Payment Systems
Posted in CFPB, Mobile Payments, PrivacyEarlier 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 PaymentsWednesday, 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, UDAAPJune 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 PaymentsWednesday, 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, UDAAPOn 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