On April 26th, the FTC gathered private sector representatives, regulators, and academics for a workshop to discuss the state of the mobile payment industry. Some commentary has interpreted regulators’ comments at the workshop to be a signal that regulators intend to use a “light touch” as the industry matures, but the phrase only partially hits the mark.
Category Archives: Payment Systems
Subscribe to Payment Systems RSS FeedFDIC Issues a Quick Guide for Consumers on Credit, Debit, and Prepaid Cards
Posted in Credit Cards, Other Federal Agencies & GSEs, Payment SystemsBy: Andrew L. Caplan*
*Mr. Caplan is not yet admitted to practice; admission to the NY Bar pending.
As Gertrude Stein once wrote, “a rose is a rose is a rose.” However, as indicated in a recent Federal Deposit Insurance Corporation (“FDIC”) consumer guide, a card is not a card is not a card.
CFPB Puts Inherited Consumer Financial Protection Regulations on the Table
Posted in Bureau of Consumer Financial Protection (CFPB), Credit Cards, Fair Lending/Anti-Discrimination, Mortgage Lending, Mortgage Servicing, Payment Systems, Privacy & Information SecurityBy: David A. Tallman
Adding to its already full plate, the Bureau of Consumer Financial Protection (the “CFPB” or the “Bureau”) recently requested public comment on its review of the various consumer financial protection regulations it has inherited from other agencies.
California Governor Vetoes Burdensome Payroll Card Bill
Posted in Payment SystemsBy: David L. Beam, Steven M. Kaplan, Kathryn M. Baugher
The effort to impose demanding new requirements on payroll cards in California just lost some steam. On Sunday, October 9, California Governor Jerry Brown vetoed a bill that would have imposed an onerous set of requirements and restrictions on employers who want to pay employees by payroll card (and, by extension, the financial institutions that provide payroll card programs to employers).