On Tuesday, August 2, 2016, at 2:00pm EDT, Mayer Brown and Paybefore.com will present a webinar on the CFPB’s actions against payment processors for allegedly facilitating illegal transactions by their clients. The presenters will be Mayer Brown attorneys David Beam, Ori Lev, and Jeremy McLaughlin, and the moderator will be Paybefore’s Evan Schuman. The webinar
Payment Systems
Happy Birthday CFPB
By Ori Lev & Stephanie C. Robinson on
Posted in Arbitration, Auto Lending, Consumer Financial Protection Bureau (CFPB), Enforcement, Fair Credit Reporting Act, Fair Lending, Mortgage Loan Origination, Mortgage Loan Servicing, Payment Systems, Real Estate Settlement Procedures Act (RESPA)/Regulation X, Student Loans, Truth in Lending Act/Regulation Z, UDAAP
The Consumer Financial Protection Bureau (CFPB) marks its fifth birthday having made a substantial mark on the consumer financial services marketplace. To mark this event, we have compiled a retrospective of the CFPB’s first five years. The retrospective provides an overview of the CFPB’s actions in the realms of rulemaking, supervision, and enforcement. While it …
South Carolina Enacts Money Transmitter Law
By David L. Beam & Jeremy McLaughlin on
Montana is now officially the only state in the United States that does not have a law regulating money transmitters. On June 9, 2016, South Carolina Governor Nikki Haley signed into law the South Carolina Anti-Money Laundering Act (the “Act”). Among other things, the Act imposes licensing and other obligations on businesses engaged in money transmission. The Act takes effect the later of one year after approval by the Governor or upon publication in the State Register of final regulations implementing the Act.
Continue Reading South Carolina Enacts Money Transmitter Law
The Wait Continues: CFPB Further Delays Prepaid Account Rule
By David L. Beam on
According to the CFPB’s latest rulemaking agenda, the agency is pushing back to “this summer” release of the final rule on prepaid accounts. The release had previously been expected this May or June, after it was pushed back from a March expected release.
The Bureau issues the proposed role in November 2014. Generally, it…
David Beam to Present at Blockchain Conference
By David L. Beam on
Next Thursday, April 15, 2016, David Beam will present at the ACI Blockchain & Distributed Ledger Technology conference in New York City. David will participate on a panel titled “Consumer Protection on the Blockchain.”
FinCEN “Reiterates” the Importance of MSB Agent Monitoring
By David L. Beam & Thomas Delaney on
FinCEN itself says that there’s not much new in the guidance to money services businesses that the agency released last Friday (March 11, 2016) on agent monitoring (the Guidance).1 But MSBs that rely on agents should still review the Guidance carefully. The fact that FinCEN has decided to release this Guidance now shows that…