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01.18.17

Change ahead in D.C.: What’s Up For Grabs; How Will it Affect the Industry?

Winds of change are blowing in Washington, D.C. The election of Republican Donald J. Trump as president, combined with a Republican-controlled U.S. House and Senate has the potential to usher in widespread change, and much of it could affect the payments industry. As eventful as 2016 was, it might pale in comparison with 2017. We’ve compiled a list of some of the biggest regulatory and legislative issues to watch in the weeks and months ahead.

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01.18.17

Second Circuit Denies DOJ’s Request for Rehearing on Amex Anti-Steering Rules

In the latest development in ongoing anti-trust litigation dating back to 2010, on Jan. 5, 2017, the Second Circuit Court of Appeals handed American Express a major victory when it denied a Department of Justice (DOJ) request to rehear an earlier decision clearing American Express of certain alleged anti-trust violations.

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01.18.17

Class Action over Bank of America Overdraft Fee Moves Forward

On Dec. 19, 2016, a federal district court judge for the Southern District of California denied Bank of America’s request to dismiss a putative class action over a fee charged by Bank of America in relation to overdrafts by its deposit accountholders. The case may have implications for issuers charging similar fees in relation to their deposit accounts.

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01.18.17

Food and Nutrition Service Issues Final Rule on SNAP Photo EBT Cards

The USDA’s Food and Nutrition Service (FNS) has issued a final rule updating regulations for states choosing to add photos to electronic benefit transfer (EBT) cards as part of the Supplemental Nutrition Assistance Program (SNAP), which offers nutrition assistance to millions of low-income families.

Pay Gov Newsletters

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01.18.17

Pay Gov – January 2017, Vol. 11, Issue I

In this issue: What Trump’s Promises to Roll Back Regs Mean for You; Agency Leadership Musical Chairs; Court Cases to Watch; More

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12.14.16

Pay Gov – December 2016, Vol. 10, Issue XX

In This Issue: Who You Calling Lame-Duck? Cures Act Good for HRAs; Grinch Strikes Gift Cards in N.Y.; OCC’s Fintech Charter; Death Knell for Uber Model; more

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11.30.16

Pay Gov – November 2016, Vol. 10, Issue XIX

In this issue: Get Ready to Rumble: CFPB Fights Court Ruling; Trump Win Sparks Lawmaker Battle; IRS vs. Bitcoin; PIF Cries Foul on Online Auth Plan; More

vote_icon_11082016
11.09.16

Pay Gov – November 2016, Vol. 10, Issue XVIII

In This Issue: Voters Deal Payments Industry Trump Card; Is Your Durbin GPR Exemption at Risk?; What You Need to Know about CFPB’s Prepaid Accounts Rule; More

Pay Gov State Update

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01.18.17

New York Offers Some Wiggle Room on Cybersecurity Rule

A widely watched bank cybersecurity proposed rule out of New York has been revised, and its deadline pushed back to March 1, giving the state’s financial industry a bit more wiggle room when it comes to compliance.

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09.27.16

Christmas in New York: New State Law Restricts Gift Card Fees, Lengthens Expiration Date

t’s been a bad month for the payments industry in the state of New York. Gov. Andrew Cuomo signed a law Sept. 26 imposing restrictions on gift cards and gift certificates sold in the state. The new law comes just weeks after the New York Department of Labor (DOL) issued a final rule regulating the use of payroll cards. The gift card law goes into effect Dec. 25, 2016, as that is 90 days from the governor’s signing.

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09.27.16

N.Y. Cybersecurity Proposal Could Be Template for Other Regulators

New York’s recently proposed cybersecurity rules could push other states and the federal government to adopt similar measures to combat the growing threat posed by cyberattacks—even as certain aspects of the plan likely will present challenges for financial services firms.

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08.10.16

New York Backs Off Chief Compliance Officer Certification in New AML Rules

The state of New York will not require financial institutions to have their chief compliance officers make an annual certification attesting to their organizations’ compliance with BSA/AML and OFAC monitoring and filtering programs.

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