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Pay Gov State Update

04.27.17

‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.

04.19.17

Supreme Court Remands Texas Surcharge Case back to 5th Circuit

The case of Texas retailers challenging the constitutionality of a state law prohibiting surcharge fees for credit card transactions was remanded in light of the Supreme Court’s recent decision in favor of merchants in a similar case involving a surcharge statute in New York.

04.05.17

States Square off in Fight over CFPB Leadership Structure

The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.

04.05.17

Supreme Court Finds N.Y. Surcharge Laws Regulate Speech

The Supreme Court issued a unanimous decision finding that a New York law prohibiting merchants from disclosing surcharges to cover the costs of credit card processing while allowing for discounts in the case of cash transactions regulated speech

03.21.17

Illinois Regulator Joins Global Virtual Currency Consortium

The Illinois Department of Financial and Professional Regulation has become the first U.S. regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services. The agency oversees the regulation and licensing of banks and financial institutions, among other businesses, in the state.

03.01.17

Cybersecurity Requirements Take Effect in New York State

Cybersecurity requirements to protect the financial services industry and consumers from cyberattacks go into effect in New York State on March 1. The mandates require certain banks, insurance companies and other financial services providers that are regulated by the New York Department of Financial Services (NYDFS) to develop and maintain a cybersecurity program.

03.01.17

N.Y. Gov Budget Includes More Online Lending Supervision, Stokes OCC Charter Debate

New York Governor Andrew Cuomo’s proposed budget includes verbiage giving the Department of Financial Services additional oversight of online lenders, including thresholds on the amount of loans and licensing requirements, which could adversely affect loan providers in the state.

03.01.17

Bank Regulators Launch BSA/AML Risk-Assessment Tool

To assist financial institutions in identifying, monitoring and communicating BSA/AML risk, a national organization of bank regulators has released a voluntary tool FIs can use to mitigate uncertainties regarding BSA/AML compliance, as well as foster more transparency within the financial sector.

02.01.17

N.Y.’s Payroll Card Templates Raise Questions as March Compliance Deadline Looms

New York’s Department of Labor, as part of its new payroll card rules, has issued its draft of notice and consent forms employees must fill out when deciding how to receive their wages. What the state calls “model templates” have created some confusion in the prepaid industry, as payroll card providers examine their plans for either complying with the rules—which go into effect March 7—or exiting the state.

02.01.17

Digital Currency Exchange Coinbase Wins Rare ‘BitLicense’ from New York State

Coinbase, a digital currency exchange company, has won a formal license from the New York State Department of Financial Services to do business in the state.