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Pay Gov State Update

Payroll-Dept-2
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.

Bitcoin_cufflinks
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.

seal_of_delaware
02.01.17

Delaware Unclaimed Gift Card and Property Law Comes under Renewed Fire

The bill is said to bring Delaware into closer conformity with how other states manage unclaimed property, including 10-year limits for the state to seek payment and audit businesses for unclaimed property.

data breach fraud
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.

Seal_of_New_York_NY
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.

nydfs_seal
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.

nydfs_seal
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.

debt_collections_window
06.21.16

New York State Disciplines Debt Collectors for Payday Loans

Debt collectors who collect or attempt to collect outstanding payments from New Yorkers in violation of New York State and federal Fair Debt Collection Practices laws will be held accountable, says NYDFS.

Flag_of_South_Carolina_SC
06.21.16

South Carolina Enacts Money Transmitter Licensing Rules

New law, the South Carolina Anti-Money Laundering Act, defines money transmission to include “selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission.”

Flag_of_California
04.12.16

California: Treat Store Credits Like Unexpired Gift Certificates

Bed, Bath & Beyond wins a California case in which the state wanted the retail chain to offer monetary refunds for unredeemed merchandise credits on returns without receipts.

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