By Judie Rinearson and Mehreen Ahmed
On June 25, 2020, Acting Comptroller Brian Brooks announced in an American Bankers Association’s podcast that the Office of the Comptroller of the Currency (the “OCC”) is planning to introduce “Payments Charter 1.0”, which would effectively be a “national version of a state money transmission license.”
Read MoreJohn ReVeal and Judie Rinearson
On May 29, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule (https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-71a.pdf) to clarify that, when a federal or state-chartered savings association transfers a loan portfolio, interest permissible on the loans before the transfer continues to be permissible after the transfer. In this way, the OCC hopes to resolve the uncertainty created by the Madden v. Midland Funding, LLC decision (“Madden”).
Read MoreSeveral states exempt from their money transmission law, either through statute or regulatory guidance, an “agent of the payee.” California is one such state. In general, the exemption applies to a party that a payee has appointed as its agent for purposes of receiving payment from a payor. The Department of Business Oversight (“DBO”), the agency that enforces California’s money transmitter law, has invited comments on a proposed rule making regarding the scope of the exemption. Comments are due by April 9, 2019.
Read MoreBy Jim Bulling and Elise Hamblin
Contactless payment technology has expanded beyond traditional credit or debit cards to include smart watches and phones that are fitted with “Near Field Communication” technology. Westpac is now the first major bank in Australia to embrace “PayWear” as the next development in this space.
What is “PayWear”?
PayWear allows a consumer to make payments by tapping a “Smart” accessory to a contactless payment terminal. For example, Westpac’s “Centsitive Objects” range has reimagined the traditional Debit Mastercard as an accessory. Other smaller banks have also recently introduced PayWear options for consumers, including Heritage Bank’s wearable wrist band and Bankwest’s payment ring.
By Jacob Ghanty and Tom Wallace
On 23 February 2016 our London office hosted a seminar discussing the future of payments and money transfer and the opportunities and challenges for businesses in this space, featuring talks from leading industry experts Anthony Watson of Uphold Inc. and Jean-Stéphane Gourévitch of Matchi.biz, alongside our partners Jacob Ghanty and Tom Wallace. Find a link to the audio recording and slides of the event here.
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