On October 18, 2018, the Dutch Supervisory Authority for data protection adopted guidance on the second Payment Service Directive (“PSD2”).  The PSD2 intends to open the financial services market to a larger scale of innovative online services.  To that effect, the PSD2 sets out rules for obtaining access to the financial information of bank customers. 

In its most recent issue of the Supervisory Insights newsletter, the Federal Deposit Insurance Corporation (FDIC) describes mobile payment technologies, the risks they pose to depository institutions, and the regulatory framework applicable to such technologies.  The FDIC notes the widespread use of smartphones as a payment technology and the increasing availability of point-of-sale terminals equipped to process payments using near-field communications.  Both of these factors require institutions to understand and adopt controls to mitigate risk from mobile payment technologies.

Continue Reading FDIC Highlights Mobile Payment Technologies and Related Risks

On March 29, 2012, Director of the Federal Reserve’s Division of Consumer and Community Affairs Sandra Braunstein testified before the Senate Banking Committee on consumers’ use of mobile financial services.  Ms. Braunstein distinguished between “mobile banking,” which is a consumer’s use of a mobile device to interact with a financial institution, including checking balances and