Fiserv, Inc. recently released the results of a survey suggesting banks are taking a “wait and see” approach to mobile payments. Fiserv commissioned and Forrester Consulting conducted the survey of 15 large U.S. banks, which found that most of the banks offered mobile banking services allowing customers to make transfers between accounts, find an ATM
Financial Institutions
Consumer Financial Protection Bureau Publishes Notice of “Consumer Inquiry and Complaint Database”
The deadline to submit comments in response to the Consumer Financial Protection Bureau (CFPB) Implementation Team’s notice to establish the “Consumer Inquiry and Complaint Database” is less than two weeks away.
Title X of the Dodd-Frank Act establishes the CFPB to enforce federal consumer financial laws through rulemaking, supervision, and enforcement authority. Dodd-Frank grants the…
Remote Deposit Capture Services Present Opportunity and Risk
According to a Federal Deposit Insurance Corporation survey of depository institutions, approximately 38 percent of institutions offer some form of remote deposit capture (RDC) service. RDC enables a customer to deposit checks and other items electronically through the internet or the customer’s mobile phone. The service was first authorized in 2004 when Congress passed the…
Federal Trade Commission Provides Initial Interpretation of the Red Flags Clarification Act in Litigation with the American Bar Association
We recently covered the Red Flag Program Clarification Act of 2010 in a blog post and client alert. The Act was intended to narrow the scope of the Federal Trade Commission’s Red Flags rule, which imposes requirements on creditors and financial institutions to detect and deter identity theft. Prior to the Act’s passage, the…
President Signs Into Law Legislation Narrowing Scope of Red Flags Rule
Over the weekend, President Obama signed into law the “Red Flag Program Clarification Act of 2010.” The Act is intended to narrow the types of entities that are subject to the Federal Trade Commission’s Red Flags rule, which requires financial institutions and creditors to take certain steps to prevent identity theft. More information on the…
President to Sign Into Law Legislation Narrowing Scope of Red Flags Rule
Last week, Congress delivered to President Obama for his signature the “Red Flag Program Clarification Act of 2010,” which is intended to narrow the types of entities that are subject to the Federal Trade Commission’s Red Flags rule. The Red Flags rule requires “financial institutions” and “creditors” to establish programs to detect, prevent, and mitigate…