Court of Appeals ruling may broaden bank liability for unauthorized internet funds transfers *

USA - July 16 2012
On July 3, the U.S. Court of Appeals for the First Circuit overturned a district court ruling and allowed a lawsuit by Patco Construction Co. (“Patco”) to proceed against Peoples United Bank (the “Bank”) over $345,000 that was stolen from Patco’s bank accounts through internet fraud in 2009.

Co-authors: Brant Rockney.

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Federal Trade Commission hosts public workshop on mobile payments *

USA - April 30 2012
On April 26, 2012, the Federal Trade Commission held a public workshop entitled “Paper, Plastic. . . or Mobile?

Co-authors: Richard A. Gibbs , John C. Dodge.

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Consumer Financial Protection Bureau gives important guidance on supervisory jurisdiction *

USA - April 2 2012
On February 17, 2012, the Bureau of Consumer Financial Protection (the “Bureau”) published a proposed rule (the “Rule”) regarding “Defining Larger Participants in Certain Consumer Financial Product and Service Markets.”

Co-authors: Brant Rockney.

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Federal Reserve approves major prepaid card provider Green Dot’s application to own a bank *

USA - December 6 2011
Overcoming concerns about a business plan devoted exclusively to the issuance and servicing of general purpose reloadable prepaid cards, the Federal Reserve Board voted on November 23, 2011 to approve Green Dot’s application to purchase Bonneville Bancorp and its wholly owned subsidiary, Bonneville Bank, a Utah state-chartered bank.

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Verizon once again reports widespread shortfalls in Payment Card Industry Data Security Standard compliance *

USA - December 5 2011
The 2011 Payment Card Industry Compliance Report by Verizon once again indicates widespread non-compliance with the Payment Card Industry (“PCI”) Data Security Standards. 

Co-authors: Randy Gainer.

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