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News Roundup — December 1, 2009 to December 22, 2009

Consumer Financial Protection Agency

On December 11, 2009, the U.S. House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the current recession. HR 4173, the Wall Street Reform and Consumer Protection Act, passed by a vote of 223 to 202 and includes a comprehensive set of reforms that addresses many of the problems that the nation faces today. Among the various actions facilitated by the bill, if signed into law, the Act would create the Consumer Financial Protection Agency and establish an orderly process for shutting down large, failing financial institutions that are deemed “too big to fail”.

Broox Peterson presents a short opinion piece on HR 4173. Whether the Senate version will survive intact is anyone’s guess. An article highlighting Sen. Christopher Dodd’s (D-CT) sponsorship of the bill appeared on National Public Radio on November 10, 2009.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , , , , , . By Stan Santos - Tuesday, December 22, 2009

November 2009 Client Alerts

The FTC Postpones the Deadline for Red Flags Rule Compliance Again to June 1, 2010

In a last minute announcement, the Federal Trade Commission has indicated that it will delay the compliance date for the “Red Flags Rule” yet again. Affected businesses now have until June 1, 2010 to develop and implement a plan as required under the Red Flags Rule.

For more information, please read the client alert published by Bryan Cave LLP’s Consumer Protection Client Service Group on November 2, 2009.

EEOC Releases New Workplace Poster

The Equal Employment Opportunity Commission announced last week that it has revised and released for posting the notice that employers covered by federal anti-discrimination laws must display in the workplace.

For more information, please read the client alert published by Bryan Cave LLP’s Labor and Employment Client Service Group on November 2, 2009.

House Unveils Health Reform Bill

The U.S. House of Representatives has unveiled its health reform legislation. Among its provisions include an excise tax on medical devices that is expected to cost the industry $20 billion over the next ten years. The bill also requires device manufacturers to submit the product information to a national registry.

For more information, please read the client alert published by Bryan Cave LLP’s Food and Drug Administration Practice on November 3, 2009.

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Email This Content Email This Content Posted in Client Alerts, Uncategorized. Tagged with , , , , . By Stan Santos - Monday, November 30, 2009

News Roundup — November 5, 2009 to November 13, 2009

Payments

PayPal officialy launched its new platform entitled “PayPal X” for third party developers on November 5, 2009, making it easier to integrate the payment system with other Web sites and applications.

Continuing fallout from the data security breach suffered by Heartland Payment Systems in January 2009 has indirectly resulted in confirmation by VeriFone that it will terminate technical support relationships with HPS and will instead offer free services to mutual merchant customers.

Expedited CARD Act of 2009

On November 4, 2009, the House of Representatives overwhelmingly approved legislation sponsored by Carolyn Maloney and Barney Frank that would push up the effective date of the Credit CARD Act to immediately upon signing of the bill. The bill passed by a vote of 331-92. The Senate version of the bill, S.1833 (and a companion piece, S.1927) is currently in committee.

Data Security

Consumers who have received data breach notifications within 2008-2009 are at a much greater risk of fraud than typical consumers, according to a new study published by Javelin Research.

TVNZ, a news site in New Zealand, takes a look at the impending phase-out of credit card transactions that utilize signatures, soon to be replaced by chip and PIN-based technology.

A sweeping new bill that would implement a national standard for data protection and breach notification, S. 1490, the Personal Data Privacy and Security Act of 2009, was approved by a vote of 15-5 in the Senate Judiciary Committee. Sponsored by Pat Leahy (D-VT.), the bill would require companies and government agencies to follow a specific ruleset for protecting sensitive and personally identifable data. The bill would also introduce a federal breach-notification standard under which companies would be required to notify not just individuals affected by the breach, but also, in some cases, credit reporting agencies and the U.S. Secret Service. It would also establish a new Office of Federal Identity Protection (within the FTC) and increase penalties for identity theft and related fraud.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , , , . By Stan Santos - Friday, November 13, 2009

News Roundup — October 26, 2009 to October 30, 2009

Gift Cards

The Consumer Federation of America issued a press release on October 27, 2009 in relation to a survey that demonstrates the depth of consumer misunderstanding when it comes to gift cards. According to the survey results, approximately 33% of a representative sample of slightly over 1,000 adult Americans know how much gift cards cost and only 54% are aware that “six to 12 months after purchase, some of these gift cards charge a monthly fee”. Here is related article in the Washington Post published on October 25, 2009 in relation to the rise of prepaid cards as opposed to traditional bank accounts and credit cards.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , . By Stan Santos - Friday, October 30, 2009

October 2009 Client Alerts

FinCEN’s New Bank Secrecy Act Compliance Outreach Initiative Targeted at Depository Institutions With Assets Under $5 Billion

Yesterday FinCEN announced a new outreach initiative targeted at depository institutions with assets under $5 billion. The outreach initiative builds upon knowledge FinCEN previously gained from its meetings with larger financial institutions. As part of its ongoing outreach efforts, FinCEN is now seeking to engage smaller to moderate size depository institutions who are working to implement the four pillars of the Bank Secrecy Act regulatory regime: (1) policies, procedures and internal controls; (2) designation of a compliance officer; (3) ongoing training; and (4) independent testing.

For more information, please read the client alert published by Bryan Cave LLP’s Financial Institutions Client Service Group on October 15, 2009.

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Email This Content Email This Content Posted in Client Alerts. Tagged with , , , , , , , . By Stan Santos - Friday, October 30, 2009

News Roundup — October 19, 2009 to October 23, 2009

Consumer Financial Protection Agency

On October 20, 2009, the House Financial Services Committee voted to give the federal government the power to block states from regulating large national banks in some circumstances. The compromise offered by Rep. Melvin Watt (D-NC) and Dennis Moore (D-KS) and approved by voice vote, grants the office of the comptroller of the currency the power to override state action only if it found that the state law in question “significantly” interferes with federal regulatory policies.

On October 22, 2009, the House Financial Services Committee passed by a vote of 39-29 a bill that would create the Consumer Financial Protection Agency. A summary of the bill can be read here. Early returns on the outcome of the preliminary legislative battle have been revealed in preparation for the debate in the months ahead.

Anti-Money Laundering

Some investors defrauded by Bernard Madoff added KPMG, JP Morgan Chase and The Bank of New York Mellon Corporation as co-defendants to a civil lawsuit filed in New York State Supreme Court on October 20, 2009. Additional details (via a Reuters article filed with the New York Times) can be viewed here.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , , . By Stan Santos - Friday, October 23, 2009

News Roundup — October 12, 2009 to October 16, 2009

Prepaid Cards

The latest issue of Selling Prepaid E-Magazine is now online. One of the top feature articles in this month’s issue is a story on the National Branded Prepaid Card Association’s response to FinCEN’s request for public commentary on input from the prepaid card industry concerning the definition of the term “stored-value”.

According to an economic study released on October 15, 2009, consumers who opt-in regarding network branded prepaid card usage could pay as much as 70% less in fees compared to more traditional checking and debit card accounts, making prepaid cards a far more cost-effective and valuable financial tool for many.

Consumer Financial Protection Agency

Broox Peterson points out a few flaws in the current draft of the CFPA bill, HR 3126, that may have been fixed in the markup that took place during a House Financial Services Committee hearing on October 14, 2009.

Data Security

WIRED finally sheds light on a series of hacker attacks that occurred in 2005 and in 2006 on Wal-Mart.

The White House’s official blog offers this look at what Americans can do to protect their online presence.

Over on ZDNet Australia, Simon Sharwood reports how National Australia Bank is currently contemplating adding another layer of security in order to offer its customers added peace of mind.

In a move that has the potential to make it MUCH more difficult for retailers to defend themselves against civil data breach lawsuits, the judge overseeing the Hannaford data breach case has reversed himself, resulting in the involvement of the Maine Supreme Court.

Rep. Yvette Clarke (D-NY) has urged President Obama to quickly appoint a cybersecurity czar, citing concerns a wide array of online threats against the public and private sectors.

A massive click fraud ring has recently been discovered operating in China that involved 200,000 different IP addresses and racked up more than $3 million worth of fraudulent clicks across 2,000 advertisers in a two-week period. Although the ring has now dissipated (or more likely, been folded into another scam), the danger of such schemes remains.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , . By Stan Santos - Friday, October 16, 2009

News Roundup — September 28, 2009 to October 7, 2009

Consumer Financial Protection Agency

On September 25, 2009, Rep. Barney Frank (D-Mass.) circulated a discussion draft of legislation to create the CFPA. In addition, a hearing of the full House Financial Services Committee was held on September 30, 2009 for the purpose of discussion of the proposed legislation.

The Brookings Institution released the transcript of Martin Neil Baily’s testimony before the Senate Committee on Banking, Housing and Urban Affairs on September 29, 2009. Mr. Baily was the chairman of the Council of Economic Advisers during the Clinton administration during the 1999 to 2001 term. In addition, he was one of three members of the council from 1994 to 1996. You can view his testimony here.

Mr. Baily’s testimony can be summarized as follows: (1) The best framework to guide current reform efforts is an objectivist approach that divides regulation up into micro-prudential, macro-prudential and conduct of business regulation; (2) the quality of regulation must be improved regardless of where it is done; (3) a single federal micro-prudential regulator should be created combining the regulatory and supervisory functions currently carried out at the Federal Reserve, the OCC, the OTS, the SEC and the FDIC; (4) the United States needs effective conduct of business regulation; and (5) the Federal Reserve should be the systemic risk monitor with some additional regulatory power to adjust lending standards.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , , , , , . By Stan Santos - Wednesday, October 7, 2009

September 2009 Client Alerts

EPA Finalizes Mandatory Reporting Rule for Greenhouse Gas Emissions

Approximately 10,000 facilities must begin monitoring greenhouse gas (“GHG”) emissions pursuant to federal law beginning on January 1, 2010. On September 22, 2009, the U.S. EPA issued its final rule to require mandatory reporting of GHG emissions within nearly all sectors of the economy. This rule was developed in response to a Congressional mandate and provides the first comprehensive national system for reporting emissions of carbon dioxide and other GHG emission sources in the United States. EPA announced its proposed rule on March 10, 2009.

For more information, please read the client alert published by Bryan Cave LLP’s Environmental Client Service Group on September 29, 2009.

FDIC Issues Final Statement of Policy on Investor Qualifications for Failed Bank Acquisitions

On July 2, 2009, the Board of Directors of the Federal Deposit Insurance Corporation issued for public comment a proposed Statement of Policy that sets forth the qualifications for private equity investors in failed bank acquisitions.

For more information, please read the client alert published by Bryan Cave LLP’s Financial Institutions Client Service Group on September 24, 2009.

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Email This Content Email This Content Posted in Client Alerts. Tagged with , , , , , , , . By Stan Santos - Monday, October 5, 2009

News Roundup — September 9, 2009 to September 18, 2009

Consumer Financial Protection Agency

John Pottow has an opinion piece regarding the proposed CFPA in the Detroit Free Press. He observes that the proposed agency would help small banks relative to big banks because of reduced fixed regulatory costs and would improve the market for simple financial products that are the strong suit of small banks.

Mr. Pottow is an internationally recognized expert in the field of bankruptcy and commercial law. He is a professor of law at the University of Michigan Law School where his area of expertise concentrates on the issues involved in regulation of cross-border insolvencies. In addition, he is a frequent commentator on national and international media outlets such as NPR, CNBC, CNN, C-SPAN and the BBC.

At Reuters, Felix Salmon has the full text of President Obama’s speech at Federal Hall, delivered in New York City on September 14, 2009. His analysis can be viewed here while the Republican rejoinder is here. Over at the Wall Street Journal, Michael Corkery posted a live blog of the proceedings which you can view here.

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Email This Content Email This Content Posted in News Roundup. Tagged with , , , , , , , , , , , . By Stan Santos - Friday, September 18, 2009