On April 28, 2010, the Bryan Cave Payments Practice Team presented a webinar on “Gift Cards and Cards that are Not Gift Cards.” The presentation provides practical guidance on navigating compliance with the gift card provisions of the Credit CARD Act.
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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Recent Litigation
The August 2009 issue of Selling Prepaid E-Magazine is now online. Particularly noteworthy is a news capsule that mentions Bryan Cave LLP‘s successful representation of Green Dot Corp. in the matter of Every Penny Counts, Inc. v. American Express Company, et. al. (2008-1434).
Resolution was recently reached in an appeal for the U.S. Court of Appeals for the 8th Circuit in the matter of Deanthony Thomas et. al. v. U.S. Bank, National Association ND et. al. The court held that the Depository Institutions Deregulation and Monetary Control Act (DIDA), 12 USC @ Section 1831d does not preempt state law usury claims against a federally-insured state-chartered bank. Congress very clearly intended the preemptive scope of the DIDA to be limited to particular circumstances. The court reversed trial court and ordered the case to be remanded to state court for consideration under Missouri usury law.
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Email This Content Posted in News Roundup. Tagged with Anti-Money Laundering (European Union), Checks and Check Cashing, Congressional Oversight, Consumer Financial Protection Agency, Credit CARD Act of 2009, Data Security, Debit Cards, E-Commerce, Editorial Corner, Electronic Payments, Federal Trade Commission, Government Accountability Office, Heartland Payments Systems, Identity Theft, International Payments News (Dubai), International Payments News (European Union), M-Commerce, Pending Legislation, Privacy Rights, Recent Litigation, TARP, Upcoming Conferences. By Stan Santos - Friday, August 14, 2009 
