Taft, one of the fastest-growing law firms in the nation, today announced the addition of Richard B. Levin and Bobby Wenner as partners in the firm’s FinTech practice. Levin will be the Chair of Taft’s FinTech practice. Both join Taft from Nelson Mullins, where Levin
On November 15, 2024, the Federal Trade Commission (FTC) published its final “Rule Concerning Recurring Subscriptions and Other Negative Option Programs” (the “Rule”), part of which includes what the FTC refers to as the “Click to Cancel” rule. This far-reaching rule applies to most automatically
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited rule on Personal Financial Data Rights (referred to herein as the “Open Banking Rule”).
The Open Banking Rule requires banks, credit unions, and other financial service providers to make available consumers’ data
Fraud in the payments space is nothing new. In fact, it is fairly pervasive across the (now numerous) available payment systems. And despite the clear benefits of faster payments, the advent of faster, more easily accessible methods of payment has given rise to new opportunities
For years, “FBO” has been one the payments industry’s favorite buzz words. The FBO account structure has been a common “best practice” by payments providers seeking to remove themselves from the flow of funds to reduce their risk of being regulated as a money transmitter.
Blockchain has made enormous promises to transform finance, but regulatory challenges keep legacy frictions alive. When the SEC and FINRA first attempted to apply old custody and customer protection rules to digital assets, they were left wrestling with questions never envisioned by 20th-century lawmakers. Now
This week, New York’s new surcharging law went into effect, replacing the prior surcharge ban which had been attacked at the U.S. Supreme Court (as discussed here). The old law was simply a wholesale ban on credit card surcharges, although since being reinterpreted by
Stablecoins have evolved from simple trading tools into a major pillar of the digital asset economy – and regulators are taking notice. Defined as digital assets pegged to a reference value (like the U.S. dollar), stablecoins can be collateralized or algorithmic, each carrying different risks.
As a corporation that handles ACH transactions on behalf of others, you may have heard your financial institution refer to you as a “Third-Party Sender.” Common examples of Third-Party Senders include payroll processing companies, rent payment companies, and other bill pay providers. If an entity
AI and machine learning are fueling the next wave of change in financial services, promising efficiency and smarter decisions – but they’re also ushering in a maze of new legal headaches. Regulators, eager to encourage innovation but wary of risk, are focusing on whether AI-driven