Payments Pros – The Payments Law Podcast

In this episode of Payments Pros , Carlin and Keith welcome back Jordan Bennett, Nacha's senior director of network risk management, for a two-part series on the newly approved rules designed to combat credit push fraud. Credit push fraud has been on the rise, and Nacha released a risk management framework to increase awareness and mitigate such frauds. The new rules, approved by Nacha's members o...

In this episode of Payments Pros, Carlin McCrory is joined by Nick St. John, director of regulatory compliance at America's Credit Unions, to discuss the Corporate Transparency Act (CTA) and related developments from the Financial Crimes Enforcement Network (FinCEN). Enacted in 2021, the CTA aims to combat the use of anonymous legal entities for money laundering. It mandates that legal entities re...

In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry's reaction to it. The rule lowers the safe harbor provision dollar amount for late fees to $8 for large credit card issuers and...

In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) latest proposed rule. This rule aims to prohibit covered financial institutions from charging consumers nonsufficient funds (NSF) fees on transactions that are declined instantaneously or near instantaneously. The CFPB believes this rule will benefit consumers who w...

In this special joint episode of Payments Pros and The Crypto Exchange, Ethan Ostroff, James Kim, and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule to supervise large tech companies and other providers of digital wallets and payment apps. The proposed rule asserts that digital assets are "funds" subject to the Dodd-Frank Act and other federal consumer finan...

In the second and final installment of our two-part Payments Year in Review series , Keith Barnett, Carlin McCrory, and Josh McBeain continue their discussion around the payments landscape of 2023 and their predictions for 2024. In this episode, our co-hosts discuss the CFPB and FTC's attempts to regulate negative options, the Federal Reserve's FedNow, the adoption of Money Transmission Modernizat...

In the first installment of a two-part Payments Year in Review series , Keith Barnett, Carlin McCrory, and Josh McBeain delve into the payments landscape of 2023 and share their predictions for 2024. Our co-hosts discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule to supervise "larger participants" in the market for general-use digital consumer payment applications. They also e...

In this episode of Payments Pros, Keith Barnett is joined by James Stevens to discuss the Merchant Acquirer Limited Purpose Bank Charter (MALPB) in Georgia, a unique charter that allows companies to offer merchant payment processing services without a sponsoring partner bank. Despite being enacted 12 years ago, companies have been unable to utilize it due to card networks not allowing direct parti...

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Jordan Wright, CEO of Atomic Financial, to discuss the Consumer Financial Protection Bureau's (CFPB) proposed 1033 rule. This rule aims to limit the misuse or sale of consumer data, and is expected to be finalized by summer 2024. Jordan highlights the importance of data portability in banking, comparing it the telecom...

In this episode of Payments Pros, Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) fall supervisory highlights, focusing on "junk fees." The report covers examinations in areas of deposits, auto servicing, and remittances completed between February and August 2023. The recent report reveals that their efforts have resulted in institutions refunding more th...

In this special joint episode of Payments Pros and The Consumer Finance Podcast , Carlin McCrory, Keith Barnett, James Kim, and Chris Willis discuss the Consumer Financial Protection Bureau's (CFPB) proposed larger participant rule for consumer payments providers. The rule is designed to supervise general use digital consumer payment applications, defining a market for these applications and subje...

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Pidgin's Senior Vice President of Innovation Kevin Olsen to discuss faster payments and the FedNow service. Faster payments, such as real-time payments (RTP) and FedNow, are transactions completed in seconds, available 24/7, and restricted to U.S. financial institutions. Since its launch in July 2023, FedNow has seen...

This episode of Payments Pros spotlights an episode from The Crypto Exchange , where Kalama Lui-Kwan joins Payments Pros hosts Keith Barnett and Carlin McCrory to discuss consumer protection under Regulation E. They delve into a July 2022 letter from Democratic senators, urging the CFPB to hold banks liable for consumer losses when the consumers provide alleged fraudsters with access to their own...

In the latest episode of Payments Pros , hosts Keith Barnett and Carlin McCrory are joined by Jean Gonnell and Agustin Rodriguez, co-leaders of Troutman Pepper’s Cannabis practice, to discuss the legal complexities that financial institutions face when dealing with the cannabis industry. Jean and Agustin give a high-level overview of the basics of cannabis, including federal and state regulations,...

In the latest episode of Payments Pros , hosts Keith Barnett, Josh McBeain, and Carlin McCrory discuss Earned Wage Access (EWA), a system that allows employees to receive their earned wages before the employer's payroll cycle. Keith, Josh, and Carlin delve into the potentially applicable federal laws related to EWA, starting with the Truth in Lending Act (TILA). They discuss the Consumer Financial...

In the latest episode of Payments Pros , hosts Carlin McCrory and Keith Barnett are joined by James Rowe and Nanci McKenzie from Affirmative Technologies to discuss Automated Clearing House (ACH) originator risk. Affirmative Technologies is one of the nation's leading technology providers in ACH processing and risk management software. The company provides innovative electronic payment solutions t...

In this episode of Payments Pros , Keith Barnett welcomes his colleagues Rich Zack and Christy Tuttle to discuss how U.S. government sanction programs impact payment processors, banks, and the payments industry in general. Keith, Rich, and Christy discuss the current atmosphere of sanctions in the payments industry and the recent joint guidance issued to banks by the OCC, the Fed, and FDIC. The gu...

In this episode of Payments Pros , Carlin McCrory welcomes Stout’s Disputes, Compliance, and Investigations Managing Director Terri Sands to discuss the evolvement in payments and the launch of FedNow. Carlin and Terri discuss how FedNow will affect financial institutions, as well how they see businesses and consumers utilizing the service. Additionally, with this new evolvement in the payments sp...

In this episode of Payments Pros , Josh McBeain welcomes Isaac Boltansky, managing director and director of policy research at BTIG to discuss the proposed Credit Card Competition Act led by Senator Durbin from Illinois. Josh and Isaac discuss the intricacies of the proposed legislation and how it would affect issuers, merchants, and consumers. Additionally, they address some of the skepticism tha...

In this episode of Payments Pros , Josh McBeain welcomes his colleague Andrew Thurmond to discuss residential solar projects as well as the financing and payment options that are available for these types of projects. With renewable energy being a hot topic now, solar providers have multiple payment options to facilitate solar projects, including loans, retail installment contracts, leases, power...

In this episode of Payments Pros , our hosts Keith Barnett, Carlin McCrory, and Josh McBeain join their colleague Chris Willis to discuss the Consumer Financial Protection Bureau's (CFPB) larger participant rule for consumer payments mentioned in its 2023 semiannual rulemaking agenda. During this podcast, they examine a myriad of topics concerning this rule, including the following: The current tr...

This edition of Payments Pros spotlights an episode from The Crypto Exchange podcast where Ethan Ostroff sat down with Payments Pros hosts Keith Barnett and Carlin McCrory to discuss recent developments with convenience fees in the payments industry. With both of their practices focusing on payments-related issues, Keith and Carlin take a deep dive into the recent CFPB advisory opinion on convenie...

Troutman Pepper's Payments Pros podcast offers insights from Troutman Pepper Fintech and Payment practice group attorneys, industry business leaders, and regulatory experts on the most challenging legal and regulatory concerns confronted by participants in the payments industry — including everything from BSA to EFTs, fintech to regtech, licensure to lending, Nacha to the CFPB, and payment process...