Law Commons^™

Two Steps Forward, One Step Back: Developments In The Law Affecting Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook, Tom Kierner

Articles by Maurer Faculty

Our past surveys have observed that frequent changes in the rules surrounding electronic payments-spurred by both regulation and enforcement actions create uncertainty and make forward progress difficult for many providers. This survey year is no exception: regulators have taken "two steps forward, one step back" on a number of fronts. This survey reports on (1) the proposal by the Office of the Comptroller of the Currency ("OCC") regarding "fintech" charters, which states have challenged in actions still pending- (2) changes to Regulation CC regarding remote check deposit and disputes over altered or forged checks-(3) the Supreme Court's decision in Expression …

Financial Inclusion In South Africa: An Integrated Framework For Financial Inclusion Of Vulnerable Communities In South Africa's Regulatory System Reform, Lydie Louis, Frederic Chartier

Journal of Comparative Urban Law and Policy

Vulnerable communities in developing countries like the poor in South Africa are not included in their country’s formal economy because the poor have little or no access to financial services. As such, the poor struggle to survive, and to capture the interests of the banking industry to provide them with access to affordable financial services. Public-private financial inclusion initiatives have been insignificant or proven unsustainable to include the poor into the financial fabric of their domestic country. This is because financial inclusion initiatives have primarily been defined, and designed as a “social responsibility” by the government and the banking industry …

Developments In The Law Affecting Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook, Tom Kierner

Articles by Maurer Faculty

No abstract provided.

Developments In The Law Affecting Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook

Articles by Maurer Faculty

No abstract provided.

E-Commerce, Cyber, And Electronic Payment System Risks: Lessons From Paypal, Lawrence J. Trautman

Lawrence J. Trautman Sr.

By now, almost without exception, every business has an internet presence, and is likely engaged in e-commerce. What are the major risks perceived by those engaged in e-commerce and electronic payment systems? What potential risks, if they become reality, may cause substantial increases in operating costs or threaten the very survival of the enterprise? This article utilizes the relevant annual report disclosures from eBay (parent of PayPal), along with other eBay and PayPal documents, as a potentially powerful teaching device. Most of the descriptive language to follow is excerpted directly from eBay’s regulatory filings. My additions include weaving these materials …

E-Commerce And Electronic Payment System Risks: Lessons From Paypal, Lawrence J. Trautman

Lawrence J. Trautman Sr.

What are the major risks perceived by those engaged in e-commerce and electronic payment systems? What development risks, if they become reality, may cause substantial increases in operating costs or threaten the very survival of the enterprise? This article utilizes the relevant annual report disclosures from eBay (parent of PayPal), along with other eBay and PayPal documents, as a potentially powerful teaching device. Most of the descriptive language to follow is excerpted directly from eBay’s regulatory filings. My additions include weaving these materials into a logical presentation and providing supplemental sources for those who desire a deeper look (usually in …

Virtual Currencies: Bitcoin & What Now After Liberty Reserve, Silk Road, And Mt. Gox?, Lawrence J. Trautman

Lawrence J. Trautman Sr.

During 2013, the U.S. Treasury Department evoked the first use of the 2001 Patriot Act to exclude virtual currency provider Liberty Reserve from the U.S. financial system. This article will discuss: the regulation of virtual currencies; cybercrimes and payment systems; darknets, Tor and the “deep web;” Bitcoin; Liberty Reserve; Silk Road and Mt. Gox. Virtual currencies have quickly become a reality, gaining significant traction in a very short period of time, and are evolving rapidly. Virtual currencies present particularly difficult law enforcement challenges because of their: ability to transcend national borders in the fraction of a second; unique jurisdictional issues; …

E-Commerce And Electronic Payment System Risks: Lessons From Paypal, Lawrence J. Trautman

Lawrence J. Trautman Sr.

What are the major risks perceived by those engaged in e-commerce and electronic payment systems? What development risks, if they become reality, may cause substantial increases in operating costs or threaten the very survival of the enterprise? This article utilizes the relevant annual report disclosures from eBay (parent of PayPal), along with other eBay and PayPal documents, as a potentially powerful teaching device. Most of the descriptive language to follow is excerpted directly from eBay’s regulatory filings. My additions include weaving these materials into a logical presentation and providing supplemental sources for those who desire a deeper look (usually in …

Unification Of Payments Law And The Problem Of Insolvency Risk In Payment Systems, James S. Rogers

James S. Rogers

No abstract provided.

A Deposit Substitute For Post Dodd-Frank Regulatory Policy Assessments Of Emergent Payments: A Taxonomical Approach, Eniola Akindemowo

Eniola Akindemowo

Existing stored value products (SVPs) are early prototypes of what payments and money will become: digital, disintermediated, and, possibly, neither state- nor bank-issued. The formulation of stored value regulatory policy in the U.S. has been a complicated, slow process however, producing a piecemeal scheme of broadly uneven regulations. Suffice it to say that the result of several short-term fixes has been to postpone looming inefficiencies and highlight limitations stemming from inconsistencies inherent in their use.

Past regulatory efforts have thrown a startling fact into sharp relief: The relevance of deposits, the hallowed central concept of payments jurisprudence, is undermined in …

Recalibrating Abstract Payments Regulatory Policy: A Retrospective After The Dodd-Frank Act, Eniola Akindemowo

Eniola Akindemowo

The future efficiency of the payments system is at stake. Existing stored value products (SVPs e.g. gift cards and gift card apps) are early prototypes of what payments and money will become – digital, dis-intermediated, and possibly, neither state nor bank issued. These products have defied sustained efforts to pigeonhole them into traditional categories. Significantly, past regulatory efforts have thrown a startling fact into sharp relief: the relevance of deposits – the hallowed central concept of payments jurisprudence – is being undermined in SVPs and emergent payments. What this means is that the role of deposits – the lynch pin …

Developments In The Laws Governing Electronic Payments, Sarah Jane Hughes

Articles by Maurer Faculty

No abstract provided.

Developments In The Laws Governing Electronic Payments Made Through Gift Cards, Debit And Prepaid Cards, Credit Cards, And Direct Deposits Of Federal Benefits, Sarah Jane Hughes, Stephen T. Middlebrook

Articles by Maurer Faculty

No abstract provided.

Developments In The Laws Affecting Electronic Payments And Stored-Value Products: A Year Of Stored-Value Bankruptcies, Significant Legislative Proposals, And Federal Enforcement Actions, Sarah Jane Hughes, Stephen T. Middlebrook, Patricia J. Allouise

Articles by Maurer Faculty

No abstract provided.

Better Than Cash? Global Proliferation Of Debit And Prepaid Cards And Consumer Protection Policy, Arnold S. Rosenberg

ExpressO

A global deluge of debit cards and prepaid cards – payment cards that do not require consumers to qualify for credit – is rapidly making electronic payment systems accessible to much of the world’s population that previously paid in cash for goods and services. The global proliferation of payment cards is fraught with both risk and promise for consumers.

The billions of people of low to moderate incomes who are being hurled from a cash economy into the era of electronic payments in emerging economies by the proliferation of debit and prepaid cards are particularly vulnerable to abuses by banks …

Regulating Internet Payment Intermediaries, Ronald J. Mann

Faculty Scholarship

The Internet has produced significant changes in many aspects of commercial interaction. The rise of Internet retailers is one of the most obvious changes, but oddly enough the overwhelming majority of commercial transactions facilitated by the Internet use a conventional payment system. Thus, even in 2002, shoppers made at least eighty percent of Internet purchases with credit cards. To many observers, this figure has come as a surprise. The early days of the Internet heralded a variety of proposals for entirely new payment systems – generically described as electronic money – that would use wholly electronic tokens that consumers could …

How To Make A Mint: The Cryptography Of Anonymous Electronic Cash , Laurie Law, Susan Sabett, Jerry Solinas

American University Law Review

No abstract provided.

How To Regulate Electronic Cash: An Overview Of Regulatory Issues And Strategies , Simon L. Lelieveldt

American University Law Review

No abstract provided.

Florida's Revised Commercial Paper Law: The Consumer's Dilemma, Linda F. Stamper

University of Miami Business Law Review

No abstract provided.