Payments Pros

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In this episode of Payments Pros, host Carlin McCrory discusses a recent consent order between Patriot Bank and the Office of the Comptroller of the Currency (OCC) following a $27 million loss. The order addresses unsafe practices and legal violations, focusing on prepaid card program oversight. Key areas of concern include the need for a strategic plan, evaluation of internal operations, and staffing requirements. The bank must also enhance its Customer Identification Program (CIP) and ensure adequate monitoring of third-party program managers.

In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss the latest FinCEN and OFAC guidance on virtual currency transactions, specifically tailored for companies in the payments industry. They explore when businesses need to register as money services businesses (MSBs) under federal law and discuss the roles of users, exchangers, and administrators of virtual currencies. Carlin provides a detailed look at the regulatory requirements for both centralized and decentralized virtual currencies.

In the final installment of the four-part “Payments Year in Review” series, hosts Keith Barnett and Carlin McCrory discuss significant enforcement actions and regulatory trends. The discussion begins with the increased scrutiny from the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) on bank and nonbank partnerships, emphasizing sound risk management and compliance. Key themes include third-party risk management, board governance, Bank Secrecy Act/Anti-Money Laundering compliance, and liquidity risk. The episode also addresses the proposed FDIC deposit insurance record-keeping rule.

In this special crossover episode of the Payments Pros and Crypto Exchange podcasts, our hosts are joined by colleague Alexandra Steinberg Barrage to discuss California’s Department of Financial Protection and Innovation’s proposed rulemaking under the Digital Financial Assets Law (DFAL).

In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss a significant Consumer Financial Protection Bureau (CFPB) enforcement action against Global Tel Link Corporation (GTL), issued on November 14. This action resulted in a consent order addressing chargebacks, alternate payment channel fees, and handling of inactive accounts.