Audits are critical tools for assessing compliance, financial integrity, and operational efficiency within organizations. However, they also carry significant legal implications that both auditors and auditees must understand to navigate effectively. This session delves into the intricate web of legal considerations surrounding audits. Participants will explore key topics such as the rights and responsibilities of auditors and auditees, legal frameworks governing audits (including privacy laws like GDPR and HIPAA), and the potential consequences of noncompliance. Through case studies and real-world examples, attendees will gain insights into how audit findings can impact legal liabilities, contractual obligations, and regulatory compliance. We will discuss strategies for mitigating legal risks during audits, including proper documentation, maintaining confidentiality, and responding to audit findings. By the end of the session, participants will have a clearer understanding of the legal landscape surrounding audits and be equipped with practical tips to ensure audits are conducted effectively and compliantly within their organizations.

Speakers:

Scott Jones, Adams & Reese

Andy Barlow, AAP, Macha/PAR

*This session is not eligible for continuing education credits.

Tag(s): PLCS 2024, Legal, Compliance, Audits, Regulatory

Dodd-Frank Act Section 1033 has emerged as a pivotal regulatory framework impacting financial data access and consumer rights. Specifically, it mandates that consumers have the right to access their financial data and transfer it securely between financial institutions. This session delves into the profound implications of Dodd-Frank 1033 and the CFPB's rule making on two critical aspects of the financial landscape: the ACH Network and emerging Pay by Bank solutions. Attendees will gain a comprehensive understanding of how Dodd-Frank 1033 reshapes data access rights in the financial sector, its implications for the ACH Network, and its role in fostering secure and user-centric payment solutions like Pay by Bank. Moreover, participants will be equipped with strategic insights to navigate compliance challenges and capitalize on emerging opportunities in the evolving regulatory environment.

Speakers:

Ivy Gupta, Plaid, Inc.

Aaron Kouhoupt, McGlinchey Stafford

Jennifer Stokley, APRP, Nacha

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Legal, Compliance, ACH

Financial institutions make business decisions to originate ACH transactions for clients, and it is incumbent on them to conduct appropriate due diligence and related risk management. With what could be considered high risk activity, it is imperative that the FI implements a robust and holistic risk management program throughout the life cycle that has active involvement and commitment across the organization. Online gaming, ACH debit at online purchases without card network purchase protection, and other transactions are examples of industries where financial institutions have proceeded with caution. These industries could represent potential threats to payment systems so, as a result, various payment systems rules have been defined, all with the goal of protecting the integrity of the system as well as limiting possible risk. Speakers in this session discuss what constitutes “high risk” payments and the types and magnitude of transactions that give rise to such risks. Understand who needs to be involved and why, what process elements need to be considered, and what are potential client showstopper questions.

Speaker:

Ellen Traupman Berge, Venable, LLP

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Legal, Compliance, ACH

With the 2024 presidential election resulting in a new incoming administration, the payments industry is entering a period of significant uncertainty and potential transformation. This session will explore the possible legal ramifications that the election outcomes could have on the sector. The speaker will delve into various aspects, including regulatory changes, shifts in compliance requirements, and the impact of new policies on financial technology and payment processing. Participants will gain insights into how the Trump administration might influence financial regulations and what that means for payment service providers. The discussion will cover anticipated adjustments in compliance standards and how companies can prepare for these changes. Additionally, the session will examine the potential effects of proposed policies on innovation, cybersecurity, and consumer protection within the payments industry. The session aims to provide a comprehensive understanding of the evolving legal landscape and offer strategic planning advice to help attendees navigate the changes brought by the 2024 presidential election results. Whether you are a legal professional, compliance officer, or industry executive, this session will equip you with the knowledge to stay ahead in a dynamic regulatory environment.

Speakers:

Matt Luzadder, Kelley Drye

Jeff Hunter, Kelley Drye

*This recording is not eligible for continuing education credits.

Tag(s): Legal, Compliance, Government

This engaging session delves into the complexities of resolving Regulation E disputes, enriched with real-life examples and interactive discussions. Whether you're a seasoned professional or new to the realm of consumer financial protection, this session promises practical insights and collaborative problem-solving. Work together to identify the critical issues, evaluate possible solutions, and determine the best course of action for resolution. Attendees gain insights into the legal framework surrounding Regulation E disputes, including timelines for investigation and consumer rights. Discuss practical strategies for compliance and customer service excellence.

Speakers:

Jennifer Aguilar, APRP, Alston & Bird

Ivy Gupta, Plaid

Christopher Richards, APRP, Cape Cod Five Cents Savings Bank

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Compliance, Legal, Regulation E, Regulatory

As artificial intelligence continues to revolutionize industries, understanding the legal and compliance landscape is crucial for businesses and practitioners alike. This session will explore the multifaceted legal challenges and regulatory frameworks surrounding AI technologies. Participants will gain insights into key topics, including data privacy and protection, intellectual property, accountability and liability and emerging regulations.

Speaker:

Ted Claypoole, Womble Carlyle

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Compliance, Legal, AI

In the dynamic landscape of financial services, the relationship between financial institutions (FIs), fintech companies, and third-party service providers has become increasingly complex. This session delves into the profound impact of interagency guidance on these relationships, exploring key aspects such as banking as a service (BaaS), the role of fintechs, middleware providers, and the implications for FDIC insurance. This session will explore practical examples and case studies to illustrate the challenges and opportunities presented by these evolving dynamics while examining the regulatory considerations and strategic implications for FIs engaging in BaaS partnerships. Speakers will also discuss the regulatory expectations and compliance challenges faced by fintechs and middleware providers in their partnerships with FIs, how third-party relationships influence FDIC insurance coverage and risk assessments for FIs and real-world examples of consent orders and enforcement actions.

Speaker: 

Matt Luzadder, Kelley Drye & Warren LLP

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Compliance, Legal

Instant payments have transformed the way we transfer funds, making transactions faster and more efficient, but this innovation has also brought new legal considerations that must be taken into account. During this session, speakers discuss the legal and regulatory frameworks that apply to instant payments, including Regulation E & UCC4A, as well as dive into the liability and risk management concerns associated with instant payments, including fraud, chargebacks, and data breaches. Speakers will also discuss strategies for mitigating these risks, such as implementing robust security protocols and complying with industry standards.

Speaker:

Jess Cheng, Wilson Sonsini Goodrich & Rosati

*This recording is not eligible for continuing education credits. 

Tag(s): PLCS 2024, Compliance, Legal, Regulatory

In the rapidly evolving world of card-based payments, understanding compliance and regulatory requirements is crucial for ensuring operational integrity and trust. This session delves into the intricate web of rules and regulations that govern card payments, providing essential insights for industry professionals and stakeholders. Explore key topics including an overview of global and regional regulatory frameworks governing card payments, compliance obligations for issuers, acquirers, and payment processors and emerging trends and regulatory updates impacting card-based payment systems. Through real-world examples and interactive discussions, gain practical knowledge to navigate the complexities of compliance in card payments effectively. Whether you're a compliance officer, payment service provider or industry consultant, this session equips you with the tools and understanding to ensure regulatory adherence and operational excellence in card-based payments.

Speakers:

Jennifer Aguilar, APRP, Alston & Bird

Jordan Jensen, Alston & Bird

*This recording is not eligible for continuing education credits.

Tag(s): PLCS 2024, Legal, Compliance, Card Products

Understanding the fundamentals of payment laws and regulations is crucial to understanding how payments work. So is having a clear comprehension of how the laws and regulations interact with one another, particularly when there may be overlap. Which law applies to a payment transaction depends on who the end users are, what kind of institution acts as intermediary, and what form of transaction is used to move the money. The introduction of new kinds of payments service providers and completely new forms of currencies and payments is raising questions about what laws apply to fintech. With so many agencies overseeing overlapping aspects of the payments industry, sometimes different agencies might be taking contradictory views about emerging issues. This session delves into these issues and provides an overview of the most significant laws and regulations governing payments, including Uniform Commercial Code Articles 3, 4, and 4A, the Expedited Funds Availability Act and Regulation CC, the Electronic Funds Transfer Act and Regulation E, the CFPB’s authority to act against unfair deceptive, and abusive acts or practices, and recent updates to Regulation J in relation to FedNow. The session touches on the rules that structure the Federal Reserve’s payments services, including Regulation J and the Fed’s Operating Circulars. The speaker will also describe the OFAC/Bank Secrecy Act compliance regime that applies to all payments in the U.S.

Speakers: 

Scott Fryzel, Dykema Gossett, PLLC

Lauren Quigley, Dykema Gossett, PLLC

*This recording is not eligible for continuing education credits.

Tag(s): PLCS, Legal, Compliance, Regulatory