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Category Archives: Payments

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Department of Finance Releases Consultation Paper on New Retail Payments Oversight Framework Providing for Functional Regulation of Payment Service Providers

Posted in FinTech, Payments, Privacy

On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017. Summary of Proposed Oversight Framework The Consultation Paper is discussed in more detail below, but the… → Read More

FDIC Issues Proposed Guidance on Best Practices for Third-Party Lending: Implications for Canadian Banks and Lenders

Posted in Financial, FinTech, Payments

Background The FDIC recently released for comments a proposed guidance with respect to third-party lending (the “Proposed Guidance”). While subject to potential revisions following the FDIC’s review of comments, the Proposed Guidance provides valuable insight into current regulatory trends relating to marketplace lending. The Proposed Guidance defines “Third-Party Lending” as lending arrangements that rely on… → Read More

U.S. Treasury Issues Marketplace Lending White Paper

Posted in Big Data, FinTech, Payments

In response to the U.S. Department of the Treasury’s (“Treasury”) July 20, 2015 request for information on online marketplace lending (the “RFI”), Treasury issued its white paper on marketplace lending “Opportunities and Challenges in Online Marketplace Lending” (the “White Paper”) on May 10, 2016. The White Paper outlines the risks and potential of this emerging… → Read More

CPA Issues Consultation Paper on Vision for Canadian Payment Ecosystem

Posted in FinTech, Payments

On April 20, 2016, the Canadian Payments Association (the “CPA”) released a consultation paper “Developing a vision for the Canadian payment ecosystem” (the “Consultation Paper”), outlining its planned vision for the proposed modernization of the Canadian payments system. The Consultation Paper was issued following the CPA’s consultation with broad classes of stakeholders including financial institutions,… → Read More

U.S. Online Payment Processor Dwolla Fined $100,000 for Misrepresenting Data Security Practices: Lessons for Canadian Companies

Posted in Cybersecurity, Payments, Regulatory Compliance

In March, 2016 the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a Consent Order against Dwolla Inc., an online payment platform, for deceiving consumers about its information security practices. The CFPB levied a $100,000 civil monetary penalty against the company, a first for the CFPB. What is particularly notable is that there was no evidence that… → Read More

First Draft of ISO 20022 Standard for Real-Time Payments Released, Raises Potential Privacy and Security Concerns

Posted in FinTech, Payments, Standards

On August 10, 2015 the International Organization for Standardization (ISO) Real-Time Payments Group (RTPG) published for review and comment the first draft of the ISO 20022 Standard (ISO 20022). As part of an international project to harmonize standards for cross-border real time payments, over 50 global experts at RTPG worked on developing ISO 20022 to… → Read More