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Insight

Managing Fraud Risk in Consumer Wires

by Edward Somers, Elizabeth McGinn and Hayden Irwin
11 minute read | March.06.2025

In 2025, a federal district court has broadened a consumer protection law to cover wire transfers, impacting financial services.

Insight

CFPB Proposal to Broaden EFTA/Reg E Scope has Implications for Crypto, Gaming and Credit Cards

by John Coleman, Behnam Dayanim, Amanda Lawrence, Edward Somers, John (Jay) Williams and Olivia Ragoowansi
4 minute read | January.15.2025

The Bureau's proposed change would expand the definition of "funds" and "accounts" to encompass a wide range of digital assets.

Insight

CFPB Eyes More Oversight of Major Consumer Payment Nonbanks

by John Coleman, Edward Somers and Samantha Goldberg-Seder
4 minute read | December.17.2024

The CFPB adopted a final rule providing for increased oversight of companies offering consumer payment products like mobile apps and digital wallets.

RegFi Podcast

RegFi Episode 26: Regulating Electronic Transactions to Meet the Needs of a Digital Economy

by Jeremiah Buckley and Sherry-Maria Safchuk
April.03.2024

Orrick RegFi Podcast | Regulating Electronic Transactions to Meet the Needs of a Digital Economy

Orrick Partner Edward Somers joins us for a conversation about the evolving interplay of the laws facilitating electronic transactions.

Insight

The CFPB’s Overdraft Proposal: What Financial Institutions Need to Know

by John Coleman, Melissa Baal Guidorizzi, James McGuire, Jeffrey Naimon, Edward Somers, Manley Williams and Walter Zalenski
10 minute read | January.22.2024

The CFPB has proposed a long-anticipated rule targeting overdraft fees. Here are answers to key questions we have received.

Insight

CFPB Takes Next Step in Its Big Tech Regulatory Strategy: New Rule Proposed to Expand Examination Authority Over Digital Wallets and Payment Apps

by Melissa Baal Guidorizzi, John Coleman, Edward Somers and Samantha Goldberg-Seder
5 minute read | November.13.2023

The proposed rulemaking seeks to expand the CFPB's authority to supervise and examine providers of digital wallets and payment applications.

Insight

7 Ways Fintechs Can Manage Risk as Increased Crypto Regulation Looms

by Edward Somers
10 minute read | September.06.2023

More robust cryptocurrency regulation is likely. These tips help fintechs prepare.

Insight

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

by Edward Somers, Elizabeth McGinn and Joseph C Santiesteban
4 minute read | June.05.2023

The New York Department of Financial Services (NYDFS) and a trading platform entered into a consent order which focused on multiple issues with the ...

Insight

Scrutiny Over Dark Patterns Presents Further Challenges in Online Contracting

by Sherry-Maria Safchuk and Edward Somers
14 minute read | January.18.2023

The ESIGN Act and its state analogue, the UETA, have played a transformative role advancing e-commerce in the United States for more than two decades.

Insight

NYDFS Fines Trading Platform for BSA/AML, Transaction Monitoring and Cybersecurity Lapses

by Edward Somers, Elizabeth McGinn, Kathryn Ryan and Benjamin Hutten
4 minute read | August.08.2022

The New York Department of Financial Services and a trading platform on Aug. 1 entered into a consent order to resolve deficiencies identified during ...

Insight

Deposit and Payments Compliance — Saving for Your Future | 2021 Consumer Finance Fair Lending Today

46 minute watch | March.08.2021

Orrick attorney Ted Somers discusses what to look out for in the deposits and payments space.

Insight

Looking Ahead — Tighter Scrutiny of Deposit and Payment Practices

64 minute watch | January.21.2021

Orrick attorney Ted Somers discussed recent trends in deposit and payment practices, how those trends might change under the Biden administration, ...