#mobilepaymentrules

“The OCC is an independent bureau of the U.S. Department of the Treasury. Its primary mission is to charter, regulate, and supervise all national banks and federal savings associations. It also supervises the federal branches and agencies of foreign banks to ensure that they operate in a safe and sound manner and are in compliance with laws requiring fair treatment of their customers and fair access to credit and financial products. The OCC’s Payment Risk Policy (PRP) group was created in early 2013, as part of the Chief National Bank Examiner’s Operational Risk Division, to provide payments system supervisory guidance and help form a comprehensive view of the payment system, including wholesale (use of centralized payment systems and clearinghouses) and retail (ACH, prepaid, mobile, and digital) payment processes.

The PRP group is also analyzing the mobile payments market and evaluating the need to expand existing guidance to be more risk- and principles-based to encompass the increasing range of technologies, and is working with other financial regulatory agencies to develop consensus on any guidance specific to mobile. PRP generates internal, educational resources for its examiners and senior management. The OCC also recently issued risk management guidance17 for financial institutions (FIs) that use third party service providers in general, but could apply to mobile services as well. In this way, the OCC supports proactive risk management practices by banks. The PRP also wants to develop metrics (e.g., using data from bank reporting, industry publications, and forums) to identify major payments issues and trends in the payments landscape, which will be shared with its banks and contribute to examiner guidance. The OCC will continue to analyze specific rules to determine whether there is a need to expand these rules to incorporate newer payment technologies.”

http://www.bostonfed.org/bankinfo/payment-strategies/publications/2014/summary-of-mpiw-meeting-may-2014.pdf

http://www.paymentlawadvisor.com/files/2014/12/LSI-Tech-Law-Conf-What-to-Expect.pdf