Payment Instruments & Prepaid Cards

The Payment Instruments and Prepaid Cards practice group at the Firm has extensive experience with regulatory compliance of payment instruments and prepaid cards. Our experience encompasses all aspects of the implementation and management of payment and prepaid card programs, including:

  • Federal and state regulatory compliance
  • Federal and state lobbying and legislative efforts
  • Consumer protection
  • Unclaimed property
  • Anti-money laundering
  • Money transmission
  • Privacy
  • Electronic funds
  • Virtual payment and prepaid cards
  • Management of breakage and slippage
  • Legal-related accounting matters
  • Vendor contracts
  • Bank sponsor agreements
  • Third-party distributor contracts
  • Related business transactions

Our attorneys have represented all segments of the industry, including:

  • State and federal banks and financial institutions
  • National, regional, and local retail chains
  • Online retailers
  • Industry organizations

Our expertise allows you to navigate an increasingly complex array of state and federal regulations and incorporate compliance management techniques into your payment instrument and prepaid card programs.

Project Experience

  • Program Regulatory Management: Designed and managed regulatory compliance systems for over 500 programs in the United States, Canada, and Europe.
  • Industry Innovation: Served as attorneys for industry innovators, such as Groupon, Card Compliant and Store Financial Services.
  • Legislative Projects: Been retained to present information or comment upon numerous proposed statutes and regulations, such as the Credit CARD Act of 2009, the Durbin Amendment, FinCEN regulations and numerous state and provincial regulations.
  • Industry Standards: Worked on several standards used in the payment and prepaid card industries, such as the standards for derecognizing prepaid card and payment liabilities set by the Financial Accounting Standards Board and the International Accounting Standards Board.
  • Litigation Support: Served as direct and special counsel with respect to litigation matters in the payments and prepaid card industry.

Practice Group Members