Prepaid Accounts Compliance

Registration and Continental Breakfast

Co-Chairs’ Opening Remarks

Eric Goldberg
Partner
Akerman LLP

State of the Prepaid Industry: Evolving Products with New Uses Amid Additional Scrutiny

Ryan Richardson
Partner
Davis Wright Tremaine LLP

Jennifer Talbert
Product Counsel
Stripe

Given the current rapid pace of payment innovation, the industry continues to evolve and create new products to meet the needs of consumers. Prepaid cards, whether digital or physical, are the preferred payment vehicle for millennials. This timely session will present an overview of the key issues for the prepaid industry to address including:

• Role of mobile wallets
• Future of physical cards
• Increased regulatory oversight
• New and evolving use cases

Third Party Oversight: Regulatory Focus on the Need for Increased Partner Monitoring

Kayce Seifert
Lead Payments Regulatory Counsel
Square @ Block, Inc

Erin Cass
Of Counsel
Paul Hastings LLP

Brian Crist
Vice President (Legal) Payments, Risk and Growth
eBay

The Federal Financial Institution Examination Council (FFIEC) issued Third Party Relationships: Interagency Guidance on Risk Management to describe sound risk management principles to consider for financial institutions with any type of third-party relationships. In June 2023, the FDIC, The Federal Reserve, and the OCC issued joint guidance on managing risks with third party relationships. It is critical for financial institutions to know who they are partnering and conduct proper due diligence.

• Potential impact of CFPB’s plan to directly supervise certain general-use digital consumer payment applications on third party oversight
• Lessons/best practices regarding third party oversight coming out of the near failure of Silicon Valley Bank
• CFPB’s focus on the fact that funds in popular payment apps may lack
• Need to carefully consider partnership structures and oversight

Networking Break

Regulatory and Enforcement Update: What’s New and Impact of Recent Enforcement

Sridevi Anwar
Executive Vice President, Chief Risk Officer
Central Payments

Eric Goldberg
Partner
Akerman LLP

Scott Pope
SVP, CRO Risk and Compliance Senior Manager - Consumer and Small Business Payments
U.S. Bank

The prepaid industry is facing a unique and rapidly evolving set of regulatory challenges. Get an overview of the latest federal agenda priorities and initiatives at CFPB, FTC, OCC, FinCEN and OFAC and discuss the impact on the industry.  Discuss strategies to boost your compliance program. Hear how state regulation is causing companies to navigate multi-jurisdictional requirements.

• Gain insights from recent enforcement actions within the prepaid accounts space
• Learn vital takeaways to ensure your operations remain compliant
• Proposed guidance on illegal dark patterns
• Impact of proposed rules from the CFPB, including 1033, overdraft, and NSF fees
• Lessons learned from recent enforcement actions
• Get up to date with the latest state regulatory developments

Networking Lunch

Sponsored by:

Financial Crime Considerations: OFAC and FinCEN Latest Developments

Khalil N. Maalouf
Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

Nicole Sayegh Succar
Partner
Crowell & Moring LLP

Loyalty, Award, Promotional and Rebate Programs: What’s New, What’s Working and What Needs to Change

Jennifer Borden
Attorney
Borden Consulting Group

Christine Habeeb
Chief Legal Officer
Tango Card

Kara Kuchar
Partner
Schulte Roth & Zabel LLP

Engaging your customers is paramount today and companies have a variety of options to improve customer loyalty. Many of these programs work better than others and this panel will discuss the latest type of programs and focus on leading strategies to attract and retain your customers.

• Discover the latest trends in reward and loyalty programs and the rise of refund cards
• Managing state money transmission law compliance issues
• State escheat implications and developments
• Sanctions, fraud, and AML considerations for reward programs
• Have the revenue drivers changed
• What is the future of refund cards?
• State escheat implications

Networking Break

Card Networks: Latest Proposals on Interchange Fees and Dual Network Routing

Duncan Douglass
Partner
Alston & Bird LLP

Anna Novoseletsky
Chief Legal & Compliance Officer and General Counsel
Cantaloupe

Regulation II on debit card interchange fees and routing establishes a standard on where the fee is reasonable and proportionate and prohibits issuers and networks from restricting the number of networks over debit transactions are processed. Find out how the industry is working together to comply.

• Uncover tried-and-tested methods for fostering successful collaborations with prepaid card networks to optimize debit, credit, and prepaid account operations.
• Durbin Amendment (Reg II) – Covers Debit Card Interchange
• Fees and Dual Network Routing

International Developments

Silvio Piserchia
Senior Vice President, Global Segment Lead - Fintech & Digital, SME
Mastercard Data & Services

The international market is booming but it is not expanding at the same rate for every area. In Latin America and Asia, prepaid cards provide a valuable benefit to everyday life and are growing at a fast pace. In Europe, the regulators are focusing on reducing fraud while demand is still strong. Overall, the industry is poised for continued growth.

• Stay abreast of key developments from the global prepaid cards landscape
• Discuss trends by region
• Pilot program rollouts for potential new product offerings
• Recommendations for issues of prepaid cards

Conference Adjourns