Parag Patel

Nov 6, 2024 | itwire.com | Parag Patel

GUEST OPINION: If you're familiar with the Zero Trust framework, its principles may seem simple enough in the context of network security. Nobody - not even your most senior leaders - can be granted user access without first being checked at the gate. Here's the challenge though; traditional perimeters are a thing of the past given rising cloud adoption.

Feb 9, 2024 | jdsupra.com | Deric Behar |Arthur S. Long |Parag Patel

As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Fees for Instantaneously Declined Transactions (the Proposal), that would prevent banks and other financial institutions from charging non-sufficient funds (NSF) fees on transactions declined in real time.

Dec 19, 2023 | jdsupra.com | Deric Behar |Jenny Cieplak |Parag Patel

The proposal would subject certain large non-bank companies offering wallet and payment services to federal regulatory oversight on par with banks and credit unions. On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

Nov 13, 2023 | jdsupra.com | Deric Behar |Arthur S. Long |Parag Patel

A proposed rule would lower the maximum amount that large debit card issuers can charge merchants for each transaction. On October 25, 2023, the Board of Governors of the Federal Reserve System (FRB) published a proposal that would lower the maximum interchange fee — transaction fees that a merchant must pay to card issuers whenever a customer uses a debit card to make a purchase — that a debit card issuer can charge per transaction (the Proposal).

Nov 3, 2023 | jdsupra.com | Deric Behar |Parag Patel |Eric Volkman

A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency[1] mixing (CVC mixing).