Available Now on Demand!
Federal Reserve Rules on Overdraft and Prepaid Cards: What are they...how FIs will be affected
Speakers: Terry Maher, Partner with Baird, Holm LLP and Paul Tomasofsky, President of Two Sparrows Consulting
Guest Panelist: Ky Tran-Trong, Counsel, Division of Consumer and Community Affairs of the Federal Reserve Board
Moderator: Erin Handel, Co-Founder and Chief Operations Officer, Bankerstuff.com
Download Playback Now for Immediate Viewing
Program Description
The Board of Governors of the Federal Reserve has released its final rules on Overdraft services and its proposed rules on Prepaid Gift Cards. The Overdraft rules prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. The rules, issued under Regulation E, which implements the Electronic Fund Transfer Act, become effective July 1, 2010.
The proposed Gift Card rules are issued under Regulation E to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The proposed rules "would restrict the fees and expiration dates that may apply to gift cards. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated."
In this special 75 minute "extended time" session, Bankerstuff.com has arranged for two industry leaders to address what exactly is happening, what it means for the short term and what long term implications may be.
Our first speaker, Terry Maher, will explain the particulars of each ruling. These will include:
A complete breakdown of final rules regarding Overdraft services. The breakdown will include:
- The background that resulted in the new rules
- An explanation of the Opt-in requirements
- Who is covered by the new rules
- What conditions apply to the Opt-in rules
- Disclosure requirements including an explanation of a MODEL DISCLOSURE FORM
An explanation of the proposed rules on gift cards, including:
- What fees are allowed for gift cards
- Disclosure requirements
- Expiration date requirements
- What products are exempt for the new rules
- Comments requested by the Fed on transition topics, covered card types and disclosures
Our second speaker, Paul Tomasofsky, will provide his comments on how the new rules might affect the future of the payments business. Topics will include:
- What are the short term implications of the overdraft service rules and how might FIs react?
- How will regional and community bankers be affected by the changes?
- What strategies might FIs consider to maximize opt-in rates and minimize revenue decreases?
- How will the proposed gift card rules alter the landscape?
- Will the additional compliance costs force some providers to alter or even exit certain business lines?
As an added bonus, we've extended our time slot from 60 to 75 minutes to allow ample time for questions to help you prepare for the changes ahead and make sure your institution stays in compliance and is ready to benefit from the market changes that will happen.
About the Presenters
Terrance P. Maher
Terry Maher is a partner with the Omaha, Nebraska law firm Baird, Holm LLP. For the past 25 years, Terry has counseled financial institutions and other financial services businesses with respect to their electronic banking, electronic fund transer, credit card, debit card and prepaid card businesses. He assists financial services clients in addressing regulatory matters, including privacy and security issues, anti-money laundering compliance programs, and money service business licensing issues.
Terry also serves as the general counsel to the Network Branded Prepaid Card Association, a nonprofit, inter-industry trade association that supports the growth and success of network branded prepaid card.
Paul Tomasofsky
Paul Tomasofsky, President, Two Sparrows Consulting, LLC is a well-know payment systems executive with over 27 years experience in retail financial services. Two Sparrows Consulting specializes in all aspects of small-value payment systems. Since its formation in 2002, Two Sparrows Consulting has advised numerous industry leading firms including EPN, First Data, NACHA, PULSE, MoneyGram, HSBC, My Rewards, The Port Authority of New York/New Jersey, BITS, NICE, NBPCA, Discover, VISA and MasterCard.
Mr. Tomasofsky specializes in operations analysis, strategic planning, training, competitive analysis, and product development. During the past six years he has consulted extensively on prepaid cards, debit cards, merchant acquiring, bill payment and presentment, reward programs, payments risk management, product positioning, outsourced procurement and operational topics. Prior to forming Two Sparrows Consulting, Mr. Tomasofsky held senior position with NYCE, VISA Interactive and First National Bank of Maryland.
KyTran-Trong
Ky Tran-Trong is a Counsel in the Division of Consumer and Community Affairs of the Federal Reserve Board. He works on regulations implementing the Electronic Fund Transer Act, the Truth in Lending Act, the Truth in Savings Act, the consumer financial privacy provisions of the Gramm-Leach-Bliley Act, and the Fair Credit Reporting Act. Before joining the Board, he was with the the U.S. Commodity Futures Trading commission, and clerked for the Honorable Vanessa Ruiz at the D.C. Court of Appeals. He received his bachelor's degree from Duke University, his law degree from William & Mary School of Law, and his L.L.M. in corporate and commercial law from the University of London. He is admitted to practice law in New York.
Target Audience
Executive management, senior management, operations staff, compliance officers, payments and retail professionals
Webinar Cost
Please note that the price listed for this webinar includes:
-
One connection per site into the live online webinar presentation (invite others to participate at your location for free!)
-
Resource materials
-
Access to industry experts and nationally known speakers from the convenience of your office
Download Playback Now for Immediate Viewing
Credit card payments only for online registration, if you prefer to pay by check, please contact bankerstuff customer service at the number below. You will be prompted for your credit card information when you register. MasterCard, Visa and AmericanExpress are accepted. If you have any questions regarding payment information, please contact bankerstuff at 1.866.599.8234 or erin@bankerstuff.com
Cancellation Policy: If you need to cancel your registration, you must contact bankerstuff 24 hours prior to the start of the webinar. You will receive a full refund of all fees paid less a $25.00 cancellation charge. To cancel, please call bankerstuff at 1.866.599.8234 or e-mail us at erin@bankerstuff.com.
Available Now on Demand!
Federal Reserve Rules on Overdraft and Prepaid Cards: What are they...how FIs will be affected
Speakers: Terry Maher, Partner with Baird, Holm LLP and Paul Tomasofsky, President of Two Sparrows Consulting
Guest Panelist: Ky Tran-Trong, Counsel, Division of Consumer and Community Affairs of the Federal Reserve Board
Moderator: Erin Handel, Co-Founder and Chief Operations Officer, Bankerstuff.com
Download Playback Now for Immediate Viewing
Program Description
The Board of Governors of the Federal Reserve has released its final rules on Overdraft services and its proposed rules on Prepaid Gift Cards. The Overdraft rules prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. The rules, issued under Regulation E, which implements the Electronic Fund Transfer Act, become effective July 1, 2010.
The proposed Gift Card rules are issued under Regulation E to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The proposed rules "would restrict the fees and expiration dates that may apply to gift cards. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated."
In this special 75 minute "extended time" session, Bankerstuff.com has arranged for two industry leaders to address what exactly is happening, what it means for the short term and what long term implications may be.
Our first speaker, Terry Maher, will explain the particulars of each ruling. These will include:
A complete breakdown of final rules regarding Overdraft services. The breakdown will include:
- The background that resulted in the new rules
- An explanation of the Opt-in requirements
- Who is covered by the new rules
- What conditions apply to the Opt-in rules
- Disclosure requirements including an explanation of a MODEL DISCLOSURE FORM
An explanation of the proposed rules on gift cards, including:
- What fees are allowed for gift cards
- Disclosure requirements
- Expiration date requirements
- What products are exempt for the new rules
- Comments requested by the Fed on transition topics, covered card types and disclosures
Our second speaker, Paul Tomasofsky, will provide his comments on how the new rules might affect the future of the payments business. Topics will include:
- What are the short term implications of the overdraft service rules and how might FIs react?
- How will regional and community bankers be affected by the changes?
- What strategies might FIs consider to maximize opt-in rates and minimize revenue decreases?
- How will the proposed gift card rules alter the landscape?
- Will the additional compliance costs force some providers to alter or even exit certain business lines?
As an added bonus, we've extended our time slot from 60 to 75 minutes to allow ample time for questions to help you prepare for the changes ahead and make sure your institution stays in compliance and is ready to benefit from the market changes that will happen.
About the Presenters
Terrance P. Maher
Terry Maher is a partner with the Omaha, Nebraska law firm Baird, Holm LLP. For the past 25 years, Terry has counseled financial institutions and other financial services businesses with respect to their electronic banking, electronic fund transer, credit card, debit card and prepaid card businesses. He assists financial services clients in addressing regulatory matters, including privacy and security issues, anti-money laundering compliance programs, and money service business licensing issues.
Terry also serves as the general counsel to the Network Branded Prepaid Card Association, a nonprofit, inter-industry trade association that supports the growth and success of network branded prepaid card.
Paul Tomasofsky
Paul Tomasofsky, President, Two Sparrows Consulting, LLC is a well-know payment systems executive with over 27 years experience in retail financial services. Two Sparrows Consulting specializes in all aspects of small-value payment systems. Since its formation in 2002, Two Sparrows Consulting has advised numerous industry leading firms including EPN, First Data, NACHA, PULSE, MoneyGram, HSBC, My Rewards, The Port Authority of New York/New Jersey, BITS, NICE, NBPCA, Discover, VISA and MasterCard.
Mr. Tomasofsky specializes in operations analysis, strategic planning, training, competitive analysis, and product development. During the past six years he has consulted extensively on prepaid cards, debit cards, merchant acquiring, bill payment and presentment, reward programs, payments risk management, product positioning, outsourced procurement and operational topics. Prior to forming Two Sparrows Consulting, Mr. Tomasofsky held senior position with NYCE, VISA Interactive and First National Bank of Maryland.
KyTran-Trong
Ky Tran-Trong is a Counsel in the Division of Consumer and Community Affairs of the Federal Reserve Board. He works on regulations implementing the Electronic Fund Transer Act, the Truth in Lending Act, the Truth in Savings Act, the consumer financial privacy provisions of the Gramm-Leach-Bliley Act, and the Fair Credit Reporting Act. Before joining the Board, he was with the the U.S. Commodity Futures Trading commission, and clerked for the Honorable Vanessa Ruiz at the D.C. Court of Appeals. He received his bachelor's degree from Duke University, his law degree from William & Mary School of Law, and his L.L.M. in corporate and commercial law from the University of London. He is admitted to practice law in New York.
Target Audience
Executive management, senior management, operations staff, compliance officers, payments and retail professionals
Webinar Cost
Please note that the price listed for this webinar includes:
-
One connection per site into the live online webinar presentation (invite others to participate at your location for free!)
-
Resource materials
-
Access to industry experts and nationally known speakers from the convenience of your office
Download Playback Now for Immediate Viewing
Credit card payments only for online registration, if you prefer to pay by check, please contact bankerstuff customer service at the number below. You will be prompted for your credit card information when you register. MasterCard, Visa and AmericanExpress are accepted. If you have any questions regarding payment information, please contact bankerstuff at 1.866.599.8234 or erin@bankerstuff.com
Cancellation Policy: If you need to cancel your registration, you must contact bankerstuff 24 hours prior to the start of the webinar. You will receive a full refund of all fees paid less a $25.00 cancellation charge. To cancel, please call bankerstuff at 1.866.599.8234 or e-mail us at erin@bankerstuff.com.