Compliance Guide to Payment Systems: Law and Regulation

Author: Barkley Clark, Barbara Clark Mark Hargrave
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Table of Contents Preface About the Author How to Use This Manual Highlights of Last Update
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The Payment Systems Guidance You Need…
The proliferation of alternative payment systems in recent years has created confusion for consumers, merchants, and financial institutions. With the emergence of new payment systems-Internet banking, smart cards, ATMs-bankers have been required to stay abreast of all the new laws and regulations. And even though some proclaim that the “checkless society” is just around the corner, the fact is that more bank checks are in circulation today than ever before.

Now, for the first time, you can find all the payment laws and regulations in one place-and get the guidance you need. Compliance Guide to Payment Systems: Law and Regulation was written specifically for bankers, to give you the practical guidance you need. Compliance officers, security officers, and operations personnel in financial and depository institutions need to understand the rules about all types of payment systems, including:

Money/currency
Bank checks
Credit union share drafts
Remittance instruments
Payable-through drafts
Documentary drafts
Letters of credit
Credit cards
Automated teller machines (ATMs)
Wire transfers
ACH networks
Smart cards and stored value products
Internet transactions
Home banking

… Organized the Way You Need It!
Compliance Guide to Payment Systems is organized by payment system-not regulation-making this the most user-friendly manual available. For each payment system, you'll find coverage of all the rules and regulations that apply, plus compliance strategies, practical tips, drafting suggestions, and checklists.

Click here for a comprehensive Table of Contents.

Written for Financial Institutions by the Leading Legal Experts

Barkley Clark is well known as a national authority on commercial and financial services law. He is a partner in the law firm of Stinson Morrison Hecker LLP. He advises financial institutions and businesses around the country on a variety of UCC and federal banking law issues, including payment systems, secured transactions, and sales. He is listed in Best Lawyers in America. He is a graduate of Amherst College and Harvard Law School. During a teaching career spanning 35 years, he has taught commercial law at the University of Kansas School of Law, Georgetown Law Center, George Washington University, and the University of Virginia School of Law. His publications are relied on by practicing attorneys and bankers throughout the financial services industry and are frequently cited by federal and state courts. He has served as a special adviser to the Federal Reserve Board, the Commissioners on Uniform State Laws, and state legislatures around the country. He has also served as a director of a national bank. He has co-authored (with Barbara Clark) four major treatises in the banking law area—The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions under the Uniform Commercial Code, and Clarks’ Guide to Electronic Check Collection. He co-edits (with Barbara Clark) two newsletters—Clarks’ Bank Deposits and Payments Monthly and Clarks’ Secured Transactions Monthly.

Barbara Clark is a former federal prosecutor and commercial litigator with over 25 years’ experience. She is a partner in the Commercial Law Institute, Greenwood, Virginia. Ms. Clark is a graduate of Hamilton College and the University of Maryland School of Law. She has been a partner in private practice specializing in commercial litigation and has represented financial institutions before federal and state regulators. One of Ms. Clark’s areas of special interest is financial fraud and risk management. She is a co-author (with Barkley Clark) of The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions Under the UCC, and Clarks’ Guide to Electronic Check Collection. Ms. Clark has also co-authored (with Barkley Clark and Mark Hargrave) Truth in Savings: Legal Analysis and Compliance Strategies, and is a co-editor (with Mr. Clark) of two monthly newsletters—one on secured transactions and the other on bank deposits and payments.

Mark Hargrave is a partner in the law firm of Stinson Morrison Hecker LLP. His practice focuses on financial and commercial law matters, with special emphasis on issues involving payment systems, secured lending, and regulatory compliance. He advises financial institutions on all aspects of bank deposits, collections, and other paper-based payment systems, domestic and global. He also has extensive experience with both wholesale and retail electronic payment systems, including wire transfers, ACH payments, and stored value systems. He frequently speaks on these topics at regional and national programs. He is a graduate of Drake University’s School of Business with a degree in Accounting and of Drake University’s School of Law. He is the author of “National Banks: Branching Where No Bank Has Branched Before,” 39 Drake Law Review 383 (1990); “Liability of a Depository Bank for Negligence in Opening a Deposit Account,” Commercial Law Annual (1995); and “UCC Article 4–Bank Deposits and Collections,” Chapter 3, Missouri Commercial Law (2007). He is the co-author (with Barkley Clark and Barbara Clark) of Truth in Savings: Legal Analysis and Compliance Strategies; and (with Mark Ovington) of “A Practitioner's Guide to Secured Lending Under Revised Article 8: Everything Is Under Control,” 16 Annual Review of Banking Law 397 (1997).

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