Effective Oct. 1, Connecticut’s Money Transmission Law Requires Certain Agents Be Licensed
Deborah S. Thoren-Peden
Ms. Thoren-Peden is the leader of the firm's Consumer & Retail industry team, and co-leader of the firm’s Privacy, Data Security & Information Use team. Her practice focuses on banking, electronic commerce, privacy, anti-money laundering and Office of Foreign Assets Control regulations. She represents and advises bank and non-bank financial institutions (both domestic and international), money transmitters, high-technology, Internet, telecommunications, insurance and a variety of other types of companies. Her primary area of practice also includes the Bank Secrecy Act, investment products, electronic funds transfers, gift and prepaid cards, escheat of unclaimed property, web site terms and conditions, privacy programs and policies, co-branding and licensing agreements, advertising, bank operations, bank deposit products and services, Fair Credit Reporting Act, fair lending, interstate banking, risk management, compliance, contract review and outsourcing arrangements.
Ms. Thoren-Peden participates on the NACHA Council for Electronic Billing and Payment, and the ATMIA Debit Council, and has participated on other various NACHA working groups (including the Internet working group and Cross Border working group), and is a member of the National Retail Association, the Direct Marketing Association, the California Retailers Association. In this capacity, she has familiarity with international payments, NACHA IAT rules and SWIFT.
Described below are some of Ms. Thoren-Peden's areas of practice.
Electronic Payments, Electronic Banking, Mobile Payments, Gift Cards and Prepaid Cards
Ms. Thoren-Peden is one of the leading attorneys in the country in the field of electronic payments, Internet banking, gift and prepaid cards. She works with businesses, financial institutions, money services businesses, retailers and others to help them expand their capabilities to include funds transfers, electronic payments, Internet sites, debit cards, gift cards and prepaid cards. Her area of practice includes the Electronic Fund Transfer Act, state money transmitter licensure laws, NACHA Rules, state and federal laws and regulations related to money services businesses, gift cards, prepaid cards, etc. She is an advisor to the Mobile Payments Working Group formed by the Application Developers Alliance. She has conducted numerous seminars on money services businesses, Internet banking, gift cards and prepaid cards. She has also written several articles regarding prepaid cards and Internet banking.
Anti-Money Laundering and Regulatory Practice
Ms. Thoren-Peden has worked in the anti-money laundering area for over 20 years. She advises numerous financial institutions, money services businesses, corporations and others on the legal requirements imposed under the Bank Secrecy Act, the PATRIOT Act, the Anti-Money Laundering Act and related acts and regulations. She understands the risks of money laundering and helps her clients prepare, implement and maintain appropriate anti-money laundering programs. She advises clients on policies, procedures, customer identification programs, know your customer standards, high risk activities, risk management and controls. She has worked extensively with FinCEN and other federal and state regulatory agencies on various anti-money laundering and Bank Secrecy Act matters. She helped defend one of the banks charged in the Operation Casablanca matter, as well as money services businesses. She assists banks and non-bank financial institutions in their compliance efforts, and regulatory responses and negotiations.
Privacy, Data Security & Information Use
As co-leader of Pillsbury’s multidisciplinary Privacy, Data Security & Information Use team, Ms. Thoren-Peden is ranked as one of the leading lawyers in this area by Chambers USA as well as Chambers Global. She advises a spectrum of industries on the laws and regulations related to privacy, data mining, and the ability to use such information for marketing purposes and share it with others. Ms. Thoren-Peden has prepared numerous privacy policies and procedures for a wide variety of companies, both domestic and international. She was the Chief Privacy Officer of PayMyBills.com and served on the Privacy Task force of the American Bankers Association.
Internet, E-Commerce and Social Media
Ms. Thoren-Peden provides advice to companies that want to offer products and services over the Internet. She counsels clients on web site disclosures, privacy programs and policies, security statements, contractual arrangements and advertising. She provides advice related to payment mechanisms and the various laws and regulations applicable to electronic commerce. She served as Assistant General Counsel to CarsDirect.com, General Counsel of its financial subsidiary, CD1Financial.com and General Counsel of PayMyBills.com. Other clients include gaming companies and others whom she counsels as they create new opportunities for monetization, online payments and microtransactions in social media and virtual worlds. She is also an advisor to the Mobile Payments Working Group formed by the Application Developers Alliance.
Ms. Thoren-Peden is very experienced in assisting financial institutions and others in their compliance with the Office of Foreign Assets Control ("OFAC") regulations that prohibit companies, individuals and others from doing business with or providing services to entities or individuals who are the target of economic sanctions imposed by the United States Government. These laws and regulations apply to all corporations and businesses in the United States (and, under certain circumstances, to their international affiliates and subsidiaries) and to all U.S. citizens and individuals in the United States.
Unclaimed Property and Escheat
Ms. Thoren-Peden is one of the few attorneys in the U.S. who has extensive experience in the unclaimed property laws. She works with numerous businesses and financial institutions to help them comply with the various state laws that require that abandoned funds and property be escheated to the states in a timely fashion.
Ms. Thoren-Peden previously served on Pillsbury’s Managing Board.
- Chambers Global, Privacy & Data Security—USA (2010-2013)
- Chambers USA, Privacy & Data Security—National (2008-2013)
- Legal 500 US, Data Protection and Privacy (2010-2013)
International Money Transmittal Association ("IMTA"), Money Transfer International Association ("MTI"), NACHA U.S. - International Committee (as part of Global Payments Forum), National Association of Professional Women ("NAPW"), Bank Operations Counsel Association, the NACHA Council for Electronic Billing and Payment, American Bankers Association's ("ABA") Money Laundering Task Force, ATMIA Debit Council
Past member and Co-Chair: ABA's Compliance Executive Committee
Past member and Chair: California Bankers Association's ("CBA") Regulatory Compliance Committee, California State Bar's Consumer Financial Services Committee
Past West Coast Chair: ABA's Bank Secrecy Act Staff Commentary
Taught at the ABA's National Graduate School of Compliance Management, Western Banking School, NACHA's Payment Symposium
Past member: ABA's Privacy Task Force, California State Bar's Financial Institutions Committee, ABA's Retail Investment Committee, CBA's State Government Relations Committee
- Trends in Consumer Protection and Payments Regulation, NACHA. Global Payments Forum (10/13)
- Payment & Virtual Currency Regulation: Legitimate Business Practice?, The Daily Journal & West LegalEdcenter. A China-US Forum on Digital Media Regulation & Business Development: Strategic and Legal Approaches for Success (10/13)
- International Regulatory and Compliance Considerations Part 1: Assessing the Impact of U.S. Laws on Cross-Border and International Transactions, Evaluating Global Regulatory and Compliance Trends, and Developing Global Policies and Procedures, American Conference Institute. International & Cross-Border Payments Conference (06/13)
- Pre-Paid Compliance, American Bankers Association. Regulatory Compliance Conference (06/13)
- The Return of Reg E to the Forefront of Prepaid Issues: Preparing for the Imminent Full Extension to Prepaid Products, American Conference Institute. National Forum on Prepaid Card Compliance (01/13)
- Anticipating Change: Impacts on Consumer Cross-Border Payments, NACHA. Global Payments Strategies Conference (12/12)
- BSA/AML/SANCTIONS, California Bankers Association (10/12)
- Emerging Payment Systems, American Conference Institute. National Practical, Legal, and Compliance Forum on Balancing Innovation with Consumer Protection in Emerging Payment Systems (09/12)
- Understanding the Global Regulatory Environments, NAHCA. The Payments Institute Curriculum (07/12)
- Cashing In: Overview of Recent Legal and Privacy Issues with Mobile Payments, Financial Institutions Committee Meeting. (07/12)
- Roundtable, Money Transmitter Licenses, Council for Electronic Billing and Payment. (06/12)
- US Regulations: Federal Regulations, IMTC West 2012. Money Transfer & Foreign Exchange Regulation Seminar (05/12)
- Managing Global Regulatory Regimes, NAHCA. Payments 2012 Conference (05/12)
- AML Compliance in the Burgeoning Mobile Payments, Prepaid and Virtual Worlds Marketplace, The Canadian Institute. Forum on Anti-Money Laundering (04/12)
- Prepaid Card 201 – Drivers for Growth/Addressing Challenges and Opportunities, CFSA. Annual Meeting and Conference (03/12)
- The FinCEN Prepaid Access Final Rule: Assessing the Rule’s Provisions and Exclusions, Ensuring Compliance, and Evaluating Its Impact on the Industry, American Conference Institute. 5th Annual Forum on Prepaid Card Compliance (01/12)
- The Ins and Outs of the Durbin Amendment, WesPay Payments Symposium (09/11)
- Managing Global Regulatory Regimes, NACHA: The Payments Institute Curriculum (07/11)
- Global Law Enforcement and Compliance, NACHA: The Payments Institute Curriculum (07/11)
- Emerging Payments, E-Wallets & Virtual Currencies – Regulatory Requirements, NACHA Payments 2011 (04/11)
- Regulatory Activity – Has the Pendulum Swung Too Far?, 3rd NACHA Global Payments Forum (02/11)
- The Federal CARD Act Applies to Loyalty and Promotional Offers: What You Need to Know!, 3rd Annual Cards & Payments Loyalty Conference: Harnessing the Power of Consumer Choice (11/10)
- FinCEN's Proposed Prepaid Access Regulations - Possible Ramifications, ABA/ABA Money Laundering Enforcement Conference (10/10)
- Emerging Payments and Prepaid Cards - New Laws, New Requirements, New Issues, Money Transmitter Regulators Association (09/10)
- New Federal CARD Act, Law and Regulations: Who Needs to Watch Out and What Needs to Be Done ASAP, BNA Legal Edge Webinar (08/2010)
- Reviewing Regulatory Aspects of International Programs, Institute of International Payments (07/10)
- Pre-paid Cards & Electronic Payments, 2010 West Coast Anti-Money Laundering Forum (05/10)
- New Issues in Electronic Payments, 2009 ABA/ABA Money Laundering Enforcement Conference (10/09)
- Legal Update: Industry Essentials for Today's Changing Climate, NACHA Teleseminar (10/09)
- Identifying and Mitigating the Money Laundering Risks of Emerging Technologies: Prepaid, e-Cash and m-payments, MTRA 2009 Meeting & Examiner's School (09/09)
- Hot Topics in Electronic Payment Law, Payments Forum 2009 (09/09)
- E-SIGN, E-Statements and E-Disclosures: Where are We and What are We Doing Here?, ABA Regulatory Compliance Conference (06/09)
- “We Are Not In Kansas Anymore” - Global Trade Restrictions, Women in International Trade - Northern California (WIT-NC) (04/09)
- Minimizing the Money Laundering Risks of Emerging Technologies: m-Payments, e-Cash and Stored Value, 14th Annual International Anti-Money Laundering Conference (03/09)
- Effectively Managing and Monitoring Automated Clearinghouse (“ACH”) Payments, 14th Annual International Anti-Money Laundering Conference (03/09)
- Turning Your Associates Into Rainmakers, National Constitution Center Conference (03/09)
- Regulatory Expectations as a Result of Recent Enforcement Actions, Mid-Atlantic Anti-Money Laundering Conference (06/08)
- Security Breach Response, A Five Step Approach, Teleconference (05/08)
- Compliance Update: Prepaid and Gift Cards, FACTA & Data Security, The Legal Council (05/08)
- Lessons from Recent Enforcement Actions BSA/AML 2008 Update, California Bankers Association (03/08)
- Ensuring Legal, Regulatory and AML/BSA Compliance, Prepaid Card Expo (03/08)
- International Prepaid Case Study, Prepaid Card Expo (03/08)
- Compliance & Legislative Update: Prepaid and Gift Cards, FACTA, PCI, & Data Security, ATMIA Conference (02/08)
- Bill Payment: The Regulatory Morass Thickens and the Risks Grow (02/08)
- What's New in BSA/AML and OFAC? WesPay Teleseminar (11/07)
- Legal Regulatory Issues Triggered by Prepaid Cards, Money Transmitter Regulatory Association (10/07)
- What’s New in BSA/AML and OFAC? Regulatory Compliance Conference (10/07)
- Privacy & Data Security Breaches, Cal Law General Counsel Roundtable (9/07)
- Western Payments Alliance: Regulatory Issues Update for Electronic Payment Industry (4/07)
- "Data Security: Are you Gambling With Your Security?" (9/06)
- "2006 ABA/Money Laundering Enforcement Conference OFAC in (2006): New Exam Procedures/Enforcement Guidelines: What Does it Mean For You?"
- ABA Regulatory Compliance Conference: OFAC Examinations (10/06)
Ms. Thoren-Peden has authored numerous articles for the ABA Bank Compliance magazine and other publications, and is a frequent speaker at ABA, CBA, NACHA, WesPay and other conferences. In 1996 she received CBA's Compliance Professional Award in recognition of her dedication to excellence, leadership and advancement of the compliance profession and service to the banking industry. In 2001 she received the Robert D. Frandzel Award from CBA for Outstanding and Noteworthy Legal Assistance by Outside Counsel to the California Banking Industry.