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U.S. Court of Appeals Rules in Favor of Durbin Amendment Rules

On March 21, 2014, in NACS, et. al. v. Board of Governors of the Federal Reserve System, the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of the Federal Reserve’s interpretation of the Durbin...more

3/25/2014 - Debit and Credit Card Transactions Durbin Amendment Rules Federal Reserve

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

3/24/2014 - CFPB Disclosure Requirements Fees Prepaid Payment Products

The CFPB Proposes to Supervise Nonbanks that Perform One Million or More International Money Transfers Per Year

On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money...more

1/27/2014 - CFPB Compliance Enforcement Money Transfer Nonbank Firms

Court Approves $7.25 Billion Settlement of Antitrust Class Action Relating to Visa and MasterCard Interchange Fees

In the face of objections from some of the nation’s largest retailers, a New York federal judge has approved a massive settlement between a putative class of approximately 12 million merchants and Visa, MasterCard, and...more

12/19/2013 - Class Action Interchange Fees MasterCard Retailers Settlement Visa Inc

Georgia Department of Banking and Finance Adopts Final Rules Regarding Chartering of Merchant Acquirer Limited Purpose Banks

On December 3, 2013, the Georgia Department of Banking and Finance adopted Final Rules implementing the Georgia Merchant Acquirer Limited Purpose Bank Act. The Final Rules contained several revisions to the second draft of...more

12/4/2013 - Banks Financial Regulatory Reform Merchant Acquirer Banks

Legal Alert: Georgia Department of Banking and Finance Publishes Proposed Regulations Regarding Chartering of Merchant Acquirer...

On July 31, 2013, the Georgia Department of Banking and Finance published its first set of proposed regulations to implement the Georgia Merchant Acquirer Limited Purpose Bank Act. The Act, which became effective on March 28,...more

8/1/2013 - Banks Credit Cards FDIC MasterCard Payment Processors Proposed Regulation Sponsoring Entities Visas

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