Consumer Finance Monitor Podcast Episode: What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part I
Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast
Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Analyzing the Credit Card Competition Act of 2023 - Payments Pros: The Payments Law Podcast
Rewards Programs and Co-Brand Relationships Between Credit Card Issuers and Merchants - The Consumer Finance Podcast
CFPB’s Increasingly Active Interest in Credit Reporting - FCRA Focus Podcast
A critical deadline of March 31, 2025 is upcoming for the full implementation of the new requirements contained in the Payment Card Industry Data Security Standard (PCI DSS) version 4.0....more
In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more
Buy Now, Pay Later (“BNPL”) payments are often presented by retailers and BNPL lenders to consumers as an alternative to traditional credit card payments. After close scrutiny of industry practices for several years, the...more
The SEC has issued a controversial 886-page final rule imposing climate-related disclosure requirements on publicly traded companies, including banking organizations, which will require them to include certain climate-related...more
As the Kansas City Chiefs were winning the big game, New York made a big change to its law governing credit card surcharges. While definitions of the term may vary, a "surcharge" is generally understood to mean a higher...more
Effective April 15, 2023, Visa has implemented a reduction in the permissible merchant surcharge to the lower of: (a) the merchant discount rate (MDR) for the applicable credit card or (b) 3%. The MDR is the fee charged to...more
US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more
With a new administration incoming at the Consumer Financial Protection Bureau (CFPB) and the country turning the corner in its fight against the pandemic, the CFPB has begun to flex its regulatory muscles once again. From...more
Visa and Mastercard Delay Hike to Interchange Fees—US and UK Developments Visa and Mastercard announced on March 16 that they have postponed the scheduled plan to boost interchange fees, i.e., fees that U.S. merchants pay...more
On December 30, 2020, the CFPB approved Synchrony Bank’s application to offer a “dual-feature credit card” (DFCC) under the CFPB’s Compliance Assistance Sandbox (CAS) policy. According to Synchrony’s application, the DFCC...more
Report on Supply Chain Compliance 3, no. 16 (August 20, 2020) - The Office of the Comptroller of the Currency fined Capital One USD 80 million for inadequate data controls leading to a 2019 data breach and for failing to fix...more
Not to say, I told you so, but around the same time that the Capital One data breach occurred, I was reminding clients that nearly half of all significant data breaches or cyber-incidents occur because of internal actors. ...more
The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more
You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more
Many of the largest retailer data security breaches have been caused or enabled by the acts or omissions of retailers’ vendors, such as the widely publicized incident at Target Corporation. Several such breaches occurred...more
When the Consumer Finance Protection Bureau (CFPB) released its study on the use of pre-dispute arbitration (PDA) clauses earlier this year, many expected the CFPB to propose a ban on all PDAs in contracts for consumer...more
Why it matters - Credit card add-on products were the subject of a recent enforcement action brought by the Federal Deposit Insurance Corporation (FDIC) against Comenity Bank of Delaware and Comenity Capital Bank in...more
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more
October 1 is right around the corner. Merchants, retailers, hotels and restaurants: are you ready for what’s in your customers’ wallets? Starting next month, the payment card industry’s transition to chip-and-PIN (also known...more
The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more
Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
The CFPB has issued a bulletin warning credit card issuers that offer certain promotional APRs of the risk that they may be engaging in deceptive and/or abusive acts or practices when making solicitations for such offers even...more
State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more
The Ninth Circuit just held that an employer is entitled to deduct from an employee’s final paycheck money an employee owes to the employer. Ward v. Costco Wholesale Corp. Costco issued Ms. Ward a company credit card, but...more