News & Analysis as of

Debit and Credit Card Transactions

Orrick, Herrington & Sutcliffe LLP

CFPB report targets cash-back fees at retailers

On August 26, the CFPB published a report regarding cash-back fees that some retailers charge for consumers to access cash via the consumers’ debit or prepaid cards. According to the CFPB, such fees have become more prevalent...more

Orrick, Herrington & Sutcliffe LLP

Bank associations sue Illinois to prevent interchange fee act from effecting

On August 15, several banking and credit union associations sued the Illinois Attorney General to prevent the state from implementing the Illinois Interchange Fee Prohibition Act (the “Act”). As covered by InfoBytes, the...more

Cozen O'Connor

The State AG Report – 8.29.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Missouri AG Investigates Hack of National Public Data - ...more

Cozen O'Connor

CFPB Report Examines Cash-Back Fees

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The CFPB issued a report detailing certain retailers’ practice of charging consumers cash-back fees to access their own money when using a debit or prepaid card. The report’s key findings include that cash-back fees are...more

Amundsen Davis LLC

Interchange Fee Prohibition Act

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The Interchange Fee Prohibition Act (IFPA), signed into law in June of 2024 by Illinois Governor J.B. Pritzker, prohibits banks, savings associations, credit union, and others from receiving or charging an interchange fee on...more

Bowditch & Dewey

Finding a Way Out From Under Financial Abuse

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According to the National Domestic Violence Hotline, 27% of people in physically abusive relationships also reported experiencing financial abuse. Financial abuse takes many forms and does not discriminate based on race,...more

Jackson Lewis P.C.

U.S. Supreme Court Holds Door Open to Challenge Federal Regulations

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The U.S. Supreme Court has held that a federal regulation can be challenged on its face long after the rule is issued by an agency. Corner Post, Inc. v. Bd. of Governors of the Federal Reserve System, No. 22-1008 (July 1,...more

Troutman Pepper

Virginia Takes Step Towards Prohibiting Creditors from Charging Electronic Payment Surcharges on Credit Transactions

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On April 17, 2024, Virginia enacted HB 1519 taking a significant step towards amending the Virginia Consumer Protection Act (VCPA) to prohibit creditors from charging fees for accepting electronic payments in connection with...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts Interchange Fee Prohibition Act within state budget

Recently, the Governor of Illinois signed into law the state’s new budget (the “budget”) which will include a provision cited as the Interchange Fee Prohibition Act (the “Act”). The Act’s language was originally proposed as...more

Womble Bond Dickinson

The Complexities and Costs of Eliminating Interchange Fees on Sales Tax Portions

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Illinois has become the first state to adopt legislation banning interchange fees on the tax amount and gratuity (tip) amount of a credit or debit payment transaction. The Illinois Interchange Fee Prohibition Act (IFPA)i,...more

Ballard Spahr LLP

Illinois Governor Expected to Sign Bill to Ban Interchange Fees on Sales Tax and Tips

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On May 29, 2024, Illinois lawmakers passed an omnibus budget bill (HB4951) that includes the Interchange Fee Prohibition Act (the “Act”). The Act prohibits the collection of debit and credit card interchange fees for sales...more

Ballard Spahr LLP

Michigan federal court shuts down class action against Flagstar Bank for so-called “surprise overdraft” fees and multiple NSF fees...

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On April 16, 2024, the U.S. District Court Judge Gershwin A. Drain in the Eastern District of Michigan granted summary judgment in favor of Flagstar Bank (the “Bank”) in a case where the plaintiff alleged breach of contract...more

Cohen Seglias Pallas Greenhall & Furman PC

A Seller's Guide to Navigating Business Impacts

Last year, New Jersey enacted a law prohibiting sellers from imposing certain surcharges for credit card transactions and establishing notice requirements regarding credit card surcharges for transactions in New Jersey....more

McGlinchey Stafford

Understanding Payment Authorizations: Regulation E vs. NACHA Rules

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Consumers often are able to effect transactions by providing payment authorization ahead of time. How often a consumer may authorize a prescheduled transaction differs slightly under Regulation E and the National Automated...more

Mayer Brown

CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees—Litigation Immediately Follows

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On March 5, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge from $30 or $41, in most cases, to a mere...more

Cozen O'Connor

Cozen Currents: Use the Force

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The Cozen Lens- •As bipartisanship wanes, forced compromise remains an essential component of governance in Washington, DC. - •Dealmaking activity is up, but antitrust enforcement is also expected to increase as growing...more

Cooley LLP

CFPB Issues Final Rule to Reduce Credit Card Late Fees to $8 for Large Credit Card Issuers

Cooley LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending provisions in Regulation Z that govern credit card late fee charges. The final rule follows the March 2023 release of the proposed...more

Cadwalader, Wickersham & Taft LLP

CFPB Finalizes Rule to Limit Credit Card Late Fees to $8

On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more

Ballard Spahr LLP

California AG issues warning to state-chartered banks and credit unions on “surprise overdraft” and returned deposit item fees

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On February 22, 2024, California Attorney General Rob Bonta issued letters (the “AG Letter”) to California’s 197 state-chartered banks and credit unions warning that overdraft and returned deposited item fees may violate...more

Cadwalader, Wickersham & Taft LLP

February 2024 Regulatory Round-Up

As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more

Ballard Spahr LLP

ABA and State Bankers Associations ask Federal Reserve to withdraw its debit card interchange proposed rule

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The American Bankers Association (ABA) along with 50 state bankers associations, the DC Bankers Association and Puerto Rico Bankers Association sent a letter (the “ABA Letter”) to the Federal Reserve “in strong opposition to...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report – Legislative Day 22 - February 2024

There was a sigh that could be heard throughout the third floor of the Georgia State Capitol on Friday as lawmakers worked hastily through their committee discussions and rules calendars. This activity was despite technology...more

Ballard Spahr LLP

Senator Durbin attempts to revive Durbin 2.0 with Senate Judiciary Committee hearing in April and solicits testimony from Visa,...

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On April 9, 2024, the Senate Judiciary Committee will hold a hearing on credit card competition. Senator Dick Durbin (D-IL) requested testimony at the hearing from the following Chief Executive Officers who have publicly...more

Fox Rothschild LLP

NY State Mandates Disclosure of Credit Card Surcharges

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Under a new law that took effect on February 11, 2024, all “sellers” in New York who apply a credit card surcharge to sales transactions must now comply with certain consumer disclosure requirements. Signed into law by...more

Troutman Pepper

Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast

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In this episode of Payments Pros, Keith Barnett is joined by James Stevens to discuss the Merchant Acquirer Limited Purpose Bank Charter (MALPB) in Georgia, a unique charter that allows companies to offer merchant payment...more

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