Debit and Credit Card Transactions

News & Analysis as of

Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to...

A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of...more

New Economic Opportunities with Cuba Present Financial Rewards Along with Associated Compliance Challenges

The opening of Cuba to greater commercial and financial activity offers many possibilities for U.S. financial institutions but, with those possibilities, comes a responsibility to meet the complex compliance challenges that...more

Your daily dose of financial news The Brief – 5.23.16

We’ve got numbers for Bayer’s unsolicited bid to buy Monsanto—a cash offer of $62 billion, representing a 37% premium on Monsanto’s May 9 closing price...more

ATM Skimmer pleads guilty in Rhode Island federal court

Skimming continues to be a problem for ATM machines and law enforcement continues to try to combat the problem. Skimming devices are attached to credit and debit card and ATM machines in order to intercept debit and credit...more

FFIEC Updates IT Examination Handbook

On April 29, the FFIEC updated its IT Examination Handbook, revising its Retail Payment Systems booklet to include an Appendix E, Mobile Financial Services. The Retail Payment Systems booklet consists of guidance intended to...more

PCI DSS version 3.2 contains substantial changes for payment card processors and their service providers

In April, 2016, the Payment Card Industry Security Standards Council published a new version of the PCI Data Security Standard (PCI DSS).  PCI DSS Version 3.2 is intended to emphasize the importance of validating the...more

PCI DSS 3.2: It’s here, what does it mean for you?

The Payment Card Industry Security Standards Council (PCI SSC) has released a new version of its data security standard for the protection of cardholder data, the Payment Card Industry Data Security Standard (PCI DSS). PCI...more

Seventh Circuit Allows Data Breach Suit To Proceed Against P.F. Chang’s

On Thursday, April 14, 2016, the United States Court of Appeals for the Seventh Circuit reversed a lower court’s ruling and held that customers suing P.F. Chang’s China Bistro Inc. did have standing to sue for...more

NACHA Issues Amendments to Operating Rules on Same-Day ACH Payments, Unauthorized Entry Fees and Disclosures for POS Entries

The NACHA, The Electronic Payments Association (“NACHA”) has adopted several amendments to its Operating Rules and Guidelines (“NACHA Rules”) that could significantly impact the operations of financial institutions....more

Trump Hotels investigating second credit card breach

KrebsOnSecurity has reported that sources from the banking industry have advised of a pattern of fraud on credit cards used at Trump Hotel Collection (Trump) properties. Trump has confirmed that it is investigating the...more

How to Draft an Effective Incident Response Plan

The best way to handle any emergency is to be prepared. When it comes to data breaches, incident response plans are the first step organizations take to prepare. Furthermore, many organizations are required to maintain one....more

Are You Adequately Protected by Your Cybersecurity Insurance? The Sky is the Sub-Limit

For businesses and nonprofit organizations searching for cyber insurance, it is important to know if your coverage limits are adequate. Whether you are in the market for a new policy or renewing an existing one, you should...more

Washington Department of Financial Institutions Denies ETA’s Petition for Declaratory Order on Technical Grounds

On March 15, the Washington Department of Financial Institutions responded to the Electronic Transactions Association’s (ETA) December 2015 Petition for Declaratory Order, which sought clarification on the statutory...more

Payments regulations in flux - Recent changes in Hong Kong, China and Singapore

WHAT'S GOING ON IN HONG KONG STORED VALUE FACILITIES AND RETAIL PAYMENT SYSTEMS The new regulatory regime for Stored Value Facilities ("SVF") and Retail Payment Systems ("RPS") in Hong Kong under the Payment Systems...more

Fifth Circuit Rejects Constitutional Challenge to Texas "No Credit Card Surcharge" Law

A Texas law that prohibits merchants from imposing a surcharge on credit card purchases, but allows a discount for cash purchases, does not violate the First Amendment of the U.S. Constitution, a divided panel of the U.S....more

Casino Owner Sues Cybersecurity Services Provider, Alleging Botched Response to Data Breach

On December 24, 2015, Nevada casino owner Affinity Gaming filed suit against Trustwave in federal district court, alleging that Trustwave failed to contain and remediate a data breach at Affinity Gaming. ...more

PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application....more

CFPB Compliance Bulletin Outlines Requirements for Automatic Debit Authorization

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin reminding covered entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E to obtain...more

Michael’s Stores class action data breach case dismissed

Michael’s Stores, Inc. was dismissed from a putative data breach class action case involving the breach of 2.6 million payment cards as the plaintiffs were unable to show that they were injured as a result of the incident....more

Hyatt Corporation notifies customers of “malware activity”

Hyatt Corporation announced on December 23, 2015, that it recently identified malware on computers that operate its payment processing systems. It stated that as soon as the activity was discovered, an investigation was...more

Setting Up Shop in the UK? Don’t Overlook Your Card Payment Services

What are the specific card payment regulations that a merchant operating in the UK must follow? RC: The PCI DSS Compliance Standards are the key ones in respect of card payments and are enforced by the card brands...more

EBA consults on payment card schemes draft RTS

EBA is consulting on its draft regulatory technical standards (RTS) on the separation of payment card schemes and processing entities under Article 7(6) of the Interchange Fee Regulation (IFR). ...more

PSR issues provisional determination on card schemes exempt from IFR cap

PSR has published its provisional determination on the extent to which any UK three-party card schemes qualify for a temporary exemption under the IFR. PSR based this determination on information from firms on UK domestic...more

EPC updates SEPA cards standardisation volume

EPC and the Cards Stakeholders Group (CSG) have updated the Single Euro Payments Area (SEPA) cards standardisation volume. It contains a standard set of requirements to ensure an interoperable and scalable card and terminal...more

CFPB Reports on Effect of the CARD Act

On December 3, the CFPB published a report summarizing the impact of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) on consumers and the credit market. According to the report, access to credit...more

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