On May 31, the FDIC announced enforcement actions against a California bank and an affiliated service provider for alleged unfair and deceptive practices in the marketing and servicing of a prepaid reloadable MasterCard. ...more
On May 1, 2013, Spilman Thomas & Battle, PLLC, in conjunction with the North Carolina Bankers Association, held The Future of Community Banking Symposium in Greensboro, N.C. It was a day-long discussion of the issues facing...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY -...more
On May 23, the Federal Reserve Board issued a report showing that the exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended. ...more
The Dodd-Frank Act exempted small debit card issuers from the interchange fee standard set forth in the regulations which were adopted, but not from the statute’s prohibition on network exclusivity....more
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures. Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Enforcement of...more
On February 14, the PCI Security Standards Council, the open global forum responsible for setting payment security standards, issued guidelines for merchants on the factors and risks they must address to protect card data...more
On February 13, 2013, the Financial Consumer Agency of Canada (FCAC) issued Commissioner’s Guidance (the Guidance) to clarify three issues related to the Code of Conduct for the Credit and Debit Card Industry in Canada (the...more
Last week, the CFPB muscled its way on campus, announcing that it will be looking at the impact of financial products marketed to students through their colleges and universities....more
As 2012 came to a close, the Federal Trade Commission updated Congress on its enforcement and other efforts in connection with the new rules regulating debit card transactions implemented last year by the Federal Reserve...more
On January 16, Florida Attorney General Pam Bondi announced that she obtained “first of their kind” settlements from the state’s five largest prepaid debit card companies. The settlements resolve claims that the companies...more
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