Online Payments

News & Analysis as of

Weekly Web Wrap-Up

Welcome to Sheppard Mullin’s Weekly Web Wrap-Up, a quick list of the past week’s top news in the social media, gaming, and virtual goods and currencies industries curated by Social Media & Games Team. Here are some of the...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

The CFPB Takes First Enforcement Action Related to Data Security Practices

The Consumer Financial Protection Bureau (CFPB ) has taken its first UDAAP action against a consumer financial service provider related to data security practices. Since its launch in December 2009, Dwolla, Inc. ("Dwolla"),...more

The CFPB’s report on online payday loan payments: setting the stage for limits on collection practices?

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans. The latest report is the third report issued...more

CFPB Report on Online Short-Term Lending Finds Borrowers Face Hidden Costs

On Wednesday, April 20, 2016, the Consumer Financial Protection Bureau (“CFPB,” or “Bureau”) released a report, entitled “Online Payday Loan Payments” (“Report”), which examines short-term, small-dollar loans—or payday...more

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

FTC Examines Process by which Companies Assess Compliance with PCI DSS

The Federal Trade Commission (FTC) has issued orders to obtain information about the process by which businesses audit their compliance with the Payment Card Industry Data Security Standards (PCI DSS) and the role of such...more

CFPB Jumps Into Cyber Enforcement Pool

In a much anticipated move, on March 2, 2016, the Consumer Financial Protection Bureau (CFPB) entered the cybersecurity foray with its first enforcement action against Dwolla, Inc., an online payment processing start-up. ...more

CFPB Expands UDAAP Jurisdiction in First Foray into Data Security Enforcement

The Consumer Financial Protection Bureau (CFPB) announced that it has entered into a consent order with online payment platform Dwolla Inc., alleging that Dwolla made false representations to consumers relating to its data...more

The CFPB Joins Privacy and Security Enforcement Arena With Action Against Dwolla

The Consumer Financial Protection Bureau (CFPB) announced on March 2, 2016, that it had entered into a consent order with online payment platform Dwolla to resolve the CFPB’s claims regarding statements made by Dwolla about...more

CFPB Issues Fines and Penalties Against Financial Institutions for Misleading Marketing Materials

The Consumer Financial Protection Bureau (CFPB) recently issued a first of its kind Consent Order against an online payment platform for misrepresenting the security measures used to protect consumer's data. Pursuant to the...more

CFPB brings its first data security enforcement action

Last August, we blogged about a Third Circuit decision that held the FTC can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act. In our blog post, we commented that...more

CFPB Initiates Its First Data Security Enforcement Action

The Consumer Financial Protection Bureau (CFPB) has announced its first data security enforcement action. Since the 1990s, the Federal Trade Commission (FTC) has primarily taken on the role as the de facto federal regulator...more

First data security enforcement fine levied by CFPB against Dwolla Inc. for $100,000

Wading into the foray of enforcement of data security practices, the Consumer Financial Protection Bureau (CFPB) yesterday hit Dwolla Inc., an online payment processor with a $100,000 fine for a myriad of violations of the...more

CFPB Announces First Ever Data Security Enforcement Action

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security related enforcement action against online payment systems company Dwolla, Inc. ...more

SPECIAL ALERT: CFPB Enters Into First Consent Order With Online Payment Platform For Misrepresenting Data Security Practices

On March 2, the CFPB took action against an Iowa-based online payment platform and entered into a Consent Order for deceptive acts and practices relating to false representations regarding the company’s data security...more

Corporate E-Note - February 2016

With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to...more

SEC Busts Overseas Social Media Fraud

A settled SEC enforcement action describes an alleged interesting social media fraud. Two defendants that reside in India were alleged to have been behind the fraud. According to the SEC the scheme was an online...more

Online Payment Systems Technology in China—Trojan Horse or Forbidden Fruit?

Powerful new computational technology pioneered in e-commerce presents Chinese regulators with potential concerns and solutions to the perennial problem of information, pricing, and settlement capacity. Online payment...more

Minnesota’s Lottery Quagmire: The State Legislature’s Continued Resistance to Online Lottery Ticket Sales

As Minnesota’s lottery system turns 25 years old, director Ed Van Petten has sought to follow the lead of the most technologically-advanced state lottery systems in the country by expanding into the profitable market of...more

Waldman: Stop Immunizing Websites That Allow Harassment [Video]

Nov. 18, 2014 (Mimesis Law) -- Ari Waldman, Professor at New York Law School, talks with Lee Pacchia about the recent theft and online dissemination of intimate photos belonging to a number of celebrities such as Jennifer...more

UDAAP Council Weekly UDAAP Standards Report - 10/29/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

Online Terms - What Works, What Doesn’t

The online fine print - those terms and conditions that you agree to when you buy something online - it really does matter where those terms are placed in the checkout process. A recent US case illustrates this point. In...more

New Guidance for Merchants on Ensuring that Service Providers Share Security Responsibility

For merchants, long gone are the days of using a card reader with a dial-up connection to their payment processor. Today’s omni-channel retailers rely on multiple third party service providers to complete payment card...more

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