News & Analysis as of

Payment Processors

Regulation of Fintech in Canada

by Dentons on

This article provides Fintech startups and investors with an overview of the regulatory framework that applies to the Fintech industry and the issues that they need to be aware of as they navigate the shifting regulatory...more

CFPB Loses a Major Battle (But Not Quite the War) Against Third Party Payment Processors

A recent US District Court decision dismissing a claim brought by the Consumer Financial Protection Bureau (CFPB) against a third-party processor and two of its executives deals a setback to the agency’s ability to pursue...more

CFPB Fails to State Case Against Payment Processor

by McGuireWoods LLP on

The United States District Court for the District of North Dakota recently dismissed the Consumer Financial Protection Bureau’s (CFPB) complaint against a payment processor, Intercept, in a case McGuireWoods has been...more

Federal District Court Dismisses CFPB Enforcement Action Against Payment Processor; UDAAP Not Sufficiently Pled

by Clark Hill PLC on

A federal district court judge for the District of North Dakota has granted a payment processor's motion to dismiss an enforcement action brought by the Consumer Financial Protection Bureau (CFPB or Bureau). This is one of a...more

Court Finds CFPB Case Against Payment Processor Lacking

by Morrison & Foerster LLP on

On March 17, 2017 the United States District Court for the District of North Dakota granted the motion of Intercept Corporation (“Intercept”) and its senior executives to dismiss the complaint filed almost a year ago by the...more

Bad System Conversion Leads to CFPB Consent Order for Prepaid Card Provider and its Vendor

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more

Cybersecurity Threats for Treasury & Payment Management Systems Report Released

Pactera Technologies N.A., Inc. [www.Pactera.com] has released the report “Cybersecurity Threats for Treasury & Payment Management Systems: Six Things you Should Know to Manage Them.” It is easy to understand and pertinent,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

OTA & Travel Distribution Update - Jan. 20th, 2017

by Garvey Schubert Barer on

Our weekly client OTA & Travel Distribution Update for the week ending January 20, 2017 is below. Not a lot of significant developments this past week, but next week’s Americas Lodging Investment Summit (ALIS) in Los Angeles...more

Reduce Potential Liability for Data Security Breaches by Negotiating Coverage in Payment Processing Agreements

by Bryan Cave on

Credit cards are the primary form of payment received by most retailers. In order to process a credit card, a retailer must enter into an agreement with a bank and a payment processor. Payment processing agreements often have...more

Guidelines for Negotiating Payment Processing Agreements

by Bryan Cave on

Credit cards are the primary form of payment received by most retailers. In order to process a credit card a retailer must enter into an agreement with a bank and a payment processor. Payment processing agreements often have...more

Payment Processer Challenges CFPB’s Allegation That It Engaged in Unfair Practices

by McGuireWoods LLP on

The Consumer Financial Protection Bureau’s (“CFPB”) lawsuit against payment processor Intercept Corporation remains pending, and recent briefing sheds light on what could result in broad implications for the payment...more

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

by White & Case LLP on

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

Grecia v. McDonald's: District Court Grants Motion to Dismiss Where McDonald's Could Not "Use" System for Patent Infringement...

The plaintiff, Grecia, alleged that McDonald's infringed certain claims of U.S. Patent No. 8,533,860 ("the '860 patent") and of U.S. Patent No. 8,402,555 ("the '555 patent") through its use of the "tokenization systems" of...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

State Money Transmitter Laws Update: Then There Was One

South Carolina became the 49th state to enact a money transmitter licensing statute, leaving Montana as the lone jurisdiction in the United States not to require money transmitters to be licensed to offer services to...more

Learning from Venmo’s Compliance Issues: How to Avoid Inadequate Privacy Disclosures

by Carlton Fields on

PayPal, the company responsible for the popular mobile payments app, Venmo, recently agreed to voluntarily bolster its privacy and security disclosures—and pay a $175,000 penalty—in response to an enforcement action brought...more

Payment Processor Hit With CFPB Action

A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more

Novel Reading Of Statute Widens CFPB Jurisdiction

by Morrison & Foerster LLP on

Tucked away in a seemingly innocuous paragraph in a complaint, the Consumer Financial Protection Bureau has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB...more

ACH Debit Transactions – Whose Agent Are You?

by Morrison & Foerster LLP on

Tucked away in a seeming innocuous paragraph in a complaint, the Consumer Financial Protection Bureau (CFPB) has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the...more

Two Reasons Two Fellows from Fargo Could Facilitate Financial Fraud

by Carlton Fields on

For most Americans, the term "money laundering" conjures an image of boxes of currency flown to the United States via seaplane—or former dictators paying cash for multimillion-dollar homes in swanky communities. Virtually no...more

CFPB Sues Payment Processor for Facilitating Fraudulent Transactions

by McGuireWoods LLP on

The CFPB sued payment processor Intercept Corporation, its owner, and its CEO on June 6, 2016, for allegedly enabling unauthorized withdrawals and other illegal activities of Intercept’s clients. The complaint, filed in...more

RushCard Settles Service Disruption Suit for $20.5M

RushCard will pay a total of $20.5 million to settle a lawsuit over an incident that resulted in thousands of consumers being shut out of their prepaid card accounts last October....more

Consumer Financial Protection Bureau Brings Its First Data Security Enforcement Action

by Ropes & Gray LLP on

On March 2, the Consumer Financial Protection Bureau (“CFPB”) issued its first ever consent order in a data security matter. According to the order, Dwolla, Inc. settled allegations that it misrepresented that the company had...more

Are You a “Payment Processor”? Washington State Appears to Significantly Expand Scope of Its Money Transmission Act

by Morrison & Foerster LLP on

One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective—has been the question of whether any particular payments service is subject to regulation as money...more

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