Transaction Fees

News & Analysis as of

Bridging the Week - August 2016

FCM Agrees to Pay US $800,000 Fine to CFTC Because of US $1.1 Million in Erroneous Customer Exchange Fees Charges: Barclays Capital, Inc. agreed to pay a fine of US $800,000 to the Commodity Futures Trading Commission to...more

Additional Regulatory Hurdles for Private Equity Advisers

The private equity industry should carefully consider the implications of a recent Securities and Exchange Commission ("SEC") enforcement action. In it, the SEC, for the first time, sanctioned an SEC-registered private equity...more

Broker-Dealer Violations by Private Equity Fund Adviser

For private equity funds, along with their managers, sponsors, investors, and portfolio companies paying or receiving transaction-based fees, the recent announcement by the Securities and Exchange Commission (SEC) of a...more

SEC Sends Warning to General Partners of Funds Receiving Finders’ and Other Fees

On June 1, 2016, the SEC sent a warning to general partners of private investment funds (including private equity funds, hedge funds, venture capital funds and leveraged buyout funds) by entering into a settlement agreement...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

CFPB files amicus brief in Seventh Circuit FDCPA case

The CFPB, together with the FTC, has filed an amicus brief in Franklin v. Parking Revenue Recovery Services, Inc., an FDCPA case pending in the Seventh Circuit. The CFPB joined the brief at the request of the FTC, which had...more

Your daily dose of financial news The Brief – 12.14.15

Expected highlights for the week ahead, courtesy of the Times, include two highly anticipated and long-awaited events with major economic ramifications: a Fed liftoff and the debut of Star Wars: The Force Awakens – NYTimes...more

Treasury Publishes Payment Card Interchange Fee Regulations

Treasury has published the Payment Card Interchange Fee Regulations 2015. These appoint “competent authorities” (i.e. FCA and PSR) to monitor and enforce regulatory compliance for the purposes of the EU’s Regulation on...more

U.S. Department of Education Turns Eye to Regulating Financial Services Industry

On October 27, 2015, the United States Department of Education issued 433 pages of new regulations governing student loan programs under the Student Assistance General Provisions regulations promulgated under the Higher...more

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...more

Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam

On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more

Federal Reserve Issues Clarification of Debit Card Interchange Rule in Response to Court Action

On August 10, the Board of Governors of the Federal Reserve System (Board) clarified Regulation II (Debit Card Interchange Fees and Routing) regarding the inclusion of transaction-monitoring costs in the interchange fee...more

Court Revives Antitrust Suit Against MasterCard, Visa, Three Banks

A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more

How New SEC Focus Will Affect SFL Real Estate Private Equity

South Florida real estate private equity funds: take note of a recent speech by Marc Wyatt, SEC Director of Compliance, following up on previous concerns expressed regarding fees and expenses for private equity funds. ...more

Washington State AG Sues Student Loan Debt Adjustment Firm

The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more

Feds Dig for Disguised Fund Distribution Fees

A nearly two-year SEC sweep examination of mutual funds’ payments for distribution and other services appears to have concluded. Now, the question is what, if any, enforcement or other action the SEC will take....more

Update: Transaction Processors Appeal Order Denying Third-Party Fees after Cyber Attack

In early February, this blog discussed a case involving a grocery store chain that was a victim of a cyber-attack and its transaction processors. See Schnuck Mrkts. v. First Data Merchant Servs Corp., No. 4:13-cv-2226-JAR,...more

Investment Management Update - January 2015 [Audio]

Investment Management Update - January 2015 This podcast is a recording of the January 2015 webinar that Pepper partner Gregory J. Nowak participated on for West LegalEdcenter. Mr. Nowak discussed a regulatory outlook...more

German Federal Court Of Justice Decides On Limitation Period For Consumers Reclaiming Administrative Fees In Loan Agreements

In May 2014, the German Federal Court of Justice (the BGH) held that clauses in consumer loan agreements charging a non-recurring “administrative fee” are invalid (see June 2014 Risk Note)....more

Fee Rate Advisory #3 for Fiscal Year 2015

On January 15, the SEC announced that starting on Feb. 14, 2015, the fee rates applicable to most securities transactions will be set at $18.40 per million dollars. Each SRO will continue to pay the Commission a rate of...more

Investment Management Update – Fees and Expenses [Audio]

Pepper Hamilton’s Julia D. Corelli and PEF Services’ Anne Anquillare and Mark Heil, joined Pepper’s Gregory J. Nowak for his monthly webinar which he hosts for West LegalEdcenter. This month the webinar discussed a recent...more

What’s Really Going on with PE Firms’ Fees?

Pepper Hamilton LLP, a multi-practice law firm that represents private equity clients throughout the life cycle of an investment fund, recently partnered with PEF Services and PEI to conduct a survey of 104 U.S. alternative...more

Focusing too much on Plan fees isn’t healthy either

I remember as a kid that there was move to use margarine because of the cholesterol that was in butter. Who can forget those talking Parkay carton commercials? Of course, we later learn that many margarines had high amounts...more

Service Provider Not A Fiduciary In Negotiating Its Contract

A federal district court in Iowa dismissed a putative class action complaint brought by several 401(k) plan sponsors who alleged that Principal Life Insurance Company breached its fiduciary duties to the plans by charging...more

HHS to Audit Hospital Reporting of GPO Payments: GAO Report Suggests Further Scrutiny of GPO Shareback with Hospitals

On November 24, 2014, the Government Accountability Office (“GAO”) published a report examining the contracting practices and funding structures of health care group purchasing organizations (“GPOs”) and their potential...more

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