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Enforcement › Payment Processors

Sheppard Mullin Richter & Hampton LLP

FTC Cracks Down on Payments Processor for Facilitating Fraud

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On May 1, the FTC announced a settlement in federal court in the Northern District of Georgia against a payment processing company, along with its former CEO and senior vice president, for the company’s role in handling...more

Sheppard Mullin Richter & Hampton LLP

Payment Processor Agrees to Refund Customers After FTC Alleges Surprise Exit Fees and Zombie Charges On Small Businesses

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On July 29, a payment processor company and its two sales affiliates (defendants) agreed to a stipulated order with the FTC to settle charges that they imposed hidden terms, surprise exit fees, and “zombie charges” on small...more

Venable LLP

Update: Judge Allows Most of Receiver’s Claims Against Wells Fargo for Involvement with Negative Option Marketers to Proceed

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A few weeks ago, we wrote an article discussing two enforcement actions by the Federal Trade Commission in the Central and Southern Districts of California that highlighted the risks to payment processors and financial...more

Ballard Spahr LLP

Cordray stresses individual accountability and service provider oversight in remarks to Chicago Fed

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In remarks to the Chicago Federal Reserve Bank on May 9, Director Cordray outlined the past and future of the Bureau’s enforcement efforts. Director Cordray’s theme was to outline Bureau expectations in what he calls a “new...more

Ballard Spahr LLP

Consumer groups urge more scrutiny of banks and other payment processors and ban on remotely created checks

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Thirty groups have written to the CFPB, FTC, Department of Justice and federal banking regulators urging them “to closely monitor the payment processing procedures and compliance safeguards in place” at the payment processors...more

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