News & Analysis as of

Payment Processors

Growing Support for Legalized Marijuana in New England, Despite Uncertainty

by Wilson Elser on

Recent developments in three New England states indicate that popular support for legalized marijuana is growing, even as the federal government reverses the hands-off policy of the previous administration....more

Payments Strategy Forum's Publication of NPA Design and Transition Blueprint

by DLA Piper on

The Payments Strategy Forum (PSF) published its New Payments Architecture (NPA) Design and Transition Blueprint on 13 December 2017.This is an updated version of the Design and Transition Supporting Document published in July...more

Joint and Several Liability for Payment Processor That Facilitated Fraud

by Morrison & Foerster LLP on

On December 13, the Eleventh Circuit Court of Appeals affirmed the decision of the U.S. District Court for the Middle District of Florida finding a credit card payment processor jointly and severally liable, under a theory of...more

PayPal’s Canadian Payments Processing Company Suffers Breach

PayPal has acknowledged that TIO, the Canadian payments processing company that it acquired in July 2017 has suffered a data breach that compromised the information of up to 1.6 million users. TIO processes utility and other...more

Data Privacy + Cybersecurity Insider - December 2017 #2

by Robinson & Cole LLP on

$64 Million in Bitcoin Stolen from NiceHash - Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Recently, Massachusetts Secretary of State William Galvin warned investors to stay away from...more

Privacy Perils: PayPal Data Breach

by Bass, Berry & Sims PLC on

On December 1, PayPal disclosed that an ongoing investigation into identify security vulnerabilities identified a data breach that may have compromised personally identifiable information for roughly 1.6 million customers at...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Representatives of the US’s biggest stock exchanges have questioned the SEC’s plan to change how markets work by altering the current “maker-taker” system and imposing new transparency and conflict-of-interest rules on...more

Court Tosses CFPB Suit as Discovery Sanction

A Georgia federal court judge has dismissed a lawsuit filed by the Consumer Financial Protection Bureau (CFPB or Bureau) against four payment processors as a sanction for demonstrating a “blatant disregard” for the court’s...more

Consultation on a new retail payments oversight framework

by Dentons on

On July 7, 2017, the Department of Finance Canada (the Department) proposed a new federal oversight framework for retail payment systems (the Oversight Framework) in a consultation paper titled, “A New Retail Payments...more

Red Notice Newsletter - August 2017

ANTICORRUPTION DEVELOPMENTS - MTS Receives DOJ and SEC Declination Letters Concluding FCPA Investigations - On August 7, 2017, MTS Systems (MTS), a Minnesota based maker of test systems and industrial position...more

If the CFPB is Remiss, the Court Must Dismiss: CFPB Must Provide Facts to Support Its Claims

by Clark Hill PLC on

On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more

Federal district court sanctions CFPB for deposition conduct; strikes four counts from complaint and dismisses defendants

by Ballard Spahr LLP on

A federal district court in Atlanta has granted the defendants’ motions for Rule 37 sanctions against the CFPB for its conduct in connection with the defendants’ depositions of CFPB witnesses. To sanction the CFPB, the court...more

Get Ready for New Data Transfer Security Standard for POS Systems

by Bryan Cave on

Retailers are still feeling the pain from implementing EMV-compliant POS systems. An article by Kate Fitzgerald in the PaymentsSource Technology newsletter (August 8, 2017) caught our eye....more

Financial institutions M&A: Market infrastructure

by White & Case LLP on

Payment systems / e-money providers - Current market: - Upward - Regulatory change continues to be a key driver of M&A activity - We are seeing: - Strategic M&A deals and financial sponsor interest...more

Supreme Court Refuses to Hear Interchange Settlement Appeal

The U.S. Supreme Court denied a request to review the U.S. Court of Appeals for the Second Circuit's ruling overturning a $7.25 billion settlement agreement in a case brought by retailers against the card networks and banks,...more

Court Tosses CFPB Suit Against Payment Processor

A payment processor scored a victory against the Consumer Financial Protection Bureau (CFPB) when a North Dakota federal court dismissed the Bureau's lawsuit for failing to plead facts sufficient to support the conclusion...more

Credit Card Breaches: A How-To Guide

by Bryan Cave on

For most retailers credit cards are the primary form of the payments that they receive. Accepting credit cards, however, carries significant data security risks and potential legal liability....more

New Belgian Law on the oversight of payment transaction processors

by White & Case LLP on

Summary - Hard-law tools to supervise payment transaction processors: A new Belgian law (the Law) reinforces the supervision of the activities of systemically important payment transaction processors as well as payment...more

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

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