News & Analysis as of

Payment Processors

European Banking Authority Proposes Extending the Scope of the Complaints-Handling Guidelines

by Shearman & Sterling LLP on

The European Banking Authority has published proposals to extend the Joint Committee Guidelines on complaints-handling for the securities and banking sectors to the new institutions established under the revised Payment...more

Government Contracts Legislative and Regulatory Updates - April 2018

by Dentons on

Our April edition of “Government Contracts Legislative and Regulatory Update” offers a summary of the relevant changes that took place during the month of March....more

How Fintech Helps Power Georgia's 'Transaction Alley'

Georgia is often lauded as a top state in the nation for business (WE’RE #1!). One of the primary industries supporting this tremendous growth is financial technology (colloquially referred to as “fintech”), with small and...more

FTC Issues Proposed Consent Order to Online Payment Processing Company Over Allegations of Privacy and Security Violations

by Weiner Brodsky Kider PC on

The FTC recently reached a settlement with a worldwide online payment processing company regarding the actions of its subsidiary, a peer-to-peer payment and social networking application and website, over alleged violations...more

OTA & Travel Distribution Update - SwayPay seeks to simplify payment processing and Hotel Bonanza hits the 10,000 mark in hotel...

by Garvey Schubert Barer on

This week’s OTA & Travel Distribution Update for the week ending March 2, 2018 is below. Nothing too remarkable in this week’s Oscar-shortened Update....more

Five Privacy Practices Every Company Should Address in the Wake of the FTC’s Enforcement Action against PayPal

Privacy is serious business. This was made clear in the Federal Trade Commission’s (FTC) recent announcement that it had settled its complaint against Venmo, PayPal’s peer-to-peer payment service, for misrepresentations to...more

Closed-loop Payment System Proposed for Ohio Medical Marijuana Program

by Benesch on

Two identical bills (“Bills”), H.B. 495 and S.B. 254, were introduced in the past week by Representative Seitz and Senator Terhar that would require medical marijuana entities (cultivator, processors, dispensaries, and...more

[Webinar] The Brave New World of Payments: opportunities and threats post-PSD2 - March 1st, 12:00pm GMT

by Hogan Lovells on

Register now for our live webinar to learn about the key developments that will help payments experts to thrive in the post-PSD2 era. We've gathered leading payments regulation and technology professionals to look at the...more

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

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

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