US Digital Asset Companies Achieve Licenses, Launch Products - According to a recent press release, Ripple, a U.S. digital asset infrastructure provider, announced that it has “received approval from the Dubai Financial...more
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has...more
On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more
Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year? A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps...more
PayPal is facing mounting criticism over allegations that its popular coupon-finding browser extension, Honey, essentially steals from content creators and affiliate marketers by exploiting last-click attribution. Influencers...more
On November 26, 2024, the IRS announced transitional relief for the much-maligned tax reporting requirement for third party payment networks. The reporting threshold will now be $5,000 for the year 2024 rather than $600 to...more
Payments Firms Launch Crypto Products, New Crypto Adoption Data Published - According to a recent press release, a well-known U.S. payments and financial technology company announced that it will allow its United States...more
In the massive antitrust class action against Visa, Mastercard and more than 25 banks, the deadline has been extended for victims of overpaid credit or debit card transaction fees to file a claim to their share of the $5.54...more
The D.C. federal district court has granted PayPal’s motion for summary judgment in its lawsuit challenging the CFPB’s prepaid card rule (Prepaid Rule) and vacated the Prepaid Rule’s short-form disclosure requirement as...more
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
A coalition of 19 Democratic AGs wrote a comment letter in support of a proposed CFPB rule that would expand federal regulatory oversight over digital consumer payment and wallet services....more
In early November, we issued an alert on the filing of information returns by payment settlement entities, such as PayPal or Venmo, when sellers of goods or services use them to carryout payments with buyers (see 1099-K...more
We are often asked if one has to pay taxes when selling goods or services online. That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive...more
Weber Gallagher’s Family Law Group often reviews payments made through popular mobile apps, including Venmo and Apple Pay, in discovery and for support purposes. Clients who utilize one of the many mobile payment platforms...more
EURC Stablecoin Launches on Stellar; Singapore Exchange Integrates PYUSD - In a recent press release, the issuer of USDC and the Stellar Development Foundation (SDF) announced that the euro-pegged stablecoin EURC has...more
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
The U. S. Court of Appeals for the D.C. Circuit held that the CFPB’s prepaid card rule (Prepaid Rule) does not mandate a “model clause.” The ruling was made in the lawsuit that PayPal, one of the largest digital wallet...more
On February 3, 2023, the U.S. Court of Appeals for the District of Columbia Circuit (DC Circuit) issued a decision regarding the disclosure requirements of the Consumer Financial Protection Bureau’s (CFPB) Prepaid...more
PayPal Discloses December 2022 Security Incident Involving Credential Stuffing Attacks - PayPal has begun sending out notification letters to individuals impacted by a security incident that occurred in early December...more
The information reporting form, IRS Form 1099-K (Payment Card and Third-Party Network Transactions), is used to track business payments made through credit or debit cards and peer-to-peer services such as Venmo, Cash App and...more
On November 4, the Federal Reserve invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve and payment services. These accounts are often referred to as...more
In December 2019, PayPal, Inc. filed suit in the US District Court for the District of Columbia challenging the CFPB’s authority to issue two provisions of the so-called prepaid rule, which governs consumer financial products...more
The information reporting form, IRS Form 1099-K (Payment Card and Third-Party Network Transactions), is used to track business payments made through credit or debit card and peer-to-peer services such as Venmo, Cash App and...more