Explore the Impact of Point-of-Sale Finance in Our Upcoming Series — The Consumer Finance Podcast
Viaje al Pasado Legal: Una Reclamación en Piedra
Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast
Analyzing the Credit Card Competition Act of 2023 - Payments Pros: The Payments Law Podcast
Credit card surcharging is on the rise. Imposing a surcharge in a compliant manner is more than adding a fee at the point of sale. Below we review on a high level the legal and commercial considerations for merchants before...more
As we have previously explored, litigation involving account takeovers (“ATOs”) and business email compromise (“BEC”) fraud have produced a muddled legal landscape. As between payors and intended payees, courts have tended to...more
The payments industry continues to evolve in response to the demand for flexible, fast, and secure payment options. Innovations have included payment facilitation, push-to-card services, and real time payments, among others....more
Fiserv’s journey to obtain a Merchant Acquirer Limited Purpose Bank (“MALPB”) charter in Georgia stands out for its speed and efficiency. After submitting its application in January 2024, Fiserv received its charter on...more
Illinois has become the first state to enact restrictions on credit and debit card interchange fees – commonly known as swipe fees – linked to taxes and gratuities. The Interchange Fee Prohibition Act (the “Act”), embedded as...more
On May 1, 2024, the FTC filed suit against BlueSnap, an international payment facilitator, along with two of its executives, simultaneously submitting a stipulated order containing both monetary and non-monetary relief. The...more
In a recent decision, Briskin v. Shopify, Inc., 2023 WL 8225346 (9th Cir. Nov. 28, 2023), the Ninth Circuit held that a Canadian-based company, Shopify, which provides a web-based payment processing platform to merchants...more
On January 12, Fiserv announced that it filed an application with the state of Georgia for a merchant acquirer limited purpose bank (MALPB) charter. This application is a seismic development and positive sign for those in the...more
The Federal Trade Commission (FTC) recently announced a settlement with a group of related companies and two of their officers that used a merchant of record (MoR) model to facilitate sales for merchants. According to the...more
Most of the Federal Trade Commission’s (FTC) law enforcement actions involving payment processors have exclusively focused on allegations that processors did not do sufficient due diligence before onboarding questionable...more
On January 18, after approximately fourteen months of settlement negotiations, the CFPB announced that it secured a settlement agreement with BrightSpeed Solutions, Inc., a third-party payment processor that had ceased...more
A&B ABstract: The CFPB has recently asserted extraordinary authority to make any payment processor monitor the activities of any merchant for which it processes payments, even if that merchant does not provide consumer...more
The Treasury Department’s Office of Foreign Asset Control continues to focus enforcement activities on digital currency companies. This focus is likely to increase given recent comments by Janet Yellen, the head of the...more
Regulatory scrutiny of the payments industry remains intense. Meanwhile, regulators’ expectations of payment processors, ISOs, and payment facilitators have never been higher. Recent enforcement actions have not been limited...more
Complaints alleging widespread institutional failures in controlling fraudulent payment processing activity; rogue merchants charging consumer accounts thousands of dollars based on dubious or nonexistent authorizations; and...more
The Federal Trade Commission (“FTC”) plans to aggressively police companies that use deceptive marketing to take advantage of consumers’ fears relating to the COVID-19 pandemic....more
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients...more
The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more