The Security Standards Council of the Payment Card Industry (“PCI”) announced updates to its payment device standard, which will enable stronger protections for cardholder data, including data such as cardholders’ personal identification numbers (PINs) and cardholder data stored on the magnetic stripe of cards or on mobile devices. The updated standard addresses the increased threats
D.C. Circuit Rules CFPB “For Cause” Removal of the Director Unconstitutional, but Declines to Shut it Down
Until October 10, none of the constitutional or scope of enforcement authority challenges to the Consumer Financial Protection Bureau’s (“CFPB” or Bureau”) power have been successful. That changed on October 11 when the U.S. Court of Appeals for the District of Columbia held the Director of the Bureau has too much unilateral, unchecked power and
Supreme Court Agrees to Hear Case That Will Affect New York and Other State Laws Concerning Credit Card Surcharges
On September 29, the United States Supreme Court agreed to hear the appeal of a case that retail merchants filed against the State of New York and City of New York challenging the constitutionality of a state law prohibiting merchants from assessing surcharges against customers who make purchases using a credit card. The challenged law
CFPB Orders First National Bank of Omaha to Pay $32 Million for Credit Card Add-On Products
On August 25, the Consumer Financial Protection Bureau ordered First National Bank of Omaha to pay more than $32 million for alleged unlawful credit card practices related to add-on products and services. In addition to a penalty of $4.5 million, the bank must provide $27.75 million in relief to nearly 257,000 consumers.
The CFPB’s order
LendUp to Pay $6.3M in CFPB-California Deal
On September 27, LendUp, an online payday lending company based in San Francisco, entered into a Consent Order with the Consumer Financial Protection Bureau and the California Department of Business Oversight over allegations that LendUp violated the Consumer Financial Protection Act and Regulation Z of the Truth In Lending Act by
Join Us at LEND360 in Chicago
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the LEND360 conference taking place October 5-7 in Chicago.
Keith will participate on a panel entitled “Regulatory Initiatives and Compliance for Payment Processing” on October 6. The panelists will discuss the current regulatory environment for online lenders and
Troutman Sanders Publishes Regulatory Report for Payment Processors
Troutman Sanders’ Regulatory and Enforcement practice published its first Regulatory Report for Payment Processors in September. The report includes the feature article “Getting Your Legal House in Order: Key Considerations for Selling Your Payment Processing Business,” written by Tyler Dempsey and Cot Eversole.
The report also features several recent regulatory and enforcement updates affecting
Join Us at ACI’s 16th National Forum on Prepaid Card Compliance
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the American Conference Institute’s 16th National Forum on Prepaid Card Compliance, taking place September 26-27 at the Intercontinental Chicago Magnificent Mile.
Keith will be a featured speaker on the panel “Legislative Activity Involving Payroll Cards; Understanding
Minnesota AG Settles Lawsuit with Online Payday Lender
On August 18, the Minnesota Attorney General announced that it had settled a lawsuit against online money lender CashCall, Inc. The State of Minnesota alleged that CashCall violated Minnesota’s usury, lending, and licensure laws by entering into an arrangement in which a company affiliated with a Native American tribe would loan money to Minnesota citizens
CFPB Uses “Mystery Shoppers” to Combat Home Loan Lending Discriminations
On July 25, the United States District Court for the Northern District of Mississippi signed a consent order among BancorpSouth, the United States Department of Justice, and the Consumer Financial Protection Bureau, whereby BancorpSouth agreed to pay an aggregate of $10.6 million and to adhere to non-monetary penalties arising out of the DOJ’s and CFPB’s