On June 10, Troutman Sanders attended the Federal Trade Commission’s FinTech Forum on marketplace lending. The event marked the first in the FTC’s FinTech Forum series, which is part of the FTC’s ongoing efforts to examine marketplace lending and its impact on consumers. The topics discussed during the forum included adequate
CFPB Authority Limited by Federal Court
On April 21, the United States District Court for the District of Columbia held that the Consumer Financial Protection Bureau exceeded its authority when it issued a Civil Investigative Demand (“CID”) to the Accrediting Council for Independent Colleges and Schools (“ACICS”), an accreditor of for-profit colleges. Notably, this is the first time that the
Join Us for a Complimentary Webinar on Best Practices for Banks in Third-Party Payment Processing
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker during a live webinar entitled “Best Practices for Banks in Third-Party Payment Processing” on Thursday, June 9 at 2:00 p.m. EDT.
Banks with third-party payment processor (TPPP) customers have received a great deal of regulatory scrutiny over the past
FTC Joins CFPB in Expanding Oversight of “Deceptive” Practices
On May 4, the Federal Trade Commission announced that it had reached a settlement with Very Incognito Technologies, Inc., d/b/a Vipvape, a hand-held vaporizer manufacturer. The settlement resulted from the FTC’s allegations that Vipvape violated the FTC Act by representing on its website that it was a participant in the Asia-Pacific Economic Cooperation Cross-Border Privacy
FTC Executes A $105 Million Stipulated Judgment With Payment Processors Arising Out of Alleged Violations of the Electronic Funds Transfer Act, Restore Online Shoppers Confidence Act and Telemarketing Sales Rule
On May 3, the Federal Trade Commission announced that it had executed a stipulated judgment with over a dozen entities that market and sell green coffee bean extract weight-loss supplements, male enhancement products, and skin care products, and their affiliated payment processors arising out FTC allegations of wrongdoing. The allegations include that the
CFPB Attempts to Sound Death Knell for Consumer Class Action Waivers Used by Financial Institutions
On May 5, 2016, the CFPB announced proposed rules that would further restrict the ability of financial institutions to enter into mandatory arbitration clauses with consumers, including an outright ban on provisions that would prohibit consumers from pursuing class actions in court. The proposed rules do not forbid all mandatory arbitration clauses, however. Financial institutions
Join Troutman Sanders at the Third Party Payment Processors Annual Conference in Atlanta
We are pleased to announce that Troutman Sanders partners Keith Barnett and Ashley Taylor will be featured speakers at the 2016 Third Party Payment Processors Association (“TPPPA”) Annual Conference taking place June 14-16 at the Bank of America Plaza in Atlanta. Keith and Ashley will participate in a panel to address the current legal landscape
Join Us for the American Conference Institute Blockchain & Distributed Ledger Technology Conference
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming ACI Blockchain & Distributed Ledger Technology Conference at the Carlton Hotel in New York City on April 13-14.
Building on the Prepaid Card Compliance and Emerging Payment Systems conferences, and in response to demand
Join Us on March 4 for a Webinar on Chief Compliance Officer Responsibilities
We are pleased to announce that Troutman Sanders partner Keith Barnett will participate in a webinar entitled “Third Party Payment Processors Series: Chief Compliance Officer Responsibilities” on Friday, March 4, at 2:00 p.m. EST. Join the panelists for this complimentary webinar offered by Kirkpatrick Price and the Third Party Payment Processors Association (TPPPA). The discussion
Join Us for a Webinar on the Intersection of UDAAP and Payment Processing
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker during a live webinar entitled “UDAAP and Third Party Payment Processors” on Monday, March 7 from 12:00 noon to 1:00 p.m. EST.
In its enforcement actions, the Consumer Financial Protection Bureau has expanded the scope of what