Payment Processing & Cards

The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively

In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” PayPal owns and operates Venmo as part of its digital wallet portfolio.

While

According to a recent announcement, Mastercard will begin providing customers with additional details about their purchases, such as the merchant’s name, logo, and location of purchase. Mastercard is inviting merchants to upload their logos to Ethoca, after which the logos will be linked to the corresponding transaction in digital banking applications. The service

The Federal Trade Commission (FTC) on December 9, 2020, settled with Complete Merchant Solutions, LLC (CMS) and its former CEO, Jack Wilson, requiring them to pay $1.5 million, refrain from processing payments for certain merchants and enact enhanced client screening protocols.

The FTC alleged that CMS and Wilson facilitated fraud by processing consumer credit card

The Fair and Accurate Credit Transactions Act (“FACTA”) forbids sellers who accept credit cards from including more than the last five digits of a buyer’s credit card number on a purchase receipt. Yet including more than those five digits will not, by itself, make a seller liable under FACTA, according to a decision issued by

The Eastern District of Texas recently denied a motion to dismiss for alleged violations of the Fair Debt Collection Practices Act (“FDCPA”), holding that a garnishment action initiated eight years after the plaintiff had obtained a default judgment was not subject to the FDCPA’s one-year statute of limitations provision because the default judgment was obtained

On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money transmitter examination requirements in 2021. Per the CSBS, this “one company, one exam” program, known formally as “MSB

On July 28, 2020, Troutman Pepper attorneys, Maryia Jones (Virginia Beach office) and Stephen J. Steinlight (New York – East Side office) will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.

The credit and collection industry remain under

The Federal Trade Commission (“FTC”) is holding its public workshop today on the proposed changes to the Gramm-Leach-Bliley Act of 1999’s Safeguards Rule (“Safeguards Rule”). For background, the Safeguards Rule requires financial institutions, and potentially affiliates and/or service providers, to keep customer information secure. The FTC has stated it seeks to modify the Safeguards Rule

Earlier this month, the United States District Court for the Western District of Texas permanently banned Madera Merchant Services and B&P Enterprises, LLC from payment processing for their involvement in business practices that scammed consumers out of millions of dollars. The Federal Trade Commission and Ohio Attorney General Dave Yost filed their complaint in 2019.