Over the past few years, Regulation E, which implements the Electronic Fund Transfer Act, has been cited by federal regulators in rulemaking, enforcement actions and bulletins. The CFPB has not only used the EFTA in its rulemaking concerning prepaid accounts, but it has filed enforcement actions for alleged violations of EFTA and issued bulletins concerning
Republicans in Congress have moved to repeal recently issued Consumer Financial Protection Bureau regulations governing the prepaid card industry. Rep. Tom Graves (R-Ga.) introduced a bill in the House in early February that would submit the rules to a vote of disapproval under the Congressional Review Act. A
On February 24, the Consumer Financial Protection Bureau asked a federal district court in Florida to approve a $107 million settlement to resolve claims against Orion Processing LLC. The Bureau alleged the bankrupt company engaged in a debt-relief scheme that cost consumers millions.
The CFPB filed suit against Orion in August
A New York payment processor successfully defended one personal jurisdiction challenge, but lost the other in the Northern District of Texas. The case represents an attempt by TransFirst Group, Inc. to collect a $4.5 million judgment it obtained against Dominic “Nick” Magliarditi in 2013 related to the group’s purchase of Magliarditi’s payment processing company, Payment
On February 1, the Consumer Financial Protection Bureau ordered payment card companies MasterCard and UniRush to pay $10 million in restitution and a $3 million fine related to service breakdowns that left customers unable to access their funds. “MasterCard and UniRush’s failures cut off tens of thousands
The Office of the Comptroller of the Currency’s National Risk Committee, which is tasked with monitoring the overall condition of the federal banking system and any emerging threats to the system’s safety and soundness, released its “Semiannual Risk Perspective for Fall 2016” on January 5. Using data from the first half of 2016, the publication
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming National Automated Clearing House Association’s (NACHA) Payments Innovation Alliance Meeting at the Omni Los Angeles Hotel at California Plaza on February 24.
Keith will speak on a panel titled, Regulatory Landscape for 2017 – What Can
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming Electronic Transactions Association (ETA) and Bankers Association for Finance and Trade (BAFT) International Payments Policy Day, “A New World: The Changing Policy Landscape for International Payments and Financial Technology,” at the Washington, DC offices of Troutman
The Ninth Circuit in Medellin v. IKEA U.S. West Inc. recently remanded a plaintiff’s appeal to the district court with instructions to dismiss the case after the plaintiff admitted that she lacked Article III standing to proceed in federal court.
As background, Rita Medellin’s class action complaint alleged that IKEA violated the Song-Beverly Credit Card
On January 4, a defendant in a Fair Debt Collections Practices Act case moved for sanctions against the Consumer Financial Protection Bureau, arguing that it never had proof that the defendant acted wrongfully when it filed suit in early 2015. In support of its Motion, Pathfinder Payment Solutions, Inc. stated that the Bureau “knowingly exceeded