Payment Processing & Cards

On December 10, the Bureau of Consumer Financial Protection issued proposed revisions to its 2016 Policy on No-Action Letters and proposed a BCFP Product Sandbox.

The proposed new policy has two parts: Part I is a revision of a 2016 policy on No-Action Letters, and Part II is a description of the BCFP Product Sandbox.

In an ominous sign, Americans’ total debt hit another record high, rising to $13.5 trillion in the last quarter, as student loan delinquencies jumped, according to Reuters. Specifically, flows of student debt into serious delinquency of 90 or more days rose to 9.1 percent in the third quarter from 8.6 percent in

As Congress’ emboldened majority has sought to lessen the federal government’s regulatory footprint, the states have not always been quiet, as one summertime example amply shows.

In 2017, two congressmen introduced two bills which, if enacted, would expand the scope of federal preemption to include non-bank entities. Introduced by Rep. Patrick McHenry (R-N.C.), the

Some merchants prefer their customers to pay for their purchases with cash so they can avoid transaction fees associated with credit card purchases Transaction fees can be either passed along to the consumer or absorbed by the merchant.  To encourage payment in cash, many merchants post prices reflecting increased rates for credit

As America’s check collection system continues to move away from being paper-based, the Federal Reserve Board is updating the liability provisions of Regulation CC to reflect this reality.  After receiving comments on its proposed rule from financial institutions, trade associations, clearinghouses, and others, the Board published a final rule that amends Subpart C of Regulation

The states of most complaint, you ask?  – California, Florida, Texas, New York, and Georgia.

In October, the Consumer Financial Protection Bureau released its Complaint Snapshot, which supplements the Consumer Response Annual Report and provides an overview of trends in consumer complaints received by the Bureau.

The Snapshot revealed that the CFPB has received 1.5

The subject of marijuana and banking has garnered more and more attention as an increasing number of States decriminalize or legalize its use, medicinally and recreationally.  Still, no matter what State law might say about the matter, a wide array of commercial and banking activity remains criminal insofar as it is connected with marijuana.  This

On May 31, the Fourth Circuit Court of Appeals affirmed a $150,000 sanctions award against three consumer attorneys and their law firms for bad faith conduct and misrepresentations.

The opinion reads like a detective story and lays out, in the Court’s own words, “a mosaic of half-truths, inconsistencies, mischaracterizations, exaggerations, omissions, evasions, and failures to

On May 14, the Supreme Court struck down the Professional and Amateur Sports Protection Act (“PAPSA”), a federal law that prohibited most states from allowing sports-related gambling.  The ruling now clears the way for any state to legalize gambling on sports.

PAPSA made it “unlawful” for a state to “authorize” any gambling operation based on

Even though both parties agreed the plaintiffs lacked standing to bring suit under the Fair and Accurate Credit Transaction Act (“FACTA”), the Seventh Circuit recently reversed the district court’s dismissal for lack of standing, and instead ordered the district court to remand the case to state court.

The FACTA putative class action, originally filed in