Payment Processing + Cards

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The U.S. Supreme Court agreed on May 18 to hear an appeal from the U.S. Navy’s advertising partner challenging the Ninth Circuit’s remand of a potential class action over allegedly unsolicited text messages, potentially resolving the issue of whether a putative class claim is mooted by an offer of complete relief under Rule 68 of…

In the wake of the U.S. Supreme Court’s May 18 announcement that it may decide whether a Rule 68 offer of judgment for complete relief moots potential class claims, the Second Circuit issued an amended ruling on May 21 that partially answered that question in the negative, further compounding a split among the federal circuit …

On May 19, the Federal Trade Commission and all fifty state attorneys general and the District of Columbia charged four cancer charities and their operators with bilking more than $187 million from consumers.  The alleged fraud, detailed in a complaint filed in the United States District Court for the District of Arizona, is said to…

As we discussed in March, the Consumer Financial Protection Bureau is soliciting public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers.

To allow interested persons additional time to consider and submit their responses, the CFPB announced it is extending the comment period on…

On May 5, Virginia Governor Terry McAuliffe signed an executive directive which sets enhanced security requirements for the purchase card program used by state agencies, including the implementation of “chip and pin” technology by December.  The directive further instructed Virginia’s treasurer, comptroller, and secretaries of finance and technology to implement enhanced payment technologies that “meet…

On May 5, the Federal Trade Commission obtained court approval of a settlement against CardFlex, Inc. and its CEO and President, Andrew Phillips, and Executive Vice President of Operations, John Blaugrund.  The lawsuit, captioned FTC v. CardFlex Inc. et al., No. 3:14-cv-00397 (D. Nev.), involved allegations that the defendants operated a $26 million credit…

According to a study released by the Consumer Financial Protection Bureau on May 5, 26 million Americans have no credit rating at all, making them “credit invisible.”  The report found that one in 10 adults have no credit history – many of them black, Hispanic, or living in low-income neighborhoods.

In broad terms, consumers with…

In a pair of recent votes, the House of Representatives supported legislation that would create liability protections for companies that share with the federal government information about cyberthreats.  The bills, H.R. 1560 and H.R. 1731, allow private companies to take defensive cybersecurity measures to protect their rights and property.  They also allow for sharing of…

On April 30, Sen. Patrick Leahy, D-Vt., introduced legislation that would require companies to report data breaches within 30 days and would protect a wide range of personal and geographic location data while allowing more stringent state laws to stand.  As mentioned here, the Consumer Privacy Protection Act is just the latest piece of…

The Consumer Financial Protection Bureau (CFPB) is modifying its complaint database so that consumers can post narratives about their experiences with financial service providers.  According to the CFPB’s release, available at http://www.consumerfinance.gov/newsroom/cfpb-finalizes-policy-to-give-consumers-the-opportunity-to-voice-publicly-complaints-about-financial-companies/, the purpose of the database enhancement is to help consumers make informed choices and identify market trends.  But the implementation could result…