• 02.14.19

    N.Y. Court Signs Off on New Deal Between Networks, Merchants

    A New York federal judge granted preliminary approval of the second attempt at a settlement between a class of more than 12 million merchants and two card networks, potentially putting an end to the long-running litigation over interchange fees and various card network rules that apply to merchants ...

  • 01.16.19

    Federal Reserve Documents Growth in Card Payments

    The Board of Governors of the Federal Reserve System (Federal Reserve) released its latest study on payments, documenting a continuing—and accelerated—“robust growth” in card payments.

  • 01.16.19

    State AGs Deal With Payment Processor, Mobile Apps

    In state enforcement news, Massachusetts Attorney General Maura Healey announced a settlement with a California-based payment services provider, while New York Attorney General Barbara Underwood reached a deal with five companies related to security vulnerabilities in their mobile apps.

  • 01.15.19

    U.S. Sanctions Enforcement Against Foreign Financial Institutions Continues

    While major enforcement actions against foreign banks for U.S. sanctions violations appear to have ebbed over the past three years, the recent settlement of sanctions-related claims, which included imposition of $1.34 billion in forfeitures and penalties, against a large foreign bank is a reminder ...

  • 12.19.18

    Merchant Cash Advances on the Hot Seat

    Could investigative reporting into merchant cash advances lead to enforcement action against companies that make these advances, or to potential legislation to ban certain practices inherent in this industry?

  • 12.05.18

    Operation Choke Point Litigation Stirs Up Lawmaker Concern—Again

    According to a group of payday lenders, the reverberations of Operation Choke Point are still being felt.

  • 12.05.18

    FTC Sends Money Transfer Service $125M Penalty, Expanded Order

    An international money transfer service must pay $125 million after it failed to take the steps required in a 2009 consent order it had agreed to with the Federal Trade Commission (FTC) and a 2012 Deferred Prosecution Agreement (DPA) entered into with the Department of Justice (DOJ).

  • 11.07.18

    Ruling on Surcharge Law, NY Court Adds to Murky Situation

    In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card users.

  • 11.07.18

    Latest BSA/AML Penalty: $100M From OCC

    On October 23, 2018, the Office of the Comptroller of the Currency (OCC) assessed a $100 million civil money penalty against a national bank primarily known for its issuance of credit cards, for failing to comply with a 2015 consent order requiring the financial institution to timely remedy ...

  • 10.24.18

    A Need for Speed: FRB Considers Options for Faster Payments

    In an effort to facilitate real-time interbank settlement of faster payments, the Federal Reserve Board (FRB) is asking for input from industry stakeholders on the best options.