News & Analysis as of

Debit and Credit Card Transactions Banks

The Volkov Law Group

DOJ Charges Visa with Monopolization and Exclusionary Conduct in the Debit Card Market

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The Justice Department’s Antitrust Division has been aggressively pursuing civil enforcement actions.  While criminal enforcement of antitrust laws has been depressed, DOJ has found success in pursuing civil and merger...more

Orrick, Herrington & Sutcliffe LLP

Bank associations sue Illinois to prevent interchange fee act from effecting

On August 15, several banking and credit union associations sued the Illinois Attorney General to prevent the state from implementing the Illinois Interchange Fee Prohibition Act (the “Act”). As covered by InfoBytes, the...more

Cozen O'Connor

CFPB Report Examines Cash-Back Fees

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The CFPB issued a report detailing certain retailers’ practice of charging consumers cash-back fees to access their own money when using a debit or prepaid card. The report’s key findings include that cash-back fees are...more

Amundsen Davis LLC

Interchange Fee Prohibition Act

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The Interchange Fee Prohibition Act (IFPA), signed into law in June of 2024 by Illinois Governor J.B. Pritzker, prohibits banks, savings associations, credit union, and others from receiving or charging an interchange fee on...more

Bowditch & Dewey

Finding a Way Out From Under Financial Abuse

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According to the National Domestic Violence Hotline, 27% of people in physically abusive relationships also reported experiencing financial abuse. Financial abuse takes many forms and does not discriminate based on race,...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts Interchange Fee Prohibition Act within state budget

Recently, the Governor of Illinois signed into law the state’s new budget (the “budget”) which will include a provision cited as the Interchange Fee Prohibition Act (the “Act”). The Act’s language was originally proposed as...more

Cozen O'Connor

Cozen Currents: Use the Force

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The Cozen Lens- •As bipartisanship wanes, forced compromise remains an essential component of governance in Washington, DC. - •Dealmaking activity is up, but antitrust enforcement is also expected to increase as growing...more

Ballard Spahr LLP

California AG issues warning to state-chartered banks and credit unions on “surprise overdraft” and returned deposit item fees

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On February 22, 2024, California Attorney General Rob Bonta issued letters (the “AG Letter”) to California’s 197 state-chartered banks and credit unions warning that overdraft and returned deposited item fees may violate...more

Cadwalader, Wickersham & Taft LLP

February 2024 Regulatory Round-Up

As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more

Ballard Spahr LLP

Senator Durbin attempts to revive Durbin 2.0 with Senate Judiciary Committee hearing in April and solicits testimony from Visa,...

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On April 9, 2024, the Senate Judiciary Committee will hold a hearing on credit card competition. Senator Dick Durbin (D-IL) requested testimony at the hearing from the following Chief Executive Officers who have publicly...more

Ballard Spahr LLP

Durbin 2.0 Congressional Research Service Report Indicates Uncertainty of Routing Restrictions Impacts on Industry

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On December 13, 2023, the Congressional Research Service issued a report titled How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks highlighting potential issues for Congress....more

Akerman LLP

Explainer Things: Episode 10

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Our newsletter’s title is a nod to the semi-scary Netflix series Stranger Things. No surprise we are VERY excited about Halloween. You may notice that our regular pop culture references have gone horror-themed for this...more

Wilson Sonsini Goodrich & Rosati

The Fed Proposes a Sea Change in Debit Card Interchange Fee Regulation

The Federal Reserve Board has proposed a new rule for public comment that would significantly lower the cap on interchange fees that debit card issuing banks (issuers) may charge a merchant’s bank (an acquiring bank) for...more

Proskauer Rose LLP

Regulation Round Up - August 2021

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The Financial Conduct Authority (“FCA”) published a statement reminding firms about potential financial crime risks linked to Afghanistan. Commission Delegated Regulation (EU) 2021/1415 supplementing the Securitisation...more

Ballard Spahr LLP

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

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On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

Lowndes

Long-Awaited Guidance for Banking Hemp Clients Released

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Since the effective date of the 2018 Farm Bill, banking and the inability to acquire financing have been major impediments for the hemp industry. While demand for hemp continues to grow, banking regulations have still been...more

Fisher Phillips

FBI Warns of Continuing Threat from “ATM Cashout” Scheme

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The FBI is warning banks to be on guard against possible attacks on ATMs. In an alert sent to banks on August 10th, the FBI warned banks that it had “obtained unspecified reporting indicating cyber criminals are planning...more

Holland & Knight LLP

Food and Beverage Law Update: June 2018

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Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

McAfee & Taft

Gavel to Gavel: Most states may surcharge transactions

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Few fees frustrate the average business more than those incurred by accepting credit cards. From a practical perspective, refusing credit cards is usually not a viable option. Originally published in The Journal Record |...more

Jackson Lewis P.C.

Banks Cannot Skirt Contract Remedies In Data Breach Suit Against Retail Merchant

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Attempting to advance a novel theory of law, several banks filed a class action in Illinois federal court against a grocery store chain arising out of a data breach that resulted in the theft of 2.4 million credit and debit...more

Carlton Fields

Court Finds Confidentiality Provision In Arbitration Agreement Unconscionable, Compels Consumer Arbitration

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The Eleventh Circuit has determined that a confidentiality provision in an arbitration clause was substantively unconscionable. The case involved a putative class action by David Johnson alleging that KeyBank National...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

Mintz

What Have Merchants Gained from Payment Card Antitrust Litigation?

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In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Carlton Fields

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

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An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more

Neal, Gerber & Eisenberg LLP

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

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