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Financial Institutions › Debit and Credit Card Transactions › Banking Sector

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

American Conference Institute (ACI) on

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Wilson Sonsini Goodrich & Rosati

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

Wilson Sonsini Goodrich & Rosati on

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

Hudson Cook, LLP

GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule

Hudson Cook, LLP on

Businesses using ACH will soon have to comply with a new rule, the WEB Debit Account Validation Rule, related to account validation. The effort – meant to help combat fraud and protect users – has also been a source of...more

Latham & Watkins LLP

Let’s Settle This Immediately: The Fed Joins the Global Faster-Payments Trend

Latham & Watkins LLP on

The Federal Reserve is finally stepping into the real-time payments arena. On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and...more

Jackson Lewis P.C.

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

Jackson Lewis P.C. on

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

Troutman Pepper

New Economic Opportunities with Cuba Present Financial Rewards Along with Associated Compliance Challenges

Troutman Pepper on

The opening of Cuba to greater commercial and financial activity offers many possibilities for U.S. financial institutions but, with those possibilities, comes a responsibility to meet the complex compliance challenges that...more

Goulston & Storrs PC

Apple Pay, Android Pay, Samsung Pay: Where’s Your Wallet?

Goulston & Storrs PC on

Last week Samsung launched its mobile payments app to compete with ApplePay and Android Pay, with much anticipation among technology bloggers. A few Technorati rushed to try the application so they could compare and contrast...more

Bilzin Sumberg

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Bilzin Sumberg on

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

Carlton Fields

Still a Target: Court Certifies Bank Class Claims Against Retailer Following Data Breach

Carlton Fields on

Although Target has tentatively settled consumer data breach class action claims, the retailer remains in the crosshairs of the plaintiffs’ class action bar. On September 15, a Minnesota federal district court certified a...more

Ballard Spahr LLP

The Next EFTA Class Action Wave Has Started

Ballard Spahr LLP on

A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more

Davis Wright Tremaine LLP

NACHA Adopts Same-Day ACH Rule

Davis Wright Tremaine LLP on

On May 19, NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). In 2012, NACHA had proposed an Expedited Processing and Settlement (EPS) rule providing for a...more

Morrison & Foerster LLP

Blurred Lines

Morrison & Foerster LLP on

Mobile payments are taking off, and by 2017, consumers worldwide are likely to be using the technology to spend $700 billion or more annually, according to Forrester Research. But as technology companies look for ways to...more

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