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Payment Processors Unfair or Deceptive Trade Practices Fraud

Sheppard Mullin Richter & Hampton LLP

FTC Cracks Down on Payments Processor for Facilitating Fraud

On May 1, the FTC announced a settlement in federal court in the Northern District of Georgia against a payment processing company, along with its former CEO and senior vice president, for the company’s role in handling...more

Cozen O'Connor

The State AG Report – 1.20.2022

Cozen O'Connor on

Here are last week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Student Loan Servicer Agrees to Cancel $1.7...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

Payment Processor Banned From Industry for Allegedly Helping Telemarketers Defraud Consumers

Cozen O'Connor on

The CFPB reached a settlement with payment processor BrightSpeed Solutions Inc. and its founder (collectively, “BrightSpeed”) to resolve allegations that it knowingly assisted companies in defrauding consumers by knowingly...more

Wiley Rein LLP

FTC Commences Rulemaking Targeting Business and Government Impersonation Fraud

Wiley Rein LLP on

On December 16, the Federal Trade Commission (FTC) voted 4-0 to issue an Advance Notice of Proposed Rulemaking (ANPRM) to commence a rulemaking targeting rising business and government impersonation fraud. Critically, the...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2020)

Hudson Cook, LLP on

This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more

Orrick, Herrington & Sutcliffe LLP

Fraud Alert: Payment Processors And ISOs Must Ensure That Their Compliance Procedures Can Detect COVID-19 Fraud

The Federal Trade Commission (“FTC”) plans to aggressively police companies that use deceptive marketing to take advantage of consumers’ fears relating to the COVID-19 pandemic....more

Bradley Arant Boult Cummings LLP

FTC Imposes $110 Million Fine Against Payment Facilitator and Its Executives

Payment processor/facilitator Allied Wallet, its CEO, and two other corporate officers, recently agreed to settle Federal Trade Commission (FTC) charges that they assisted or knowingly processed fraudulent transactions for...more

Manatt, Phelps & Phillips, LLP

Payment Processor Hit With CFPB Action

A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more

McGuireWoods LLP

CFPB Sues Payment Processor for Facilitating Fraudulent Transactions

McGuireWoods LLP on

The CFPB sued payment processor Intercept Corporation, its owner, and its CEO on June 6, 2016, for allegedly enabling unauthorized withdrawals and other illegal activities of Intercept’s clients. The complaint, filed in...more

MoFo Reenforcement

CFPB Wins MTD, But Loses on Scienter Standard for Aiding-and-Abetting Claims

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A federal judge has rejected the CFPB’s argument that the CFPA should incorporate a lower standard for “recklessness” than that to secondary liability under the Securities and Exchange Act of 1934 (“SEC Act”). On September 1,...more

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