C|C Payments Blog

Payments News Update – November 12, 2020

Legal and Regulatory Developments SPOTLIGHT: DOJ Suit Over Visa, Plaid Deal Sounds a Lot Like a Monopoly Case Bloomberg Law – November 10, 2020 The government’s lawsuit to block Visa Inc.'s $5.3 billion acquisition of Plaid Inc. contains language that could stir expectations of possibly stronger actions against the credit card giant. The case, filed Nov. 5 in the U.S. District Court for the Northern...

Payments News Update – November 5, 2020

Legal and Regulatory Developments SPOTLIGHT: Justice Department Files Antitrust Lawsuit Challenging Visa's Planned Acquisition of Plaid Wall Street Journal – November 5, 2020 (subscription required) The Justice Department filed an antitrust lawsuit Thursday that seeks to block Visa Inc.’s V 2.65% $5.3 billion deal to acquire Plaid Inc., a key player in the financial-technology space. The department...

Payments News Update – October 29, 2020

Legal and Regulatory Developments SPOTLIGHT: The DOJ Is Investigating Visa’s $5.3 Billion Bid for Plaid on Antitrust Grounds Tech Crunch – October 28, 2020 It’s not just big tech that’s getting the antitrust treatment from the Department of Justice. Late Monday afternoon, the Department of Justice tipped its hand that it was investigating Visa’s proposed $5.3 billion acquisition of the venture-backed...

Payments News Update – October 22, 2020

Legal and Regulatory Developments SPOTLIGHT: UK Retailers Attack Visa and Mastercard Over Card Fees Finextra – October 20, 2020 The latest payments survey from the British Retail Consortium (BRC) shows card use continuing to rise steadily from 54% of transactions in 2016 to 61% in 2019. At the same time, the cost to retailers of accepting payments reached £1.1 billion in 2019, of which £950m was from card...

Payments News Update – October 16, 2020

Legal and Regulatory Developments SPOTLIGHT: 10 Ways Fintech, Payments Are on the Ballot in the 2020 House Election PaymentsSource – October 11, 2020 As the House of Representatives enters the 2020 election season, the outcome stands to encourage or rein in a group of technology companies that are encroaching deeper into financial services. The representatives voters send to Congress in 2021 will play a role...

Payments News Update – October 8, 2020

Legal and Regulatory Developments SPOTLIGHT: House Panel Says Big Tech Wields Monopoly Power Wall Street Journal – October 6, 2020 America’s biggest technology companies have leveraged their dominance to stamp out competition and stifle innovation, according to a Democratic-led House panel, which said Congress should consider forcing the tech giants to separate their dominant online platforms from other...

Payments News Update – August 27, 2020

Legal and Regulatory Developments SPOTLIGHT: TD Bank to Pay $122 Million to Settle Overdraft Claims Brought by Consumer Financial Protection Bureau USA Today – August 21, 2020 TD Bank has agreed to pay $122 million in a settlement with Consumer Financial Protection Bureau over charges that it issued illegal overdraft fees. The Cherry Hill, N.J.-headquartered bank will pay $97 million to about 1.42 million...

Payments News Update – August 13, 2020

Legal and Regulatory Developments SPOTLIGHT: With a Compliance Deadline Looming, Technology Emerges to Ease Gas Pump EMV Digital Transactions News – August 7, 2020 Sound Payments Inc., a multichannel technology provider that offers point-of-sale solutions for the petroleum industry, expects its partnership with National Retail Solutions, a subsidiary of IDT Corp., to accelerate adoption of EMV at in-pump card...

Payments News Update – August 6, 2020

Legal and Regulatory Developments SPOTLIGHT: Exclusive: China's Central Bank Urges Antitrust Probe Into Alipay, WeChat Pay Reuters – August 6, 2020 China’s top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the digital payment giants have used their dominant positions to quash competition, sources with knowledge of the matter...

Payments News Update – July 30, 2020

Legal and Regulatory Developments SPOTLIGHT: Durbin Asks Fed Chairman for ‘Appropriate Enforcement Action’ Involving Debit Card Transaction Routing Digital Transactions News – July 28, 2020 (click here for Sen. Durbin's letter) U.S. Sen. Richard Durbin and a Vermont Congressman want the Federal Reserve to look into what they say are efforts by debit card issuers “aided by the dominant card networks”...