Weekly News Update

Payments News Update – May 3, 2024

Legal and Regulatory Developments SPOTLIGHT: Major US Retailers Blast Mastercard, Visa Card Fees Settlement Reuters – April 29, 2024 Target, Walmart, and other retailers have urged a U.S. judge to reject a proposed class-action settlement with Visa and Mastercard over credit and debit card fees, saying the accord does not go far enough. The companies opposed the settlement in a series of filings on Friday...

Payments News Update – April 26, 2024

Legal and Regulatory Developments SPOTLIGHT: CFPB Internal Shakeup to Supercharge Fintech, Big Bank Cops Bloomberg Law – April 19, 2024 (subscription may be required) The Consumer Financial Protection Bureau’s enforcement and supervision teams, including those overseeing financial technology firms and other nonbank lenders, will soon get a direct line to Director Rohit Chopra to correct potential...

Payments News Update – April 19, 2024

Legal and Regulatory Developments SPOTLIGHT: ANTITRUST—E.D.N.Y.: 7-Eleven, Home Depot Claims Against Visa Defendants Survive Summary Judgment VitalLaw – April 15, 2024 Although 7-Eleven and Home Depot claims survived, the court deemed the equitable relief class debit monopolization claim “economically senseless” while their credit monopolization claim lacked necessary evidence about both sides of the...

Payments News Update – April 12, 2024

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard CEOs Throw Hearing Off Track Payments Dive – April 9, 2024 Sen. Dick Durbin opted to postpone a Senate Judiciary hearing this week focused on Visa and Mastercard’s business practices after CEOs of the credit card companies declined to appear Tuesday. But Durbin, who chairs the committee, is still angling to bring those chief executives to...

Payments News Update – April 5, 2024

Legal and Regulatory Developments SPOTLIGHT: Mastercard Still Raising Some Fees on Retailers After Settlement Bloomberg Law – April 3, 2024 (subscription may be required) Mastercard Inc. plans to increase certain credit card fees charged to merchants beginning April 15, just days after the company and Visa Inc. trumpeted a $30 billion settlement over separate swipe fees designed to provide relief to retail...

Payments News Update – March 29, 2024

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard Swipe Fee Deal Fails to Stem More Litigation Bloomberg Law – March 28, 2024 (subscription may be required) Visa Inc. and Mastercard Inc.'s $30 billion swipe fee settlement with merchants provides only temporary relief for US businesses and won’t stop additional litigation against the payment networks, critics say. The companies this week...

Payments News Update – March 8, 2024

Legal and Regulatory Developments SPOTLIGHT: Taking the Measure of Click to Cancel Digital Transactions Magazine – March 1, 2024 Faced with a proposal to make it easier to stop a subscription, payments companies and subscription specialists have much to ponder. Everyone dreads the inevitable sales pitch that comes when trying to cancel some subscriptions. There’s multiple pages to read online and the...

Payments News Update – March 1, 2024

Legal and Regulatory Developments SPOTLIGHT: GOP Senators Propose Ban on Central Bank Digital Currencies The Hill – February 26, 2024 Republican senators introduced legislation Monday that would ban official cryptocurrencies backed by central banks, a type of proposed digital asset that the Biden administration and Federal Reserve have expressed interest in studying. GOP senators said that Fed-backed...

Payments News Update – February 23, 2024

Legal and Regulatory Developments SPOTLIGHT: US Supreme Court Wrestles With Bid to Challenge Debit Card 'Swipe Fee' Rule Reuters – February 20, 2024 U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could make it easier for businesses to try to undo longstanding federal rules. Arguments in the...

Payments News Update – February 16, 2024

Legal and Regulatory Developments SPOTLIGHT: Senator Calls Card CEOs on Congressional Carpet Payments Dive – February 14, 2024 Sen. Dick Durbin, who has long railed about antitrust issues in the card network industry, told the CEOs of Visa and Mastercard they should show up for an April congressional hearing, and not send subordinates. In Monday letters to Visa CEO Ryan McInerney and Mastercard CEO Michael...