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Weekly News Update

Payments News Update – February 11, 2021

Posted  02/11/21
Legal and Regulatory Developments SPOTLIGHT: Big Banks, Big Tech Face off Over Swipe Fees American Banker – February 7, 2021 The fees generated from consumers’ debit card spending have long been a source of acrimony between big banks and retailers. But now the banks have a new adversary: Apple, PayPal and other fresh competitors from the tech industry. In recent months, banking heavyweights have sought to...

Payments News Update – January 28, 2021

Posted  01/28/21
Legal and Regulatory Developments SPOTLIGHT: UK Merchants to Face Post-Brexit Fee Increase From Mastercard Business Insider – January 26, 2021 In response to Brexit, Mastercard is reportedly planning to increase fees for UK online card purchases. And this move could negatively affect cash-strapped merchants. Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce...

Payments News Update – January 21, 2021

Posted  01/21/21
Legal and Regulatory Developments SPOTLIGHT: CFPB Under Chopra Will Be Aggressive Consumer Watchdog, Experts Say Compliance Week – January 19, 2021 Rohit Chopra, currently a Democratic commissioner on the Federal Trade Commission, has been nominated by President-elect Joe Biden to lead the Consumer Financial Protection Bureau (CFPB). Unlike some Biden nominations (think Janet Yellen at the Treasury...

Payments News Update – January 14, 2021

Posted  01/14/21
Legal and Regulatory Developments SPOTLIGHT: Visa Will Not Acquire Plaid After Running Into Regulatory Wall TechCrunch – January 12, 2021 Visa and Plaid called off their agreement this afternoon, ending the consumer credit giant’s takeover of the data-focused fintech API startup. The deal, valued at $5.3 billion at the time of its announcement, first broke cover on January 13, 2020, or nearly one year ago...

Payments News Update – December 17, 2020

Posted  12/17/20
Legal and Regulatory Developments SPOTLIGHT: Will a U.K. Class Action Case Influence Interchange Policy in the United States? Digital Transactions News – December 14, 2020 A class of 46 million consumers in the United Kingdom cleared a major hurdle last week when the country’s Supreme Court ruled that a class-action suit brought against Mastercard Inc. for excessive interchange fees can proceed. But they...

Payments News Update – December 10, 2020

Posted  12/10/20
Legal and Regulatory Developments SPOTLIGHT: Facebook’s Antitrust Problems Are Jeopardizing Its Plans for WhatsApp Quartz – December 9, 2020 Facebook doesn’t make much money from WhatsApp. But CEO Mark Zuckerberg has said that forcing the company to sell the messaging app—as US prosecutors have called for in a new antitrust suit filed on Dec. 9—represents an “existential” threat to the business....

Payments News Update – December 3, 2020

Posted  12/3/20
Legal and Regulatory Developments SPOTLIGHT: Visa Is Doing What Big American Companies Do to ‘Protect This Business’ The New York Times – December 2, 2020 (subscription required) Visa dominates the lucrative business of processing debit card transactions. Merchants must choose between paying the financial services company’s fees or forgoing sales to the millions of Americans who carry cards emblazoned...

Payments News Update – November 12, 2020

Posted  11/12/20
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...
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