Weekly News Update

Payments News Update – December 5, 2025

Legal and Regulatory Developments SPOTLIGHT: Digital Wallet Use Outpaces Regulators Payments Dive – December 3, 2025 Back in 1999, eight years before Apple’s first iPhone release, a Silicon Valley software startup named Confinity introduced what it called a new “killer app.” It was dubbed PayPal.com. The service allowed the “beaming” of funds between users, with only an email address. “Beaming...

Payments News Update – November 28, 2025

Legal and Regulatory Developments SPOTLIGHT: Visa Finds Even $200 Billion Can’t Resolve Battle With Merchants Bloomberg – November 21, 2025 (subscription may be required) Nine years ago, the $5.7 billion sticker price to settle one of the biggest class-action lawsuits ever was rejected. Last year, it climbed to $30 billion, just to be thrown out again. Now, it’s north of $200 billion, and there’s...

Payments News Update – November 21, 2025

Legal and Regulatory Developments SPOTLIGHT: ‘Not the Final Chapter:’ Questions Arise About the Latest Interchange Settlement Digital Transactions News – November 14, 2025 As the dust settles around the latest settlement agreement in Visa Inc.’s and Mastercard Inc.’s long running legal battle with merchants over card-acceptance fees, how the offer will impact the payments industry is coming into...

Payments News Update – November 14, 2025

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard Reach Legal Pact With Merchants Payments Dive – November 10, 2025 Visa and Mastercard have agreed to end their longstanding “honor all cards” rule and temporarily lower interchange fees as part of a settlement agreement announced Monday that could conclude 20 years of litigation over how much merchants pay the card networks and banks. Under...

Payments News Update – November 7, 2025

Legal and Regulatory Developments SPOTLIGHT: Wells Fargo, PNC Push Fintechs to Use Bank-Backed Data Firm Bloomberg Law – November 4, 2025 (subscription may be required) Wells Fargo & Co. and PNC Financial Services Group Inc. are trying to force data aggregators and fintechs to use a bank-backed firm that charges fees to access customer data, the latest salvo in a fight between traditional lenders and...

Payments News Update – October 31, 2025

Legal and Regulatory Developments SPOTLIGHT: Senator Urges CFPB to Finalize New Open-Banking Rules ‘As Soon as Possible’ Competition Policy International – October 24, 2025 (subscription may be required) The chair of the Senate Banking Subcommittee on Digital Assets, Sen. Cynthia Lummis (R-WY) wrote to Acting Director of the Consumer Financial Protection Bureau (CFPB) Russell Vought to urge the agency to...

Payments News Update – October 24, 2025

Legal and Regulatory Developments SPOTLIGHT: Calif. Credit Cardholders Can't Get Swipe Fee Case Do-Over Law360 – October 20, 2025 (subscription required) A New York federal judge who was recently assigned to a putative interchange fee class action lawsuit from California cardholders against Visa, Mastercard and major banks in long-running multidistrict litigation has denied their motion for reconsideration of...

Payments News Update – October 17, 2025

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard Agree to $199.5 Million Settlement in Merchants’ Class Action Reuters – October 13, 2025 (subscription may be required) Visa and Mastercard have agreed to pay a combined $199.5 million to settle a nearly decade-old class action that accused them of forcing merchants to swallow some of the costs of fraudulent transactions involving counterfeit,...

Payments News Update – October 10, 2025

Legal and Regulatory Developments SPOTLIGHT: Retailers Push for Rounding Law to Avert Penny Shortage Law360 – October 3, 2025 (subscription required) A coalition of major retail and restaurant trade associations has urged the leaders of congressional banking committees to quickly enact national legislation for cash transaction rounding in light of the end of U.S. penny production. In their Wednesday...

Payments News Update – October 3, 2025

Legal and Regulatory Developments SPOTLIGHT: Technology Could Make Payments Cheaper: Waller Payments Dive – September 30, 2025 Stablecoins and distributed ledger technology could make payments cheaper and more efficient and shouldn’t be feared, Federal Reserve Board Governor Christopher Waller said Monday in a speech. “Let us remember that this is not a new story and that we should not fear new...