Weekly News Update

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...

Payments News Update – February 9, 2024

Legal and Regulatory Developments SPOTLIGHT: Lawmakers Clash on CFPB Digital Payment Rule Payments Dive – February 1, 2024 Three Democratic U.S. senators wrote an open letter on Wednesday to Rohit Chopra, director of the Consumer Financial Protection Bureau, expressing support for a proposed rule that would let the bureau oversee digital payment apps, such as Zelle and Venmo. The letter, from Sens. Jack...

Payments News Update – February 2, 2024

Legal and Regulatory Developments SPOTLIGHT: Payments Regulation and Legislation Abound in 2024 Payments Dive – January 30, 2024 An odd pair of payments trends will drive increased regulatory and legislative scrutiny of the industry this year. Antitrust concerns are leading regulators and lawmakers to crack down on payments plays by dominant companies, such as card network Visa and tech titan Apple. But a...

Payments News Update – January 26, 2024

Legal and Regulatory Developments SPOTLIGHT: 'More Than Enough' Amex Evidence for Visa, Mastercard Trial Law360 – January 23, 2024 (subscription required) Visa and Mastercard appear bound for trial on antitrust claims over network rules forcing merchants to accept the companies' cards without the ability to steer consumers to cheaper swipe fee options, under a New York federal judge's ruling unsealed Monday...

Payments News Update – January 19, 2024

Legal and Regulatory Developments SPOTLIGHT: States Race Ahead of US Lawmakers in Payments Payments Dive – January 12, 2024 The federal government has made a valiant effort to keep up with the fast-changing world of payments, but it’s falling behind the 50 states lately. New York is a striking example of the phenomenon. Not only did that state pass a law requiring merchants to cap their credit card...

Payments News Update – January 12, 2024

Legal and Regulatory Developments SPOTLIGHT: 6 Payments Trends to Watch in 2024 Payments Dive – January 9, 2024 Swipe fee battles, real-time payments, fraud prevention and acquisition plans will be among the hot topics pulsing through the industry this year. Battles over card interchange fees, also known as swipe fees, will take center stage again this year, with payments industry forces clashing over them...

Payments News Update – January 5, 2024

Legal and Regulatory Developments SPOTLIGHT: NY Governor Pursues BNPL Regulation Payments Dive – January 3, 2024 New York Gov. Kathy Hochul announced Tuesday she’s pursuing buy now, pay later-related legislation that would require BNPL providers to obtain a license to operate in the state. The bill would also permit the state’s financial services department to propose and issue regulations for the...

Payments News Update – December 22, 2023

Legal and Regulatory Developments SPOTLIGHT: The Justice Department Takes Aim at Microtransactions Fraud Digital Transactions News – December 19, 2023 The U.S. Department of Justice announced late Friday it is filing cases against several fraud rings that use so-called microtransactions to mask their fraudulent activity from victims and card issuers. The lawsuits are being brought as part of efforts by the...

Payments News Update – December 15, 2023

Legal and Regulatory Developments SPOTLIGHT: Governor Hochul Signs Four New Laws to Protect Consumers from Price Gouging, Medical Debt and Unfair Business Practices New York State Press Release – December 13, 2023 Governor Hochul today signed legislation . . . that will curb predatory subscription services, and confusion over the price of many goods and services. . . . Legislation S.5941B/A.3245D requires...