Weekly News Update

Payments News Update – August 9, 2024

Legal and Regulatory Developments SPOTLIGHT: 6 Swipe Fee Plaintiffs 'Arbitrarily' Picked for 2025 Trial Law360 – August 7, 2024 (subscription required) Six retailers including department store giant Target will go to trial in 2025 on claims that Visa and Mastercard overcharged them, a Manhattan federal judge said Wednesday, explaining that he arbitrarily chose from among 60 plaintiffs in a long-running,...

Payments News Update – August 2, 2024

Legal and Regulatory Developments SPOTLIGHT: BNPL Regulation Debate Heats Up as Comment Period Closes PYMNTS – July 31, 2024 Klarna argues for a bespoke regulatory framework, while AARP supports the rule, emphasizing the need for consumer protections as buy now, pay later (BNPL) usage grows among older Americans. Time has expired for companies looking to comment on the Consumer Financial Protection...

Payments News Update – July 26, 2024

Legal and Regulatory Developments SPOTLIGHT: BNPL Firms Ask for 5 More Months to Prepare for CFPB Rules PYMNTS – July 17, 2024 The end of the month is speeding toward the buy now, pay later (BNPL) industry — and with it, new rules and regulations regarding consumer disputes and new operational burdens in the drive toward compliance. The Consumer Financial Protection Bureau’s (CFPB) rule classifying...

Payments News Update – July 12, 2024

Legal and Regulatory Developments SPOTLIGHT: 2 Cases in Visa, Mastercard MDL Ready for Trial, Judge Says Law360 – July 9, 2024 (subscription required) The New York federal judge handling multidistrict litigation over Visa and Mastercard merchant fees suggested on Monday separating from the MDL the lawsuits involving the Target and 7-Eleven plaintiffs, saying the cases are ready for trial and should be...

Payments News Update – July 5, 2024

Legal and Regulatory Developments SPOTLIGHT: Supreme Court Lets Complaint on Debit Fees Proceed Payments Dive – July 1, 2024 The Supreme Court ruled Monday that a lawsuit by a North Dakota merchants group challenging a debit card interchange rate set by the Federal Reserve can proceed. The case, filed in 2021, had been blocked previously because a lower court ruled, and an appellate court agreed, that the...

Payments News Update – June 28, 2024

Legal and Regulatory Developments SPOTLIGHT: Federal Judge Rejects $30 Billion Settlement Between Visa, Mastercard and Retailers CNN – June 25, 2024 A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card processors will have to make more concessions to resolve their...

Payments News Update – June 21, 2024

Legal and Regulatory Developments SPOTLIGHT: Visa Settles Discover Unit's Antitrust Lawsuit Over Debit Card Network Reuters – June 14, 2024 Discover Financial Services unit Pulse Network has agreed to settle a lawsuit in Texas accusing Visa of obstructing competition in the multibillion-dollar debit card network services market, causing merchants to pay higher fees. Pulse and Visa disclosed the accord in a...

Payments News Update – June 14, 2024

Legal and Regulatory Developments SPOTLIGHT: Why Illinois' Budget Bill Has Bankers Sounding the Alarm American Banker – June 10, 2024 (subscription required) A first-of-its-kind swipe fee measure recently passed in Illinois could have dramatic implications for banks both within and beyond the state's borders, experts say. Illinois Gov. J.B. Pritzker, a Democrat, late on Friday signed a budget bill...

Payments News Update – June 7, 2024

Legal and Regulatory Developments SPOTLIGHT: CFPB to Consult Consumers and Small Businesses on Open Banking Standards PYMNTS – June 5, 2024 In the move to solidify the framework for open banking, the field for just who will help set the standards is wide open. News came Wednesday (June 5) that the Consumer Financial Protection Bureau (CFPB) has set in motion what it terms a “process” for setting data...

Payments News Update – May 31, 2024

Legal and Regulatory Developments SPOTLIGHT: The MPC Fires Back at Claims Merchants Won’t Pass Along CCCA Savings to Consumers Digital Transactions News – May 24, 2024 Claims by banks that merchants won’t pass along savings from the Credit Card Competition Act to consumers are grossly misleading and do not reflect the economic realities merchants face, argues the Merchants Payments Coalition, a lobbying...