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Payments News Update – November 8, 2024

Legal and Regulatory Developments SPOTLIGHT: Digital Transactions Magazine – November 1, 2024 Lawsuits alleging anti-competitive practices are nothing new to Visa Inc. After all, the network, as well as MasterCard Inc., have been sued by the Department of Justice, merchants, and state attorneys general for decades over their pricing and business practices. When the DoJ filed its...

Payments News Update – November 1, 2024

Legal and Regulatory Developments SPOTLIGHT: Payments Dive – October 28, 2024 Consumer Financial Protection Bureau Director Rohit Chopra said on Sunday that a lawsuit filed over the agency’s open banking rule finalized earlier this month is an obstacle to increasing competition among financial institutions. Some banks are concerned about competing...

Payments News Update – October 25, 2024

Legal and Regulatory Developments SPOTLIGHT: The Wall Street Journal – October 19, 2024 (subscription may be required) Visa is winning the decadeslong battle for control over how U.S. consumers pay for everything. It got here in part by paying for competition to go away and by using fees as weapons to make partners bend to its wishes. One by...

Payments News Update – October 18, 2024

Legal and Regulatory Developments SPOTLIGHT: The Guardian – October 15, 2024 It might be chump change when it comes to buying a coffee, but the surcharge on debit purchases adds up to billions of dollars a year – and it could be about to disappear. Australia’s payments sector could be overhauled amid a...

Payments News Update – October 11, 2024

Legal and Regulatory Developments SPOTLIGHT: Payments Dive – October 3, 2024 Visa’s retail clients and fintech competitors may find their market positions strengthened in the wake of the federal government filing an antitrust lawsuit against the card network last week, industry players say. Federal prosecutors alleged that Visa, the largest U.S....

Payments News Update – September 27, 2024

Legal and Regulatory Developments SPOTLIGHT: The New York Times – September 24, 2024 (subscription may be required) The Justice Department filed an antitrust lawsuit against Visa on Tuesday, accusing the financial giant of unfairly stifling competition in debit cards, the latest in a string of cases aimed at deterring monopolistic behavior by big companies. For...

Payments News Update – September 20, 2024

Legal and Regulatory Developments SPOTLIGHT: Digital Transactions News – September 19, 2024 The Electronic Payments Coalition late Wednesday filed an Amicus brief on behalf of the plaintiffs in a lawsuit challenging the Illinois Interchange Fee Prohibition Act. The lawsuit, brought by Illinois Bankers...

Payments News Update – September 13, 2024

Legal and Regulatory Developments SPOTLIGHT: Crain's Chicago Business – September 3, 2024 (subscription may be required) Lawyers representing bank and credit union trade groups argued Tuesday for a quick ruling in a lawsuit seeking to strike down enforcement of a new Illinois law that reduces the fees retailers pay credit-card...

Payments News Update – September 6, 2024

Legal and Regulatory Developments SPOTLIGHT: Payments Dive – September 3, 2024 Zip and Four Technologies revamped their buy now, pay later strategies in Maryland after the state cited them for operating without the correct licenses. In May, the state fined Four Technologies for offering BNPL services in violation of the state’s lending laws. And the Australian BNPL company Zip...

Payments News Update – August 30, 2024

Legal and Regulatory Developments SPOTLIGHT: PYMNTS – August 28, 2024 The Consumer Financial Protection Bureau (CFPB) is seeking public comment on Apple’s recently announced rules governing how financial companies and app developers offer tap-to-pay functionality on its devices. “The CFPB is working to better understand further...