Taft, one of the fastest-growing law firms in the nation, announced today that Sean Ruff has joined the firm’s growing FinTech and Financial Services practices as a partner. He joins following the recent arrival of Richard B. Levin, the new chair of Taft’s FinTech practice
The Eighth Circuit’s recent decision to vacate the Federal Trade Commission’s (FTC) new Negative Option Rule (commonly referred to as the “Click-to-Cancel” Rule) has created significant uncertainty for businesses in the payments and subscription industries. Many companies were preparing to comply with the now-vacated rule’s
For years, “FBO” has been one the payments industry’s favorite buzz words. The FBO account structure has been a common “best practice” by payments providers seeking to remove themselves from the flow of funds to reduce their risk of being regulated as a money transmitter.
This week, New York’s new surcharging law went into effect, replacing the prior surcharge ban which had been attacked at the U.S. Supreme Court (as discussed here). The old law was simply a wholesale ban on credit card surcharges, although since being reinterpreted by
On January 19, 2021, several federal banking regulators including FinCEN, the Federal Reserve, the FDIC, NCUA, and the OCC jointly issued answers to several frequently asked questions (FAQs) regarding suspicious activity reports (SARs) and other anti-money laundering (AML) considerations for financial institutions covered by SAR
In light of the significant increase in chargebacks resulting from COVID-19, Visa, Mastercard and American Express recently issued guidance to assist acquirers, issuers, and merchants in navigating the dispute process. Below is a summary of that guidance. Visa On March 27, 2020, Visa released a