Nicole Meisner, Zachery Heck, Jason Covert, and Matthew Abese contributed a chapter for the American Bar Association’s book Banking [on] Blockchain, Second Edition.
Meisner authored a chapter on blockchain technology in payments, while Heck, Covert, and Abes co-authored a chapter on future application of
Many companies negotiate contracts containing merchant of record designations without fully appreciating the significance of that designation from a privacy and data security perspective.
For purposes of this article, the merchant of record is the party that both contracts directly with the payment processor and
In the payments world, commentators note Illinois’ recent Interchange Fee Prohibition Act, which prohibits charging interchange fees on the tax or tip portions of processed transactions.
Key portions of the law take effect July 1.
By its terms, the Interchange Fee Prohibition Act also
Recent federal activity is sending a clear message to banks and payment companies: “debanking” decisions can no longer be driven by vague notions of “reputational risk,” and institutions should expect greater scrutiny of how they evaluate, onboard, and offboard customers.
In the past several months
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
On November 15, 2024, the Federal Trade Commission (FTC) published its final “Rule Concerning Recurring Subscriptions and Other Negative Option Programs” (the “Rule”), part of which includes what the FTC refers to as the “Click to Cancel” rule. This far-reaching rule applies to most automatically
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited rule on Personal Financial Data Rights (referred to herein as the “Open Banking Rule”).
The Open Banking Rule requires banks, credit unions, and other financial service providers to make available consumers’ data
Fraud in the payments space is nothing new. In fact, it is fairly pervasive across the (now numerous) available payment systems. And despite the clear benefits of faster payments, the advent of faster, more easily accessible methods of payment has given rise to new opportunities
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