One-Sided Gift Card Arbitration Clause May Be Unconscionable in California
Changing terms of an agreement.
Changing terms of an agreement.
Three-party agreements causes problems.
Rights of gift card holders.
Redeeming for dollars.
Payment opportunities in the EU come with complex requirements, which is why it’s important to understand the ever-changing legislative issues.
The last lingering issue in the long-running legal dispute between merchants and the Federal Reserve Board of Governors over debit interchange fee caps took a step toward resolution this week, with the Fed detailing how it calculated a controversial aspect of the fee limit.
Sen. Richard Blumenthal (D-Conn.) this week sent a letter to the retail consortium Merchant Customer Exchange (MCX), which is readying the launch of its CurrentC mobile payments service, demanding details about its exclusivity policy requiring participants to block rival mobile wallets, along with other information.
BofI Federal Bank has received approval from the Office of the Comptroller of the Currency (OCC) to acquire certain assets and liabilities from H&R Block Bank.
The Office of the Comptroller of the Currency (OCC) has released new guidance for banks issuing tax refund-related products, including prepaid cards.
Another warning to check that your vendors apply appropriate security measures.
Both Google and RadioShack are engaged in legal battles with consumers holding unused balances on the respective company’s gift cards.
Faster payments could be the key factor in getting U.K. consumers to switch bank accounts, a new report says. In a study commissioned by ACI Worldwide, 45 percent of 2,000 of consumers polled in the U.K. said the prospect of faster and more convenient electronic payments would encourage them to consider moving their accounts to a different bank.
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
It’s now law, but not all of the act is in force yet.
Regulated entities that verify identity in connection with the issuance of stored value cards may find more flexibility in the principle-based approach to identity verification outlined in the proposed regulations.
Chris Larsen, chief executive of Ripple Labs, talks about his concept of the Internet of Value, and why his company is not a disruptor …
Cybercrime investigators from six European countries joined forces and recently busted a large gang of cybercriminals that had used malware in a widespread attack on online banking systems across the Eurozone, resulting in losses of at least €2 million (US$2.22 million), according to Europol, the EU’s law enforcement agency.
JPMorgan Chase is changing its policies to offer more customers access to mainstream payment services—and the company’s Liquid prepaid card will play a key role in the initiative.
Mobile shopping is growing fast in the Asia-Pacific region, according to a newly released study by MasterCard.
A multi-agency federal regulator report concluded that the CFPB and prudential regulators are “generally” coordinating their oversight activities pertaining to consumer financial laws, consistent with the Dodd-Frank Act and the provisions of a MOU (memorandum of understanding) governing coordination activities.
The FDIC draws attention to a standard fraud claim without offering much guidance.
The increasing dependence of financial services on technology provides huge opportunity for IT vendors, but it also increases the supplier risk that these firms will carry, so it would be reasonable to expect the procurement process to become more rigorous.
What does this mean for vendors trying to sell into banks and other financial services businesses?
Cybercriminals are using a new form of malware to steal shoppers’ personal financial data, according to an FBI alert issued to retailers last week.
Cybercriminals accessed the personal information of about 100,000 U.S. taxpayers in an attack on the IRS’s systems, the agency confirmed this week.
If you’re tracking the hottest topics in payments, watch Mozido. Over the past several months, the Austin, Texas-based mobile wallet provider has been investing, hiring and expanding in sync with the most important industry trends.
The CFPB’s final rule for prepaid financial products will come in January 2016, according to the agency’s latest rulemaking timetable.
The CFPB this month updated its Company Portal Manual, which explains in detail the process when consumer complaints are submitted to the bureau as well as the procedures companies must follow if they wish to respond to a complaint.
A settlement between MasterCard and Target stemming from the retail giant’s 2013 data breach has been scrapped after failing to earn approval by enough MasterCard-issuing banks.
According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
European lawmakers, following years of discussion, believe improved competition, more innovation and enhanced consumer protections in cross-border payments will be the result of an informal agreement on a revised Payment Services Directive (PSD2) reached this week.
Ripple Labs Inc. acted as a money services business and sold its virtual currency without registering with FinCEN.
Notes from a business law meeting with speakers from the CFPB, FTC and New York Department of Financial Services.
By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
Cloud services are opening up possibilities for the retail investor to create individual customised funds in a way that was previously the preserve of the super-wealthy. Coupled with regulation in the UK such as RDR, the effect has been to make new business models possible, according to Michael Newell, chief executive at InvestYourWay.
Some of the most significant changes to Canada’s Code of Conduct for the Credit and Debit Card Industry affect the rights of merchants regarding mobile and contactless payments. Will the updated Code have the unintended consequence of disincenting investment in and adoption of innovative payment technologies in Canada?
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?