7+ mon, 2+ week ago   (312+ words) Recently, the Fed released its eighth biennial report on debit card transactions, providing an in-depth look at industry trends for 2023, pursuant to Section 920 of the EFTA. The report stated that payment card networks processed 100.7 billion debit and prepaid card transactions…...

11+ mon, 2+ day ago   (168+ words) The US District Court for the Northern District of Illinois recently granted preliminary approval of a $1.2 billion settlement in a class action involving Discover-related credit cards. In 2023, three separate class action lawsuits were filed and later consolidated into one case…...

10+ mon, 3+ week ago   (321+ words) On October 3, the Fed issued a notice to be published in the Federal Register that the Fedwire Funds Service (Fedwire) and National Settlement Service (NSS) will expand their operating days to include Sundays and weekday holidays. Under the new schedule,…...

10+ mon, 4+ week ago   (185+ words) On October 6, the Fed filed a notice of appeal in the U.S. District Court for the District of North Dakota in connection with the court’s ruling that struck down Regulation II’s standard for setting debit card interchange fees....By: Orrick, Herrington…...

11+ mon, 3+ week ago   (639+ words) On September 12, the U.S. District Court for the Eastern District of Kentucky upheld the Federal Reserve Board’s Regulation II cap on debit-card interchange fees, rejecting a merchant’s Administrative Procedure Act challenge. The court concluded the rule is neither “contrary to law…...

11+ mon, 5+ day ago   (193+ words) In addition to the recent Illinois Digital Assets and Consumer Protection Act, covered in a previous article, Illinois recently passed digital asset legislation aimed at protecting consumers against scams and fraud when utilizing digital asset kiosks. Specifically, the Illinois Digital…...

9+ mon, 1+ week ago   (439+ words) On November 25, the Washington Department of Financial Institutions (DFI) issued a Temporary Order to Cease and Desist and a Statement of Charges against a virtual-currency kiosk operator, alleging violations of the Uniform Money Services Act arising from its Washington money-transmission…...

11+ mon, 1+ week ago   (341+ words) On September 19, the U.S. District Court for the District of Massachusetts denied a motion to compel arbitration in a putative class action brought by small merchants challenging anti-steering rules and swipe fees imposed by a major credit card network....By: Orrick,…...

11+ mon, 2+ week ago   (622+ words) Recently, Illinois amended several provisions of its banking laws (HB3467). These changes were supported by the Illinois banking community and are intended to harmonize Illinois Banking Act and Illinois Savings Bank Act. While many of the changes are non-substantive updates or…...