On October 17, 52 state and territorial attorneys general, in addition to state money transmission regulators, entered into settlements amounting to more than $20 million with ACI Worldwide (ACI), to resolve claims involving a money transmission error that led to the unauthorized withdrawal of $2.3 billion from Nationstar Mortgage (also known as Mr. Cooper) customers.
On October 16, the Federal Reserve Board (Fed) published a notice of an Open Board Meeting to take place on October 25. The only matter under consideration at that meeting will be the Fed’s proposed revisions to the debit interchange fee cap. Predictions are that the Fed is considering lowering that cap.
On September 28, Visa, Inc. announced its new dispute process aimed at combatting first-party or “friendly fraud” for card-not-present transactions. The rule change offers merchants more ways to show a disputed charge is valid and authorized. According to the press release, this change has the potential to save small businesses over a billion dollars over the next five years.
September 12-14, 2023
Keith Barnett, Jason Cover, James Kim, Kim Phan, Jean Smith-Gonnell, James Stevens, Misha Tseytlin, Rich Zack, Ketan Bhirud, Carlin McCrory, and Caleb Rosenberg will be speaking on a variety of topics during the TPPPA 2023 Solving the Payments Puzzle Conference, which will be held September 12 – 14, 2023 in Washington, DC.
In a long-awaited decision in SEC v. Ripple Labs, Inc., U.S. District Judge Analisa Torres of the Southern District of New York held that Ripple Labs, Inc.’s (Ripple) XRP token is not, in and of itself, a security requiring registration. Although the decision is being regarded by many as a victory for both Ripple and the crypto industry, the nuances in the decision may result in an appeal from both sides.
In June, the Consumer Financial Protection Bureau’s (CFPB) Office of Competition and Innovation and Office of Markets issued an analysis of deposit insurance coverage on funds stored through popular payment companies, finding that such funds are often not stored in an account at a bank or credit union and thus lack individual insurance coverage. As a result, such funds can be at risk of loss in the event of financial distress or failure of the entity operating the nonbank payment platform.
On June 16, The Board of Governors of the Federal Reserve System (Federal Reserve) launched its Master Account and Services Database, providing a searchable database on which financial institutions have access to the Federal Reserve master accounts and financial services. A master account is an account in which a Federal Reserve bank receives deposits
Hosted by attorneys Keith Barnett, Carlin McCrory, and Josh McBeain, Troutman Pepper’s latest podcast, Payments Pros, offers insights from attorneys, business leaders, and regulatory experts on the most challenging legal and regulatory concerns confronted by participants in the payments industry.
Firm Lands 58 Practice Area and 144 Attorney Recognitions in Latest Guide
Troutman Pepper, a national law firm with more than 1,200 attorneys in 23 strategically located cities across the United States, achieved 58 national and statewide practice area rankings in the latest edition of Chambers USA.
This year’s guide also recognized 135 firm attorneys
Troutman Pepper earned 17 nationwide practice rankings in The Legal 500 United States 2023, an independent ranking authority of law firms around the world.
The Troutman Pepper finance practices was ranked in the following nationwide areas:
Notably, this year Troutman Pepper also earned