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Government Investigations and White Collar Litigation Group

Tag Archives: payment processor

Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation

Payment Processor Challenges CFPB’s Allegation That It Engaged in Unfair Practices

The Consumer Financial Protection Bureau’s (“CFPB”) lawsuit against payment processor Intercept Corporation remains pending, and recent briefing sheds light on what could result in broad implications for the payment processing industry and CFPB enforcement at large. We previously reported on the CFPB’s suit against Intercept, pending in district court in North Dakota.  The CFPB alleges… Continue Reading
Financial Institution Regulation

CFPB Sues Payment Processor for Facilitating Fraudulent Transactions

The CFPB sued payment processor Intercept Corporation, its owner, and its CEO on June 6, 2016, for allegedly enabling unauthorized withdrawals and other illegal activities of Intercept’s clients.  The complaint, filed in district court in North Dakota, accuses Intercept of processing transactions for its clients that it knew or “consciously avoided knowing” initiated fraudulent or… Continue Reading

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