Payment Processors In The Regulatory Crosshairs

Law360, New York (January 9, 2014, 6:22 PM EST) -- Recent developments confirm that the Federal Trade Commission and the Consumer Financial Protection Bureau are intensifying their regulatory and enforcement focus on payment processors suspected of enabling illegal telemarketing and other consumer fraud schemes by facilitating unauthorized charges to consumer credit cards and automatic debits from bank accounts.

In 2013, the FTC brought enforcement actions against a number of companies that process transactions for merchants that accept payments using remotely created checks ("RCCs") or remotely created payment orders ("RCPOs"). In addition to suing the merchants engaged in the alleged consumer fraud, the FTC filed complaints against payment processors for allegedly suggesting,...

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