North Dakota SB 2217, which passed the Republican-controlled state Senate and is currently pending in the House, seeks to prohibit the collection of interchange on the sales tax portion of electronic transactions. The bill would require payment card networks to: “Deduct the amount of any tax or fee imposed from the calculation of interchange fees specific to each form or type of electronic payment transaction at the time of settlement;” or “Rebate an amount of interchange fee proportionate to the amount attributable to the tax or fee.” … Continue Reading
electronic payment
ACH network on CFPB radar screen
By Ballard CFS Group on
Posted in Electronic Payments, Regulatory and Enforcement
The CFPB could soon be joining the efforts of other federal regulators and New York authorities to deny ACH network access to certain online payday lenders and other businesses deemed to present risks to consumers. In remarks last week to The Clearing House Annual Conference, Director Cordray spoke about the need to protect consumers “who find unexpected debits on their bank statements, or are victimized by third parties who may take inappropriate advantage of the efficiency and trust on which [the electronic payment] systems are built.” … Continue Reading