Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Burt Braverman

Posts by Burt Braverman

Second Circuit Holds That Printing of Expiration Date Is a Bare Procedural Violation of FACTA That Is Inadequate Under Spokeo to Confer Standing to Sue

Posted in Regulatory and Compliance
Addressing the issue of when “a bare procedural violation of a statutory right constitute[s] an injury in fact sufficient for standing to bring suit in federal court”, the U.S. Court of Appeals for the Second Circuit has joined the Seventh Circuit in holding, in the specific context of the Fair and Accurate Credit Transactions Act of 2003 (“FACTA”… Read the rest

Violation of OFAC Reporting Requirements: “No Harm, No Foul”? No Way!

Posted in Regulatory and Compliance
A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly complying with even seemingly ministerial reporting requirements applicable to financial institutions that hold blo… Read the rest

PayPal to Pay Dearly for Alleged Violations of OFAC Sanctions

Posted in Financial Services Litigation and Enforcement, Regulatory and Compliance
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,658,300 settlement with PayPal, Inc. (PayPal) to resolve potential civil liability for 486 alleged violations of the Iranian, Sudanese, Cuban, Global Terrorism, and Weapons of Mass Destruction Proliferators (WMDP) sanctions programs.  OFAC alleged… Read the rest

Fear FACTA: Beware the Truncation Requirement of the Fair and Accurate Credit Transactions Act

Posted in Deals and Technology, Financial Services Litigation and Enforcement
All businesses, large and small, that issue electronically generated credit or debit card receipts to consumers at the point of transaction are subject to the “truncation” requirement of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). This seemingly modest provision, which forbids credit and debit card receipts, whether for $1 or $1… Read the rest