Tagged as: Payment Processing

CFPB Files Lawsuit Against Payment Processor Over Alleged Unauthorized Withdrawals from Consumer Accounts

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On June 6, 2016, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against a third-party payment processor and two of the company’s executives over allegations the company permitted unauthorized withdrawals from consumer accounts, in violation of the Dodd-Frank Consumer Protection Act. The company facilitated ACH payment transactions between…

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