Merchant

West Virginia Attorney General Patrick Morrisey’s office has reached a $19.7 million settlement with Cavalry Portfolio Services in a six-year-old case where the debt collection firm faced accusations of pursuing debts in West Virginia without a license to do so.

The Consumer Financial Protection Bureau faces a tough balancing act as it seeks to issue a proposal to rein in high-cost payday loans.

Bangladesh's central bank has suggested the Federal Reserve Bank of New York had a "major lapse" in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg.

The Federal Trade Commission cautioned the collection industry to avoid buying, selling or collecting any alleged payday loan debt portfolios serviced by AMG Services.

There are shortcomings in prevailing chargeback procedures that are costing merchants billions of dollars each year.

If an independent sales organization wants to convert a merchant to the most current faster payment technologies, the ISO itself must practice what it preaches.

A red light camera company is settling a lawsuit with thousands of drivers in New Mexico. The drivers claimed the company and its collection agency hassled them non-stop after voters in the city canceled the program in 2011 and the cameras were removed.

Last year marked another strong year for the auto loan market as originations increased compared to 2014, while the mix of loans across the entire credit spectrum held for the fourth year in a row, according to Equifax.

Prepaid cards and mobile wallets have become major disruptive forces in the financial services industry.

The Federal Reserve Board has terminated enforcement actions issued in 2010 against American Bank of Baxter Springs in Kansas and CB Financial in Wilson, N.C., and issued one against Hazard Bancorp in Kentucky.