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CFPB: Payment processor cannot turn a ‘blind eye’
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Case Law, Consumer Protection
Tuesday, June 14, 2016
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The Consumer Financial Protection Bureau filed a complaint against payment processer Intercept Corp. and two of its executives, alleging unfair acts and practices under the Dodd-Frank Act’s UDAAP standard. The CFPB alleged that Intercept “systematically enabled its clients to withdraw millions of dollars’ worth of unauthorized or otherwise illegal charges from consumers’ bank accounts,” among other things.
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