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MoFo Reenforcement The Enforcement Blog

Court Finds CFPB Case Against Payment Processor Lacking

Posted in CFPB, Enforcement Actions, UDAAP

On March 17, 2017 the United States District Court for the District of North Dakota granted the motion of Intercept Corporation and its senior executives to dismiss the complaint filed almost a year ago by the CFPB. Intercept is a payment processor that initiates ACH transactions to consumer accounts on behalf of its merchant-customers. This case is one of the few to go forward where the court is confronted with defining the parameters of the CFPB’s authority under the Dodd-Frank Consumer Financial Protection Act.

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