On Aug. 2, Mayer Brown and Paybefore presented a Webinar on recent enforcement actions by the Consumer Financial Protection Bureau against payment processors and their owners based on the alleged illegal conduct of the processors’ clients.
Over the past two years, the CFPB has brought enforcement actions against payment processors and their owners for allegedly facilitating payments for companies engaged in illegal activity. The CFPB has alleged that some of the payment processors were liable for the misconduct of their clients because they provided “substantial assistance” to the clients’ illegal schemes, and that the payment processors’ conduct was unfair.
The Webinar discusses these cases, steps payments companies can take to protect themselves from liability for the misconduct of their clients and what to do if your company receives a civil investigative demand from the CFPB.
The Webinar is of interest to those in the payments industry as well as other consumer financial services providers and those who do business with them.
Evan Schuman, Acting Editor-in-Chief, Paybefore
A longtime technology journalist, Evan has tracked payments for RISNews, Retail Executive Digest, Consumer Goods Technology, eWEEK, PCMagazine, Computerworld, CBSNews.com, StorefrontBacktalk, PYMNTS.com and PaymentsSource.
David L. Beam, Partner, Mayer Brown
David is a partner in Mayer Brown’s Washington, DC, office. His practice encompasses a broad range of matters related to payments and credit regulation. He provides clients with regulatory compliance and related business planning advice; conducts regulatory due diligences of investment and acquisition targets; structures joint ventures and other business arrangements; obtains approvals, licenses and regulatory guidance from US federal and state financial regulators; and prepares terms and conditions for financial products and services.
Ori Lev, Partner, Mayer Brown
Ori is a partner in Mayer Brown’s Washington, DC, office. He concentrates his practice on representing financial institutions and other companies in government enforcement matters, internal investigations, and litigation, and providing regulatory advice and counsel on federal consumer financial and economic sanctions law. Lev has more than 20 years of public service experience at a variety of government agencies, and his practice includes litigation, government enforcement and regulatory compliance affecting banks and other consumer financial services companies. He has served as deputy enforcement director for litigation at the CFPB. He also served as the chief of enforcement for the Department of the Treasury’s Office of Foreign Assets Control and as litigator for the DOJ and the FTC.
Jeremy M. McLaughlin, Associate, Mayer Brown
Jeremy is an associate in Mayer Brown’s Palo Alto office. His practice focuses principally on regulatory compliance and government enforcement for consumer financial products and services, with particular attention on payment and emerging payment issues. He represents and advises financial technology companies, internet marketplaces, and commercial and consumer lenders.
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