An important update to my most recent post, about a topic which has been in the news lately: the Department of Justice has taken a new strategy to combat 'predatory lenders and dubious online merchants'. That strategy, which is quite controversial in some circles, has been dubbed "Operation Choke Point". The theory being that the "Choke Point" in the financial system is banks and payment processors. By targeting those actors, the government can indirectly choke off the criminal ones.
As many of you know, TRANSACT14 is the Electronic Transaction Association's annual meeting, which this year is being held at the Mandalay Bay in Las Vegas, April 8-10. This year's programming is revamped from prior years, to include additional focus on panels and industry tracks. The programs promise to be very informative.
One recently announced track I look forward to attending is the "Operation Choke Point" boot camp. According to the ETA:
In light of increased targeting of payments companies by state and federal law enforcement agencies, ETA's new educational program includes comprehensive risk and fraud guidelines for ISOs, agents, processors, and financial institutions.
This topic and the resources provided are incredibly timely and relevant to the industry. I hope to see you there.
For further information visit Waller's Banking Law Blog
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