CFPB Sues Payment Processor Intercept Corp. Over Withdrawals
June 14, 2016
The CFPB filed suit against Intercept Corp., a third-party payment processor located in Fargo, ND, and two of its executives for allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients. The CFPB alleges that Intercept and the executives violated the Dodd-Frank Act’s prohibition against unfair acts and practices by processing payments for clients without adequately investigating, monitoring or responding to red flags that indicated some clients were breaking the law or deceiving customers.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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