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ReadersSpeak

Are we out of the regulatory woods? Processing Corp., Electronic Merchant Systems and
Pathfinder Payment Solutions, wasn't dismissed on the
ith the official close of Operation Choke merits of the case. It was dismissed because the CFPB
Point in mid-August and then, not very refused to follow instructions the court issued in an effort
long after that, the dismissal of a CFPB case to get the agency to be more cooperative in the discovery
W against a number of processors (Global process. (For further details, see "Court strikes down
Payments was the biggest defendant) does this mean we case against payment processors" at www.greensheet.com/
can relax about the legal attacks inflicted upon us? I mean, breakingnews.php?flag=breaking_news&id=1896.)
people, good people, were driven out of business by DOJ
overreach. Things have gone way too far. It would be We expect the CFPB, Federal Trade Commission, Federal
good if those who provide processing to merchants day Deposit Insurance Corp. and other regulators will continue
in, day out, 24/7/365, could catch a break. to keep an eye on the industry and bring actions against
Ronnie Graham companies when the agencies believe they have uncovered
Merchant Level Salesperson evidence of wrongdoing. Unfortunately, based on feedback
Ronnie, received on this page about bad actors proliferating in our
industry, it appears this kind of measured oversight, while
There is almost widespread agreement in the payments dreaded, is needed.
industry that Operation Choke Point, the government Editor
initiative to cut off designated industries from their ability This is your page
to process payments, was harmful because it appeared
to make no effort to distinguish between guilty and What stands out to you in terms of the industry's latest
innocent parties. This goes against both the assumption news and trends? Do you think the feet on the street are
of innocence until proven guilty and a general sense of getting the support they need to adapt to a changing
fair play. business environment? Are any recent acquisitions and
partnerships going to affect your livelihood? We will
That said, the case brought by the Consumer Financial welcome your thoughts at greensheet@greensheet.com.
Protection Bureau against Global Payments Inc. , Frontline

support But the kind where

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