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IndustryUpdate

ANNOUNCEMENTS amounts paid to PNC that exceeded the fees set forth in
their merchant agreements.
ATMIA launches new awards program Priority Payments East Coast rebrands

The ATM Industry Association launched a global secu- Priority Payments East Coast rebranded as Priority
rity awards program for the ATM industry. The award Integrated Solutions LLC to better represent its focus
categories are ATM Physical Security Excellence, Cash and direction, according to the company. Priority spe-
Security Excellence, Cash in Transit Excellence, ATM cializes in independent service vendor/value added
Cyber Security Excellence, ATM Security Innovation reseller (ISV/VAR) partnerships. "Our goal is to help
and Next Generation ATM Security. Winners will be ISVs and VARs become their own independent sales
recognized at ATMIA's 18th annual security conference organizations through superior service and integrated
in London in June 2018. solutions," said Gary Liu, President of ISV/VAR Channel
Relations for Priority.
EPA members top Payments Power 10 list
PSCU rallies behind hurricane relief efforts
Eight Emerging Payments Association members ranked
among payments industry innovators on the Payments In addition to donating $50,000 to the National Credit
Power 10 List 2017. Published annually by PayExpo, the Union Foundation for disaster relief, PSCU rallied
list recognizes global leaders and disrupters in pay- employees to collect hundreds of pounds of supplies,
ment technology. Topping the list this year were EPA which were distributed to 10 credit unions in Texas
advisory board members Suresh Vaghjiani, Managing directly impacted by Hurricane Harvey. As a result of
Director of Global Processing Services Ltd., and Myles the devastation caused by hurricanes Irma and Maria,
Stephenson, Chief Executive Officer of Modulr. PSCU also made two additional $20,000 donations to
aid the NCUF's efforts and plans to initiate a second
ETA lauds Senate vote on arbitration rule employee supply drive.
The Electronic Transactions Association issued a state- Rosenzweig named 2017 Rising Star
ment regarding the Senate vote on a resolution to dis-
approve the Consumer Financial Protection Bureau's Cyber risk and response firm NetDiligence named
arbitration rule under the Congressional Review Act. Rob Rosenzweig of Risk Strategies Co. the recipient
"ETA applauds the Senate for using the Congressional of the 2017 Toby Merrill Rising Star Award. As Vice
Review Act to address the problems with the CFPB's President and National Cyber Risk Practice Leader at
regulations on arbitration clauses," said ETA CEO Jason Risk Strategies, Rosenzweig is responsible for coordinat-
Oxman. "We thank Congress for stepping in to prevent ing and growing the company's cyber liability business.
the detrimental impact this rule would have on consum- The Toby Merrill Award for Excellence is given to a
ers and businesses alike." seasoned cyber risk thought leader each June, and the
Rising Star Award is awarded to an emerging cyber risk
Newtek tops SBA lender list, cooperates with FBI professional each October.
Newtek Business Services Corp., along with its wholly Supreme Court adds AmEx case to docket
owned subsidiary Newtek Small Business Finance LLC,
maintained its position as the largest nonbank SBA 7(a) After numerous proceedings and orders, the U.S.
lender by dollar volume of approved loans, according Supreme Court agreed to add Ohio v. American Express
to the U.S. Small Business Administration. NSBF also Co. to its docket. The court blog stated the case "has its
ranked seventh as most active SBA 7(a) lender for the roots in the credit-card network's 'anti-steering' rules,
same period. In other company news, NSBF confirmed included as part of its contracts with the merchants who
its portfolio company, ADR Partners LLC, dba banc-serv accept AmEx cards." These rules prohibit merchants
Partners LLC, was served with an FBI search warrant, from showing a preference for other, cheaper credit
and the company is cooperating fully with the investi- cards or offering customers discounts or incentives to
gation. use those cards.
PNC named in class action lawsuit
RESEARCH
Webb, Klase & Lemond LLC filed a class action lawsuit
against payment processor PNC Merchant Services BillingTree surveys FI fintech health
Co. LP alleging PNC maintains a systematic policy of
overbilling merchants, not disclosing contract terms, BillingTree released key findings from its 2017 Financial
and signing customers by promising low fees or no Services Operations and Technology Survey of large credit
fees despite knowing the actual fees charged will be unions, banks and auto financiers. A majority of respon-
much higher. Plaintiffs in the suit seek the return of all dents said they now offer a broader range of payment

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