The Green Sheet Online Edition
February 2, 2025 • 25:02:01
News Briefs
New company helps agents sell integrated solutions <- click to read full story
The future of merchant sales increasingly revolves around vertical-specific software that integrates payment processing with business operations. Recognizing this, James Shepherd, a veteran sales trainer and president of CC Sales Pro, launched Full Stack Payments, a new company aimed at making integrated sales solutions more accessible to agents.
Full Stack Payments enables independent software vendors (ISVs) to integrate payments into their specialized business management platforms, Shepherd noted. The company debuted with CCStorage, a solution tailored for self-storage facilities, streamlining payments and facility access.
Expanding its reach, Full Stack Payments also introduced an integrated system for gun shops, addressing compliance-heavy requirements like serial number tracking and background checks. Future verticals include gyms, medical practices, and home service contractors, all of which require industry-specific functionality not provided by general-purpose POS systems.
Jonathan Shirey, CEO of Full Stack Payments, emphasized that the company does not compete with traditional ISOs but instead provides supplemental opportunities for agents. With Full Stack Payments' mobile app, available on iOS and Android, sales reps can easily enter merchant details and gain access to pre-integrated solutions, he noted, adding that this approach enables agents to close deals efficiently in niche markets.
The venture was financed with support from Netevia Financial LLC, which provides capital and consulting services for ISOs and ISVs. Shepherd believes Full Stack Payments bridges the gap between specialized software vendors and traditional merchant sales models, allowing agents to offer merchants tailored solutions that go beyond standard payment processing.
Federal, state regulators take Block to task <- click to read full story
Block, the parent company of Cash App, faces regulatory penalties and mandated reforms following federal and state investigations into consumer fraud protections and anti-money laundering (AML) compliance failures. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to consumers and pay a $55 million fine for failing to investigate fraudulent transactions, mismanaging dispute resolutions, and providing misleading customer support.
Additionally, 48 state financial regulators imposed an $80 million fine on Block for violating Bank Secrecy Act (BSA) and AML regulations, citing weak due diligence practices that enabled illicit financial activity. Block, which generated $7.5 billion in gross profit in 2023, must now hire an independent consultant to assess and overhaul its compliance protocols.
A multistate regulatory task force, led by officials from California, Texas, Florida and other states, found that Block's inadequate risk controls left Cash App vulnerable to money laundering, fraud and other financial crimes. Investigators determined that rather than properly investigating unauthorized transactions, Block redirected consumers to their banks—then denied requests for reversal. Furthermore, Cash App's customer support line misled users by claiming live phone support was available when it was not.
Under the enforcement order, Block must implement 24-hour live customer support, conduct thorough transaction investigations and issue timely refunds. Regulators insisted these reforms are necessary to curb fraud and protect Cash App's 56 million users. CFPB Director Rohit Chopra condemned Block's practices, emphasizing that consumer financial safety must be a priority for fintech firms, particularly those handling peer-to-peer transactions.
Tech groups sue CFPB over payments rule <- click to read full story
Two major tech trade groups, NetChoice and TechNet, filed a lawsuit against the Consumer Financial Protection Bureau, challenging a new rule granting the agency supervisory authority over big tech payment services. The rule, finalized in November 2024, extends CFPB oversight to major digital payment providers such as Apple, Google, Amazon and PayPal, treating them similarly to regulated financial institutions.
The lawsuit, filed in the U.S. District Court for the District of Columbia, argues that the CFPB has overstepped its authority under the 2010 Dodd-Frank Act. NetChoice and TechNet claim the rule is a government overreach that stifles innovation and imposes unnecessary regulatory burdens on tech companies operating in the digital payments space.
This legal challenge is part of a broader wave of industry pushback against recent CFPB regulations. In December 2024, banking and credit union groups sued the agency over a proposed $5 cap on bank overdraft fees, while credit reporting agencies and debt collectors have contested a rule barring medical debt from consumer credit reports.
Tech industry representatives argue that the CFPB is attempting to regulate areas beyond its congressional mandate, potentially expanding scrutiny beyond payments into unrelated business activities like tax processing. Chris Marchese, NetChoice's litigation director, described the rule as a "power grab," warning that it could lead to higher costs and reduced competition.
With a Republican-controlled Congress and President Trump's deregulatory agenda, the lawsuit underscores the likelihood that CFPB policies enacted under the previous administration will face rollback efforts in the coming years.
National DigiFoundry issues guide on Web3-based info sharing <- click to read full story
The National DigiFoundry Secure Information Sharing Workgroup released its Industry Guide on Secure Information Sharing Using Web3 Technologies, providing a comprehensive roadmap for using decentralized digital infrastructure to improve security and data privacy across industries like finance, healthcare, and technology.
The guide introduces a framework integrating decentralized identity management, key encryption, blockchain-based messaging and secure storage solutions with the goal of enabling efficient, encrypted data exchange. It aims to address persistent challenges in data sovereignty, interoperability and scalability in information-sharing networks.
Key applications highlighted in the guide include:
- Healthcare: Secure patient data exchange with privacy-preserving identity management
- Finance: Blockchain-driven cross-border payments with lower costs and improved transparency
- Technology: End-to-end encrypted collaboration tools for remote teams
- Social Media: User-controlled data management on privacy-centric platforms
According to Benjamin Diggles, chair of the DigiFoundry Workgroup, the guide is not just about new technology; it is a fundamental shift in how industries handle secure communications. Kevin Jackson, program lead for the DigiFoundry, emphasized that this initiative aligns with broader Web3 innovation efforts, including climate change response and digital financial services.
The National DigiFoundry, originally funded by the National Science Foundation, now operates as a member-funded decentralized autonomous organization with support from IBM, Microsoft, the University of Texas, and the U.S. Treasury Department. It urges industry leaders, developers and enterprises to adopt its framework as a blueprint for Web3-driven security and efficiency in digital communications. 
This article contains excerpts from news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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