The Green Sheet Online Edition
May 11, 2026 • 26:05:01
News Briefs
New York appellate court affirms dismissal of securities case against dLocal <- click to read full story
The New York State Supreme Court's Appellate Division unanimously upheld dismissal of a class action lawsuit against dLocal Ltd. tied to its 2021 IPO and disclosures about its "take rate," a key metric reflecting fees earned on processed transactions.
Plaintiffs alleged dLocal failed to adequately disclose declining take rates in its registration statement and prospectus.
However, the court found plaintiffs failed to identify a known material trend requiring disclosure, noting the company's strong growth in payment volume, revenue and gross profit before the IPO. Pedro Arnt, dLocal CEO, said the decision validates the company's disclosures and business performance.
Payments get faster, fraud keeps pace <- click to read full story
More than three-quarters of participating companies experienced actual or attempted payments fraud attacks in 2025, according to the Association for Financial Professionals 2026 Payments Fraud and Control Survey.
Checks remained the payment method most frequently targeted, with 58 percent of companies reporting check fraud, despite growing adoption of electronic payments. ACH debit fraud affected 30 percent of companies, while 25 percent reported wire fraud.
Business email compromise was the leading fraud tactic, affecting 74 percent of companies, often through requests to change payment instructions. Fraudsters also used forged checks, stolen cards, fraudulent phone calls and scam texts.
Larger companies faced greater exposure overall, though smaller businesses were more likely to absorb unrecovered losses. Thirty percent of respondents recovered more than 75 percent of lost funds in 2025.
Proposed legislation would open fintech access to payment rails <- click to read full story
A bipartisan bill introduced in the U.S. House would allow nonbank payments providers direct access to Federal Reserve payment rails, including ACH and FedNow. The Payments Access and Consumer Efficiency (PACE) Act, sponsored by Representatives Young Kim, R-Calif., and Sam Liccardo, D-Calif., calls for streamlined federal registration and oversight by the Office of the Comptroller of the Currency.
Companies would be required to maintain one-to-one reserves, implement risk management systems and provide consumer protections. Supporters said the bill would reduce delays and fees tied to payments that move through intermediary financial institutions. The Financial Technology Association and Blockchain Association endorsed the legislation, saying it would speed transactions, lower costs and improve competition.
Is new lawsuit against MC and Visa a case of déjà vu? <- click to read full story
Three small New York merchants filed a federal antitrust lawsuit accusing Mastercard and Visa of price fixing and anticompetitive practices that allegedly force businesses to pay excessive card acceptance fees. Filed April 21, 2026, in U.S. District Court for the Southern District of New York, the lawsuit challenges rules including "honor all cards," restrictions on surcharging, "no competing marks," "all outlets," and "no bypass" provisions.
The case comes as another long-running merchant antitrust settlement awaits approval in federal court.
The plaintiffs argue earlier settlements did not shield Visa and Mastercard from liability for conduct after January 2019 and seek class action status for U.S. merchants accepting the cards since then. The lawsuit claims the networks' practices helped generate more than $700 billion in fees since the prior class period ended.
OCC preempts Illinois interchange law, cites national payments issues <- click to read full story
The Office of the Comptroller of the Currency issued an interim final rule preempting the Illinois Interchange Fee Prohibition Act, concluding federal law overrides the state measure.
The OCC said the law, which sought to restrict interchange fees on portions of transactions such as sales tax and gratuities, conflicts with federal banking law and could disrupt the national payments system. The agency warned that differing state requirements could fragment payment networks that depend on uniform standards.
Industry groups welcomed the action, calling it critical for maintaining stability and consistency in electronic payments.
Payments executives argued the law would create operational and economic risks by interfering with interconnected authorization, fraud prevention and settlement systems. The OCC's order halts enforcement of the Illinois law against national banks and federal savings associations. 
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