Category Archives: Federal Deposit Insurance Corporation

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FDIC backs down on “high-risk” merchant list

The FDIC has fully reversed its position on a list of merchant categories thought to present a high risk for payment fraud. In a May 29 article, the Wall Street Journal reports that a suit brought by payday lenders against the Federal Deposit Insurance Corporation has been settled and that banks must no longer rely on the FDIC’s “high-risk” list, which included coin dealers

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