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Retailers Using Chapter 11 To Break Lease Agreements

PYMNTS

Companies that have filed for Chapter 11 bankruptcy are using the court protection to end long-term lease agreements early and close thousands of stores, reported Bloomberg. This is now black-letter law — a debtor can cram down a landlord,” Melanie Cyganowski, a partner at law firm Otterbourg PC, told Bloomberg. “If Penney Co.,

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Discover, FDIC reach consent agreement

Payments Dive

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

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Cannabis Law Reform Gains Momentum In Congress

PYMNTS

In a first-ever congressional hearing on marijuana law reform, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security convened July 10 to debate altering federal law around cannabis, CNBC reports. The spread of legal cannabis has major payments problems because federal law considers the drug illegal.

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Swiss-UK Agreement Sends Strong Signal for Open Financial Markets

Fintech News

Switzerland and the United Kingdom signed an agreement to create more efficient and globally competitive conditions for cross-border trade in financial services with the new “Berne Financial Services Agreement” (BFSA). The agreement requires approval by the parliaments of both countries before it can enter into force.

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Report: Facebook To Move UK Users To California Privacy Agreement

PYMNTS

users into new agreements with its corporate headquarters in California, effectively circumventing the European Union’s strict privacy laws, according to an exclusive report by the Reuters news service. Facebook will transfer its U.K. Google announced a similar move in February. Facebook’s U.K. Even with the change, Facebook’s U.K.

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AI can help manage payments law

Payments Source

The technology can quickly sift through and analyze contracts, nondisclosure agreements and other legal documents, says InCloudCounsel's Troy Pospisil.

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Could Income Share Agreements Displace Payday Loans?

PYMNTS

The basic structure of the program in a student income share agreement is that an investor essentially fronts a student’s college tuition under the condition that, when the student graduates and begins working, they will surrender a portion of their future income for a given period of time. to offer an income share agreement to its students.