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Judge dismisses CFPB case against payment processor

A district court judge on Friday dealt a blow to the Consumer Financial Protection Bureau by dismissing a lawsuit against the payment processor Intercept Corp. and its two top executives, arguing that it failed to present enough facts in the case.

The CFPB filed a lawsuit last year against Intercept, a Fargo, N.D., third-party payment firm, and its co-owners, Craig Dresser and Bryan Smith, alleging that it processed electronic funds transfers on behalf of payday lenders in states where payday loans are illegal.

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