Regulations & Policy: Page 3
-
Wisconsin passes EWA law as states’ paths diverge
Wisconsin became the third state to pass a law requiring that earned wage access providers be licensed, and leaving the payments unregulated under lending laws.
By Lynne Marek • March 22, 2024 -
DOJ sues Apple over antitrust violations
The tech giant called the suit a threat to its identity and principles, vowing to "vigorously defend against it.”
By James Pothen • March 21, 2024 -
Trendline
Real-time payments are on the rise
As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.
By Payments Dive staff -
ABA, U.S. Postal Services jointly combat check fraud
American Bankers Association and the U.S. Postal Inspection Service are working together to educate postal and banking employees as well as consumers on the rising form of fraud.
By Tatiana Walk-Morris • March 21, 2024 -
Fed banks analyze consumer use of card promos
New research from the Philadelphia and Boston Feds finds that consumers are cycling through low APR credit card offers.
By Tatiana Walk-Morris • March 20, 2024 -
New Nacha rules strike at push-payment fraud
“With respect to transaction monitoring for fraud, it would no longer be acceptable to do nothing,” Nacha Executive Vice President Michael Herd said.
By James Pothen • March 19, 2024 -
Marqeta CFO touts EWA expansion
The card-issuing fintech has seen adoption of its debit card-linked EWA product increase as hourly workers at Walmart and Uber have been added, CFO Mike Milotich said.
By James Pothen • March 18, 2024 -
CFPB warns of ‘dangers’ on standards for open banking
“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.
By Lynne Marek • March 15, 2024 -
Q&A
ACI CEO weighs in on FedNow, cross-border payments
The federal real-time payments system may spool up slowly, but it could ultimately transform U.S. cross-border payments, ACI Worldwide's CEO predicted.
By Lynne Marek • March 14, 2024 -
FDIC pushes regulators to address tokenization
Tokenization could be a "major leap" for the monetary system. FDIC Vice Chairman Travis Hill doesn't want the U.S. to be left out.
By Gabrielle Saulsbery • March 12, 2024 -
Visa spends ‘billions’ battling cybersecurity threats
“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.
By Lynne Marek • March 11, 2024 -
Apple reverses decision on blocking Epic
“We are moving forward as planned to launch the Epic Games Store and bring Fortnite back to iOS in Europe,” Epic said following the change.
By James Pothen • March 8, 2024 -
Biden, Republicans clash over card fees
President Biden and Republican lawmakers sparred Thursday over credit card late fees, as some House members also challenged the Federal Reserve’s proposed cap on debit card fees.
By Lynne Marek • March 8, 2024 -
Apple blocks Epic’s rival app store
“Apple is trying to cynically kill off developers that stand up to them,” Epic Director of Public Policy Leo Rees said Wednesday.
By James Pothen • March 7, 2024 -
Capital One angles to push Discover upmarket
With its acquisition of the card network, Capital One seeks to elevate Discover’s brand while also working to expand its acceptance abroad.
By Caitlin Mullen • March 7, 2024 -
Google allows alternatives in Europe, cracks down in India
The tech giant said it will expand in-app payments options in the EU, while cracking down on apps in India that it said refused to pay its fees.
By James Pothen • March 6, 2024 -
CFPB imposes $8 credit card late fee rate
The Consumer Financial Protection Bureau finalized a rule that sets a “threshold” of $8 for late fees that can be imposed by large credit card issuers, and eliminates automatic inflation increases.
By Lynne Marek • March 5, 2024 -
$1.95B Apple fine is eye-catching, but EU faces tough road collecting
“While we respect the European Commission, the facts simply don’t support this decision. And as a result, Apple will appeal,” the tech giant said Monday.
By Robert Freedman • March 5, 2024 -
Q&A
EU fine challenges Apple’s payments business
The tech giant is fighting “tooth and nail” to protect its commission from in-app purchases, Consumer Reports Senior Researcher Sumit Sharma said.
By James Pothen • March 5, 2024 -
Fiserv lines up FedNow clients
The mega processor has signed up 200 banks for FedNow, but now its clients are in search of use cases.
By Lynne Marek • March 5, 2024 -
Cash App enforcement action expected this year
Federal regulators reviewing whistleblower allegations related to Block’s Cash App may act on the complaints this year, predicted an attorney for the complainants.
By Lynne Marek • March 4, 2024 -
Mastercard, Fiserv execs take sides on debit regulation
A Mastercard executive painted Regulation II as potentially harmful to consumers, while Fiserv’s CEO said it was an appropriate update due to the rise of online transactions.
By Caitlin Mullen • March 4, 2024 -
Q&A
Affirm preps for UK launch
Beyond expansion to the U.K., the BNPL provider may seek to plant a flag where its large partners such as Amazon and Shopify have a presence, said Affirm’s Chief Revenue Officer Wayne Pommen.
By Caitlin Mullen • March 1, 2024 -
CFPB puts credit card comparison sites on notice
The bureau seeks “to ensure that digital advertisements for financial products are not disguised as unbiased and objective advice,” CFPB Director Rohit Chopra said.
By James Pothen • March 1, 2024 -
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Treasury Department to develop financial inclusion strategy
The department is considering how to measure and improve financial inclusion across payments and other financial services.
By Tatiana Walk-Morris • Feb. 29, 2024