Banking: Page 32
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Bank groups voice concerns with CFPB’s open banking proposal
The Bank Policy Institute and The Clearing House want the Consumer Financial Protection Bureau to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.
By Anna Hrushka • Jan. 5, 2024 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
Trade groups seek to delay digital wallet oversight plan
Fintech trade groups asked the Consumer Financial Protection Bureau to extend the comment period on a proposal formalizing its oversight of big tech companies’ digital wallets.
By Caitlin Mullen • Jan. 4, 2024 -
Explore the Trendline➔
1401461124 via Getty ImagesTrendlineTop 5 stories from Payments Dive
The digital evolution of payments is roiling the industry, forcing companies to rethink pricing schemes and revamp corporate strategies. Embedded payments, earned wage access, real-time systems and other innovations will transform the business.
By Payments Dive staff -
CFPB flags impending guidance on earned wage access
The federal agency plans to weigh in on EWA services, it said in commenting on a California proposal to register and oversee the providers of such services.
By Lynne Marek • Jan. 4, 2024 -
Canadian payments firms chart US growth
Versapay and Brim Financial, both based in Toronto, have already lured U.S. customers, and are seeking to expand their clientele south of the border.
By Lynne Marek , Caitlin Mullen • Dec. 22, 2023 -
Trade group girds for 2024 CCCA fight
The Electronic Payments Coalition is “fully funded” for the continuing fight over the proposed Credit Card Competition Act this year, said the organization’s executive chairman.
By Lynne Marek • Dec. 22, 2023 -
Data startup Spade aims for larger customers
Spade is tapping its recent funding to try to lure more big U.S. banks to its services, CEO Oban MacTavish said.
By Caitlin Mullen • Dec. 21, 2023 -
U.S. Bank fined $36M over freezes of COVID-era unemployment benefits
The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.
By Dan Ennis • Dec. 20, 2023 -
Atlanta Fed delivers payments inclusion report
PayPal, Block and Global Payments representatives contributed to the Atlanta Federal Reserve Bank’s research on how to draw more people into the digital payments sphere.
By Lynne Marek • Dec. 20, 2023 -
Q&A
Visa leans on fintech partners
Teaming with emerging fintechs is “a way of staying very, very relevant,” said Jim Schinella, Visa’s global head of digital partnerships.
By Caitlin Mullen • Dec. 20, 2023 -
Don’t know what a digital wallet is? We’ve got you covered.
This primer fills in the gaps on how digital wallets work, what companies compete to provide such payment tools and what to expect from them in the future.
By James Pothen • Dec. 20, 2023 -
Senators prod CFPB on BNPL oversight
Three Democratic lawmakers worried about financially vulnerable consumers during the holiday shopping season urged the Consumer Financial Protection Bureau to keep an eye on buy now, pay later offerings.
By Lynne Marek • Dec. 19, 2023 -
Q&A
Amex EVP weighs in on fraud trends
Beating back fraud can feel “a bit like a vicious circle,” as the industry improves its capabilities and fraudsters pivot, said Tina Eide, an executive vice president focused on fraud at the card issuer.
By Caitlin Mullen • Dec. 19, 2023 -
SEC won’t budge on crypto regulation
In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.
By Robert Freedman • Dec. 18, 2023 -
Visa seeks majority stake in Mexico payments processor
The card network giant said it plans to purchase a controlling interest in Prosa, with banks retaining a minority stake, subject to regulatory approvals.
By Lynne Marek • Dec. 15, 2023 -
Profile
Simon Khalaf channels energy into scaling Marqeta
Serial entrepreneur and tech executive Simon Khalaf is known for his boundless enthusiasm and energy. Now, the Marqeta CEO is tasked with taking the card issuing fintech to the next level amid increased competition.
By Caitlin Mullen • Dec. 15, 2023 -
Marshall keeps up CCCA crusade
Sen. Roger Marshall acknowledged the Credit Card Competition Act bill may not get a vote this year, but he intends to keep pushing for passage in 2024.
By Lynne Marek • Dec. 15, 2023 -
Fraud emerges as concern for FedNow users
The Federal Reserve is weighing additional fraud-fighting tools as it takes feedback from users of the new instant payments system.
By Lynne Marek • Dec. 15, 2023 -
Senators keep pressure on PayPal, Block
Senate Democrats urged top executives at PayPal and Block, in another round of letters, to improve reimbursement for victims of payment scams.
By Lynne Marek • Dec. 14, 2023 -
Authorized payment scams climb in US
Such scams are expected to jump 50-plus percent to $3 billion by 2027, forcing financial institutions to address the rising threat, according to a new report.
By Tatiana Walk-Morris • Dec. 14, 2023 -
Synchrony, Bread plan offsets to late fee cap
“I want that shoe to drop so we can start mitigating that issue,” Bread CEO Ralph Andretta said last week, as the industry awaits the CFPB’s final rule.
By Caitlin Mullen • Dec. 14, 2023 -
Google-Epic trial outcome undercuts app payment model
The jury verdict in favor of Epic Games challenges the Google Play app store model that forces payments through its system, with fees up to 30% on sales.
By Robert Freedman • Dec. 13, 2023 -
FedNow may have spurred RTP adoption
The number of banks participating in The Clearing House’s real-time payments network surged this year after the launch of the rival FedNow system.
By Lynne Marek • Dec. 13, 2023 -
The Clearing House revamps leadership
Since his arrival in February, The Clearing House CEO David Watson has been remaking the company’s executive suite, with another appointment this week.
By Lynne Marek • Dec. 12, 2023 -
Retrieved from Discover Financial Services on December 11, 2023
Discover’s new CEO brings bank experience
Michael G. Rhodes, previously the group head for Canadian personal banking at TD Bank Group, will take the helm at Discover in March.
By Caitlin Mullen • Updated Dec. 12, 2023 -
Mastercard ties growth to digital strategy
The network is advancing technologies to let consumers and businesses more easily use its cards, after doubling the number of merchants that accept them over the past five years.
By Lynne Marek • Dec. 11, 2023