Banking: Page 32


  • Consumer Financial Protection Bureau Director Rohit Chopra standing at a podium on stage.
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    Lynne Marek/Payments Dive
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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 exterior of the Consumer Financial Protection Bureau
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    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
  • Hand of person tapping phone with dollar signs floating up Explore the Trendline
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    1401461124 via Getty Images
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    Trendline

    Top 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
  • Consumer Financial Protection Bureau Director Rohit Chopra
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    Anna Moneymaker / Staff via Getty Images
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    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 Jan. 4, 2024
  • Person pays via mobile phone
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    Creative via Getty Images
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    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 , Caitlin Mullen • Dec. 22, 2023
  • credit cards
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    Joe Raedle via Getty Images
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    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 Dec. 22, 2023
  • A person uses a mobile use to make a purchase
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    Creative via Getty Images
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    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
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    Permission granted by U.S. Bank
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    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
  • Man sitting at table outside with card in one hand and a phone in another hand.
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    MStudioImages via Getty Images
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    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 Dec. 20, 2023
  • Visa cards are fanned out on table
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    Justin Sullivan / Staff via Getty Images
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    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
  • A young woman holding a smartphone and a credit card.
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    Urbanscape via Getty Images
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    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 Dec. 20, 2023
  • PayPal phone app for purchases
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    Permission granted by PayPal Spokesman Joseph Gallo
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    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 Dec. 19, 2023
  • American Express sticker on a window
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    Justin Sullivan via Getty Images
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    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
  • Crypto regulation
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    Leon Neal via Getty Images
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    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 cards stacked and splayed
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    Justin Sullivan via Getty Images
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    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 Dec. 15, 2023
  • Marqeta CEO Simon Khalaf
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    Permission granted by Money 20/20
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    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
  • U.S. Capitol In Washington
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    Stefan Zaklin via Getty Images
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    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 Dec. 15, 2023
  • Small wooden box swag from Fed with FedNow logo.
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    Lynne Marek/Payments Dive
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    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 Dec. 15, 2023
  • Venmo small business feature.
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    Courtesy of Venmo
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    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 Dec. 14, 2023
  • Businesswoman calculating finances in an office
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    PeopleIMages via Getty Images
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    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
  • Closeup of a person's hands holding several credit cards.
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    Joe Raedle / Staff via Getty Images
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    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
  • antitrust law
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    Justin Sullivan via Getty Images
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    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
  • Button on a keyboard that says 'real-time'
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    William_Potter via Getty Images
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    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 Dec. 13, 2023
  • The Clearing House CEO David Watson Swift
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    Permission granted by The Clearing House
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    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 Dec. 12, 2023
  • Discover's incoming CEO, Michael Rhodes
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    Retrieved from Discover Financial Services on December 11, 2023
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    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 image of two interlocking circles and a horizon seen through them.
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    Courtesy of Mastercard
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    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 Dec. 11, 2023