Banking: Page 42

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    Congress members seek clarity on CFPB bid to oversee digital wallets

    In two separate letters, both Republican and Democratic lawmakers asked the Consumer Financial Protection Bureau to provide more information on a proposed rule.

    By • Jan. 9, 2024
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    Q&A

    Regulator’s BNPL guidance may go beyond banks

    The Office of the Comptroller of the Currency directed its advice at national banks, but a Venable attorney expects others to use it to inform their approaches.

    By Caitlin Mullen • Jan. 9, 2024
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    Trendline

    Payments industry seeks to keep pace with fraudsters

    As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

    By Payments Dive staff
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    FlexWage wins EWA carve-out in Connecticut

    The earned wage access company said the Connecticut Department of Banking determined it doesn’t need a state lending license.

    By • Jan. 5, 2024
  • 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
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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
  • Consumer Financial Protection Bureau Director Rohit Chopra
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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
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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
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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
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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
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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
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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
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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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    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
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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
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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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    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
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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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    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
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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
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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
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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
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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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    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