Regulations & Policy

Powell says Fed paper on CBDC is weeks away

The oft-delayed digital currency white paper is coming "within weeks," Powell said Tuesday, but is "an exercise in asking questions and seeking input ... rather than taking a lot of positions."

By Dan Ennis • Jan. 13, 2022

Merchant group prods Fed on debit routing proposal

The Merchants Payments Coalition took Fed Chairman Jerome Powell's appearance before Congress this week as an opportunity to call out the central bank's slow-moving review of a debit routing proposal.

By Lynne Marek • Jan. 12, 2022

Card reward programs are the rising tide to lift all boats

The chairman of the Electronic Payments Coalition argues "Americans— regardless of income—love their credit card rewards programs." And the programs benefit consumers and merchants alike, he contends.

By Jeff Tassey • Jan. 11, 2022

Crypto, privacy lead legislative priorities for payment trade group

The Electronic Transactions Association said legislative moves related to those issues will be among the most important it's tracking this year at the state and federal government levels.

By Jonathan Berr • Jan. 7, 2022

The potential payments peril of punishing Russia

The international community is weighing kicking Russia out of the Swift global payments network as a sanction for the country's aggression in Ukraine, but it could backfire.

By Jonathan Berr • Jan. 6, 2022

American Express delays new work model due to omicron

The company, which had expected to bring more employees back to U.S. offices later this month, isn't alone in postponing return plans due to another rise in COVID-19 cases.

By Caitlin Mullen • Jan. 5, 2022

7 payments trends for 2022 as innovation climbs

From cross-border services to BNPL to cybersecurity tools, there will be no shortage of innovation and competition in the payments industry as businesses and their regulators shape new digital tools in the wake of the COVID-19 pandemic.

By Jonathan Berr , Caitlin Mullen , Lynne Marek • Jan. 4, 2022

Green Dot, PayPal helped recover $400M in stolen relief funds

Criminals have swindled nearly $100 billion through fraudulent applications since the start of the pandemic in the U.S., the agency said. Some payment companies aided in the effort to recover the money, CNBC reported.

By Robin Bradley • Dec. 30, 2021

Tech trade group criticizes CFPB payments probe

The Electronic Transactions Association, a trade group representing tech companies, asked the Consumer Financial Protection Bureau to explain how the agency's inquiry fits within its authority.

By Jonathan Berr • Dec. 21, 2021

BNPL growth prompts change from credit bureaus

Paying in installments has become wildly popular, but many of these plans aren't reflected on consumers' credit reports. Credit agencies say adaptations are coming.

By Caitlin Mullen • Dec. 20, 2021

Bankers group presses CFPB to expand tech probe

Independent Community Bankers of America is urging the Consumer Financial Protection Bureau to sweep data aggregators into its inquiry into the practices of payment tech companies.

By Jonathan Berr • Dec. 20, 2021

Feds increase scrutiny of buy now-pay later

The Consumer Financial Protection Bureau is concerned about consumers taking on too much debt, and about BNPL providers evading laws. As a result, it's demanding information from five of the biggest players in the emerging industry.

By Lynne Marek , Jonathan Berr , Caitlin Mullen • Dec. 16, 2021

Gen Zers relied on buy now-pay later for holiday shopping. It's time to pay up.

Look up #Klarna, #Afterpay or #Affirm on the social media site TikTok. Beneath some of those BNPL provider hashtags are videos of teens dancing and lip syncing to viral sounds, with the balances they owe in the background.

By Maria Monteros • Dec. 15, 2021

How Elon Musk's mood drives crypto

The world's richest man can send cryptocurrency prices soaring or plummeting depending on his mood. This year, Dogecoin has been the object of his affection, and derision.

By Jonathan Berr • Dec. 14, 2021

Crypto execs urge regulation tailored to risks

They told lawmakers at a Wednesday hearing on Capitol Hill that nothing short of U.S. leadership in the field of digital assets is at stake.

By Dan Ennis • Dec. 10, 2021

Fintech firms lock arms for new standard

Digital finance company Plaid is leading a group of fintechs, data security companies and compliance firms in developing a new standard to protect confidential consumer data from hackers.

By Jonathan Berr • Dec. 9, 2021

For hourly workers, the paycheck is the enemy

The magnitude of financial precarity in America is staggering. This is why employers have a responsibility for the financial health of their workers.

By David Baga • Dec. 8, 2021

Coinbase president seeks "rules of the road"

At a Tuesday conference, Emilie Choi reiterated the company's call for a single regulator to oversee the emerging digital asset industry. She also said the company remains on the hunt for acquisitions.

By Caitlin Mullen • Dec. 8, 2021

Bank groups spell out payments industry concerns

"Consumers can make better-informed choices if they more fully understand a big tech’s ability to collect and use a consumer’s financial transaction data, or directly and regularly access their bank account using their sign in and password," the trade groups say.

By Jonathan Berr • Dec. 8, 2021

New York Fed, BIS partner on fintech research center

The innovation hub is meant to support the U.S. central bank's analysis of digital currencies, including CBDCs, and to help make cross-border payments faster and less expensive, Fed Chair Jerome Powell said.

By Robin Bradley • Dec. 7, 2021

Will Stax acquisition of CardX mean more surcharging?

With the Stax acquisition of CardX last week, the combined company plans to scale its mission of bringing surcharging tools to more merchants.  

By Lynne Marek • Dec. 6, 2021

SEC Chair Gensler to crypto platforms: Come to us before we come for you

The SEC head called on digital asset exchanges to register with the agency, citing concerns for "vulnerable" investors. "If we don’t address these issues, I worry a lot of people will be hurt," he said.  

By Caitlin Mullen • Dec. 3, 2021

Crypto execs to face House panel next week

Executives from crypto firms Coinbase and Circle are among those in the line-up for a Dec. 8 discussion of "the challenges and benefits of financial innovation" as House lawmakers seek answers.

By Robin Bradley • Dec. 3, 2021

Will the Amazon-Visa dispute spill over to other credit card companies?

While Visa's rivals are dependent on interchange fees like those at the center of the Amazon-Visa fight, they also might benefit if Amazon tosses some business in new directions.

By Jonathan Berr • Nov. 30, 2021

Senate banking chair queries crypto CEOs

The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

By Anna Hrushka • Nov. 29, 2021