Regulations & Policy
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Chip Somodevilla via Getty Images
Biden plan would boost P2P payments services data sharing with IRS
The effort would require banks and P2P payment services to report annual account inflows and outflows to the IRS in an attempt to capture up to $460 billion in unpaid taxes, mostly from businesses.
By Dan Ennis • April 30, 2021 -
Permission granted by Varo Bank
Retail organizations sue Fed over debit law enforcement
Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.
By Lynne Marek • April 29, 2021 -
Alex Wong via Getty Images
Crypto firm Ripple Labs remains squarely in regulator's sights
The Securities and Exchange Commission pressed on with a new court filing against the blockchain payments company, despite a leadership change.
By Dan Ennis • April 27, 2021 -
Alex Wong / Staff via Getty Images
Deep DiveVisa, Mastercard face biggest challenges in a decade
Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.
By Lynne Marek • April 22, 2021 -
Jack Taylor / Stringer via Getty Images
Crypto exchange Binance lands ex-OCC chief for US CEO post
Former Acting Comptroller Brian Brooks will become chief executive of Binance's U.S. operation on May 1.
By Dan Ennis • April 21, 2021 -
Anna Hrushka/Payments Dive
Deep DiveUS mulls CBDC options in international race to advance payment systems
Bank Policy Institute's chief examines the benefits and drawbacks of various central bank digital currency models, and how they would affect payment systems.
By Anna Hrushka • April 20, 2021 -
zefart/iStock/Getty via Getty Images
Payments industry faces potential 'destructive attacks,' Biden cybersecurity official warns
A new Biden administration cybersecurity official told the American Transaction Processors Coalition that ransomware and infrastructure attacks are the biggest threats.
By Lynne Marek • April 08, 2021 -
Anna Hrushka/Payments Dive
Over 110 fintechs, banks flood into FedNow real-time payments pilot
The test case, a precursor to an expected 2023 debut, is "the Fed's effort to get into the instant payments space," said Anne Sharkey, senior vice president of operations at First Internet Bank.
By Anna Hrushka • April 07, 2021 -
Courtesy of Visa
Visa rolls out stablecoin pilot program with partner Crypto.com
Visa is diving into digital assets with a new credit card program that will settle partly with a stablecoin using the cryptocurrency Ethereum.
By Lynne Marek • March 29, 2021 -
Payments trade group eggs on federal Covid relief programs
The new Payments Leadership Council is throwing its support behind legislation to extend the Paycheck Protection Program that has delivered billions of dollars to small businesses.
By Lynne Marek • March 29, 2021 -
Photo illustration by Kendall Davis/Industry Dive; photographs by Gage Skidmore and Getty Images
Major payments trade group shifts gears to work with Biden administration
Now, the focus is on how the Electronic Transactions Association can step up to aid the administration's stimulus and infrastructure programs, as opposed to a past concentration on privacy policy issues.
By Lynne Marek • March 26, 2021 -
CFPB sees 54% jump in consumer complaints in 2020
More than 58% of the complaints pertained to credit and consumer reporting.
By Dan Ennis • March 26, 2021 -
Retrieved from ILGA.gov on March 25, 2021
Illinois moves to create special charter for digital assets trust
Illinois angles to get a jump on other states, and an edge in attracting new business, by creating a new special banking charter for digital asset trusts.
By Lynne Marek • March 25, 2021 -
MicroStrategy CEO: Treasurers should buy Bitcoin as cash alternative to hedge inflation
Record stimulus is likely to stoke inflation, making Bitcoin an attractive backstop for corporate treasurers, according to Michael Saylor, who leads the business intelligence software company.
By Jim Tyson • March 24, 2021 -
Anna Hrushka/Payments Dive
No need to rush in creating a federal digital dollar, Fed chair says
Federal Reserve Chair Jerome Powell insists on Congress's approval before proceeding with a central bank digital currency. Meanwhile, the Senate's new banking panel chair is calling for faster action.
By Dan Ennis • March 24, 2021 -
Courtesy of Mastercard
Nacha's new WEB Debit rule aims to fight fraudulent activities
The rule comes into effect as digital payments and identity fraud surged during the pandemic, acting as a safeguard against the misuse of account information, according to Nacha.
By Vaidik Trivedi • March 23, 2021 -
Courtesy of Coinbase
Coinbase settles with CFTC, reportedly delays stock listing until next month
Coinbase paid $6.5 million to settle civil charges imposed by the CFTC, just as the cryptocurrency exchange company also reportedly decided to delay its first-time stock listing until next month.
By Dan Ennis • March 23, 2021 -
Visa's debit card business comes under scrutiny from DOJ's antitrust division
The Department of Justice's antitrust division has in recent weeks begun a civil investigation into Visa's debit card processing practices, the Wall Street Journal reported.
By Lynne Marek • UPDATED: March 19, 2021 at 6:29 p.m. -
Courtesy of Mastercard
Mastercard, Liberty Tax team up to expedite stimulus payments
"Prepaid cards help to bring more people into the digital economy and offer an added level of convenience, with funds available faster and eliminating the need to cash a check," a Mastercard spokesperson said.
By Vaidik Trivedi • March 19, 2021 -
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Mastercard, Visa to postpone some fee increases next month
Bowing to pressure from the White House and Congressional Democrats, the credit card companies won't increase expenses for merchants and consumers who are still coping with the pandemic.
By Lynne Marek • March 16, 2021 -
Permission granted by Office of the Comptroller of the Currency
Blockchain startup Spring Labs nabs former top OCC regulator for board
Brian Brooks, former acting head of the Office of the Comptroller of the Currency (OCC), will be its first independent director, though the company already counts several other former top federal officials as advisers.
By Anna Hrushka • March 15, 2021 -
Fotolia
Durbin targets Visa, Mastercard fees at antitrust hearing
The new Senate Majority Whip argued credit card fees historically have been "far in excess of any reasonable measure of cost and far higher than they would have been charged in a competitive market."
By Lynne Marek • March 12, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman Sachs bows to clients, embraces 'digital money,' bank president says
"There's no question in our mind, there's going to be more digital commerce, a lot more, an explosion in digital commerce," said Goldman President John Waldron.
By Lynne Marek • March 11, 2021 -
Mastercard, Visa, Fiserv and others band together as renewed battles over swipe fees brew
Credit card companies, their trade groups and Washington politicians are gearing up for renewed tension over credit card fees.
By Lynne Marek • March 05, 2021 -
SEC chair nominee promises to write crypto guidelines
Gary Gensler aims to zero in on which cryptocurrencies should be treated as securities.
By Robert Freedman • March 04, 2021
