Regulations & Policy
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Rob Kim via Getty Images
Regulators increase scrutiny of cryptos in money-laundering
The decentralized and anonymous nature of cryptocurrency makes it susceptible to money laundering, and governments across the globe must respond, industry experts said during Payments Canada Summit last week.
By Vaidik Trivedi • June 07, 2021 -
Retrieved from TheAndrasBarta, Pixabay on May 25, 2021
Deep DiveFintechs attack cross-border business payments as banks and legacy players rush to innovate
Nonbank fintechs are gaining ground, mainly with small company customers, but target larger ones for cross-border business, even as competition gives way to symbiotic 'coopetition' with larger bank incumbents.
By Suman Bhattacharyya • May 25, 2021 -
Courtesy of Nitesh Rajoria
Credit Rich offers millennials, marginalized communities more credit tools
"We created Credit Rich to provide people with the opportunity to take the burden [of debt] off them by helping them understand how the credit system works," said Angel Rich, CEO of Credit Rich parent WealthyLife.
By Vaidik Trivedi • May 21, 2021 -
Chip Somodevilla via Getty Images
Federal Reserve to kick off conversation on CBDC
Federal Reserve Chairman Jerome Powell said yesterday that the Fed will issue a paper this summer to begin a public discussion about the possibility of a central bank digital currency.
By Lynne Marek • May 21, 2021 -
Anna Hrushka/Payments Dive
Major payments trade group weighs in on CBDC development
The Electronic Transactions Association is touting principles on interoperability, consumer protections and risk safeguards in Washington discussions about a central bank digital currency.
By Lynne Marek • May 20, 2021 -
Chip Somodevilla via Getty Images
Fed proposes review of debit transaction routing, but leaves fee alone
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
By Lynne Marek • May 13, 2021 -
Jack Taylor / Stringer via Getty Images
Cryptocurrency fuels ransomware payments
The rapid ascent of crypto, like other emerging technologies before it, has challenged the federal government's ability to regulate the new arena.
By Samantha Schwartz • May 12, 2021 -
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 Dive
US 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 digital asset charter bill falls short in spring session, persists for next round
The bill creating a special charter for digital asset trusts passed the House before adjournment last month, but still requires approval from the full Senate to become law.
By Lynne Marek • UPDATED: June 7, 2021 at 5:01 p.m. -
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.
