Regulations & Policy

Clearing House urges caution on CBDCs

A Federal Reserve-backed digital currency could "destabilize both the domestic and foreign banking and financial services sectors," the payments system operator said.

By Lynne Marek • July 30, 2021

Payments M&A is hot, but deals could face antitrust scrutiny

The fintech industry faces “a wave of consolidation” for the remainder of 2021 and 2022, according to an industry report.

By Vaidik Trivedi • July 26, 2021

Card companies go green, but hurdles remain

Card issuers, networks and manufacturers are working to shrink their carbon footprint as consumers become more environmentally conscious and global carbon emissions climb.

By Vaidik Trivedi • July 22, 2021

Opinion

Creating financial inclusion in banking and payments

"A bank account opens up a consumer’s access to not only their own money and a lack of fees, but it is essential to creating long-term financial health," argues one Washington advocate attuned to unbanked issues.

By Devina Khanna • July 21, 2021

Why cybersecurity keeps payments executives up at night

Payments are a critical part of the nation's infrastructure, so executives in the industry are under pressure to understand the evolving threat landscape.

By Mercedes Cardona • July 19, 2021

Powell clarifies timeline on Fed CBDC paper

In two congressional hearings this week, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.

By Dan Ennis • July 16, 2021

Fed seeks to dismiss or move retailers' North Dakota lawsuit

Retail associations' case against the Fed's setting of debit fee caps is resurfacing familiar arguments from a prior battle over the issue. 

By Lynne Marek • July 16, 2021

It's CardX versus AmEx at state capitols nationwide

The startup CardX is fighting American Express from coast to coast as states reassess whether merchants should be able to slap surcharges on credit card purchases.

By Lynne Marek • July 15, 2021

CBDCs could give 'clean slate' for cross-border payments, BIS report says

Global coordination for central bank digital currency "designs could lead to more efficient cross-currency and cross-border payments,” the Bank for International Settlements report this week said.

By Vaidik Trivedi • July 13, 2021

Trade group seeks Biden antitrust focus on payments

The Merchants Payments Coalition kept up its crusade to draw federal attention to what it calls "anti-competitive" swipe fees.

By Lynne Marek • July 13, 2021

Colorado scraps ban on credit card surcharges

Colorado is the latest state to allow surcharges on credit card transactions, leaving only two with bans amid a nationwide move away from them.

By Lynne Marek • July 09, 2021

Clash over debit card routing persists in comments to Fed

A battle running for decades regarding the fees that card processors can charge on debit transactions is showing up again in comments regarding a Federal Reserve proposal to clarify rules on the issue.

By Lynne Marek • July 08, 2021

Payments industry trade group taps new chair

The American Transaction Processors Coalition picked a new board leader as it maps out new initiatives, including expanding its activities at the state level.

By Lynne Marek • July 07, 2021

Binance.US hires ex-leader of California's 'mini-CFPB'

Manny Alvarez is joining Binance.US after leaving the California Department of Financial Protection and Innovation. He will oversee risk, compliance and legal developments at the company under Binance.US CEO Brian Brooks, who formerly led the Office of the Comptroller of the Currency.

By Dan Ennis • July 07, 2021

Crypto exchange Binance responds to Barclays move to halt payments

The crypto exchange said Barclay's decision to block U.K. consumers' credit and debit card payments to Binance is based on a misunderstanding regarding a U.K. regulatory action. Binance is facing increased regulatory scrutiny elsewhere too.

By Vaidik Trivedi • July 07, 2021

Fintechs' letter, panel hearing put CFPB's lending, credit stances in spotlight

Lawmakers are debating putting CFPB in charge of credit reporting as fintechs like Varo and Square seek clarity from the agency on its disparate impact.

By Dan Ennis • June 30, 2021

Mastercard CEO, FDIC Chair call on fintech industry to press financial inclusion

In a post-pandemic world, financial institutions and companies are putting more effort into leveraging technological advances to bring more people into the financial system, while innovating to remove digital barriers.

By Lynne Marek , Vaidik Trivedi • June 30, 2021

U.S. digital currency could "pose considerable risks," Fed official says

Federal Reserve Board Governor Randal Quarles also said the benefits of developing a central bank digital currency are "unclear," given the "very good" U.S. payment system.

By Dan Ennis • June 29, 2021

On-demand pay catches on, but scrutiny persists

Employers are gravitating to new ways to pay workers more quickly, thanks to fintechs providing payroll innovations, but state lawmakers are scrutinizing the new approaches too.

By Lynne Marek • June 28, 2021

Column

Growing divide on crypto in international banking report

Central banks strike a second blow against digital assets and stablecoins. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.

By Dan Ennis • June 24, 2021

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

Deep Dive

Fintechs 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

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

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

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