Regulations & Policy
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Industry balks at FDX standard-setting monopoly
Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.
By Patrick Cooley • Oct. 24, 2024 -
Payments trade groups caution World Bank on digital infrastructure
U.S. payments associations urged the World Bank this week to consider interoperability and private sector involvement in its development of a digital public infrastructure.
By Tatiana Walk-Morris • Oct. 24, 2024 -
Trendline
Top 5 stories from Payments Dive
The digital evolution of payments is roiling the industry, forcing companies to rethink pricing schemes and revamp corporate strategies. Embedded payments, earned wage access, real-time systems and other innovations will transform the business.
By Payments Dive staff -
Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firms failed to address disputed transactions in their joint Apple Card program, and misled cardholders about interest-bearing products, the bureau alleged.
By Gabrielle Saulsbery • Oct. 23, 2024 -
Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing that is has overreached its authority.
By Caitlin Mullen • Oct. 23, 2024 -
California to begin oversight of EWA
The state instituted regulations Tuesday that will require earned wage access providers to register and be regulated as of next February.
By Lynne Marek • Oct. 23, 2024 -
CFPB issues final rule on open banking
In a change from last year’s proposal, payment apps are included under the rule. Financial institutions with less than $850 million in assets are exempt.
By Dan Ennis • Oct. 22, 2024 -
Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, say industry consultants.
By Patrick Cooley • Oct. 21, 2024 -
FTC unveils final ‘click-to-cancel’ rule for consumers
The agency rule targeting recurring payments comes amid a broader effort by the Biden administration to reduce consumer “junk” fees.
By Justin Bachman • Oct. 16, 2024 -
More authentication leads to fewer approvals
Research from payments software firm Stripe shows credit and debit card transactions using an advanced security tool are less likely to be approved.
By Patrick Cooley • Oct. 15, 2024 -
Treasury official calls for new regulatory framework
The department’s undersecretary for domestic finance, Nellie Liang, suggested state oversight of money transmitters was outdated in an era of electronic payments.
By Lynne Marek • Oct. 11, 2024 -
New York Governor signs gun code law
Gov. Kathy Hochul signed a new law Wednesday requiring merchants to use a gun code, saying it could help prevent mass shootings.
By Patrick Cooley • Oct. 10, 2024 -
Durbin jumps into Illinois interchange law fray
Sen. Dick Durbin threw his weight behind an Illinois law that would nix interchange fees on taxes and tips, supporting the edict in a court document filed Friday.
By Lynne Marek • Oct. 8, 2024 -
Fiserv nets special banking charter in Georgia
The payments processor is only the second company to win the special bank charter since Georgia made it available.
By Patrick Cooley • Oct. 4, 2024 -
OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
By Lynne Marek • Oct. 3, 2024 -
Visa expected to temper competitive moves after DOJ action
The card network may bend to emboldened fintech rivals and more assertive merchants following the Justice Department’s antitrust lawsuit.
By Lynne Marek • Oct. 3, 2024 -
Visa boosts litigation funding ahead of US antitrust fight
The company added $1.5 billion to a litigation escrow account as it battles a Justice Department lawsuit and ongoing legal case with merchants.
By Justin Bachman • Oct. 1, 2024 -
Payments conferences to keep on your radar for 2025
Artificial intelligence, FedNow and the ISO 20022 standards are expected to be hot topics at next year’s events.
By Shefali Kapadia • Oct. 1, 2024 -
Trump interest rate cap draws criticism
Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.
By Patrick Cooley • Sept. 30, 2024 -
Fed dissects consumer use of digital payments
While most U.S. households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says.
By Tatiana Walk-Morris • Sept. 30, 2024 -
Sponsored by Finastra
Inclusive innovation: how banks and credit unions can democratize payments
Open Finance helps banks democratize and secure payments. Here’s what you need to know.
By Radha Suvarna, Chief Product Officer, Payments Business Unit at Finastra • Sept. 30, 2024 -
FDX seeks to become open banking standard-setter
The Consumer Financial Protection Bureau will decide whether an organization’s practices are transparent and balanced enough to set standards for open banking.
By Patrick Cooley • Sept. 26, 2024 -
Q&A
Sezzle evolves alongside BNPL industry
The company now offers more products but also faces more regulatory pressure, Sezzle CEO Charlie Youakim told Payments Dive.
By Patrick Cooley • Sept. 25, 2024 -
DOJ suit accuses Visa of illegal debit payment monopoly
The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.
By Justin Bachman • Sept. 24, 2024 -
Visa faces possible DOJ lawsuit, news reports say
The card network may soon be sued by the Department of Justice over its debit card practices, according to multiple news reports citing anonymous sources.
By Lynne Marek • Sept. 24, 2024 -
Reliant pushes back against CFPB lawsuit
The card services company argued Wednesday that it has always been upfront with customers about fees, and was blindsided by the CFPB's legal action.
By Patrick Cooley • Sept. 19, 2024