Regulations & Policy

Fed finds businesses eager for faster payments

The Federal Reserve said Tuesday that a survey of businesses last year revealed a majority are eager to make use of faster payments, with many ready to do so now. The Fed doesn't plan to launch its real-time system until 2023.

By Lynne Marek • Sept. 01, 2021

Crypto ATMs multiply despite challenges to the currency

The biggest crypto kiosk companies are expanding as the value of bitcoin recovers and more merchants seek a piece of the action.

By Lynne Marek • Aug. 26, 2021

BitPay CFO: long-time crypto users incentivized to keep spending

Cryptocurrency is well on its way to “emerge as the next evolution to modern alternative payments,” Jagruti Solanki, CFO of Bitcoin and payment provider BitPay, said Friday.

By Jane Thier • Aug. 20, 2021

Justice, FTC support Fed's debit rule proposal

The two agencies not only backed the Fed's effort to make sure two unaffiliated card networks are available for debit transactions, they encouraged it to further strengthen the proposal.

By Lynne Marek • Aug. 20, 2021

Senators raise privacy concerns about Amazon One

Senators Amy Klobuchar, Bill Cassidy and Jon Ossoff questioned the security of customer data and noted the palm payment tool technology raises additional anti-competitive concerns.

By Tatiana Walk-Morris and Cara Salpini • Aug. 18, 2021

PayPal drops BNPL late fees worldwide

The payments giant will soon get rid of the late fees on buy now-pay later transactions in the U.S., the United Kingdom and France, catching those regions up with other parts of the world where it didn't have them.

By Lynne Marek • Aug. 18, 2021

Big bank, merchant groups weigh in on Fed rule clarification

Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.

By Lynne Marek • Aug. 12, 2021

Binance.US CEO resigns

Former regulator Brian Brooks is leaving the crypto exchange as the company faces scrutiny from the CFTC, Justice Department and IRS.

By Robin Bradley • Aug. 10, 2021

Debit rule battle dumps 500-plus comments on Fed

The Federal Reserve asked for public comment on a proposal to clarify rules regarding the processing of debit card transactions and it's getting an earful.

By Lynne Marek • Aug. 09, 2021

OCC conducting review of overdraft policies, acting comptroller says

Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.

By Anna Hrushka • Aug. 05, 2021

Mastercard CEO pushes back against regulatory zeal

Mastercard CEO Michael Miebach tucked a warning for Washington into a recent discussion with analysts.

By Lynne Marek • Aug. 05, 2021

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