Regulations & Policy
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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 -
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 -
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 -
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 -
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 -
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 -
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. -
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 -
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 -
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 -
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 -
Fed says 'operational error' caused payment system outage
The Federal Reserve's electronic payments network lets nearly 9,300 financial institutions send billions of dollars daily through the U.S. financial system.
By Anna Hrushka • Feb. 26, 2021 -
SEC picking crypto 'winners and losers,' Ripple tells court
The company's CEO, Brad Garlinghouse, criticized the timing of the suit and vowed to challenge it. The coin lost 60% of its value in the week after the court action, which one Twitter user called a "kill shot."
By Anna Hrushka • UPDATED: March 5, 2021 at 8 a.m. -
Fed, FinCEN want to make banks report international transfers of as little as $250
Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.
By Anna Hrushka • Oct. 26, 2020 -
Fed chair remains cautious on regulator's digital dollar efforts
The central bank's chief, Jerome Powell, told a panel Monday he'd rather the U.S. "get it right" than be first — and that such a currency should aim to complement rather than replace the dollar.
By Dan Ennis • Oct. 20, 2020