Regulations & Policy
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CBDC, stablecoins, commercial bank money can coexist, Brainard says
The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.
By Robin Bradley • May 27, 2022 -
Mastercard touts ESG strategy
Pursuing environmental, social and governance goals offers advantages in forging customer relationships and luring talent amid a tight labor market, a Mastercard executive said.
By Caitlin Mullen • May 27, 2022 -
Explore the Trendline➔
David Ryder via Getty ImagesTrendlineTracking a fast-expanding universe: 2022 Payments Dive outlook
Payments technologies are multiplying across the consumer landscape, from checkout to virtual cards to digital wallets. Understanding how those changes will affect services, products and consumers is key as payment options grow in new directions.
By Payments Dive staff -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB recasts innovation office to emphasize competition
The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.
By Dan Ennis • May 26, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB carves out new competition angle for oversight
A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.
By Lynne Marek • May 18, 2022 -
SEC enforcement attorney predicts 'a lot more fraud' in crypto markets
The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.
By Jim Tyson • May 17, 2022 -
Three US cash trends persist, Fed report says
The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.
By Lynne Marek • May 16, 2022 -
Retrieved from Flickr/frankieleon.
Fed delivers mixed credit card data
While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.
By Jonathan Berr • May 12, 2022 -
World Bank forecast for cross-border payments rises
The international bank expects remittances to climb 3.7% to $802 billion this year. That's more than was previously expected and the increase is partly due to the upheaval in Ukraine, the World Bank said.
By Jonathan Berr • May 11, 2022 -
Yellen urges stricter stablecoin regulation amid TerraUSD crash
The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.
By Robin Bradley • May 11, 2022 -
Mastercard CEO lands hefty raise
Compensation for Michael Miebach, who was the card company's chief product officer and president before he became CEO last year, climbed 75% to $16.1 million for 2021 after he took Mastercard's top post.
By Jonathan Berr • May 10, 2022 -
Cannabis payments companies focus on compliance, creativity
In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.
By Caitlin Mullen • May 6, 2022 -
Durbin proposes card fee reforms, not legislation
Sen. Dick Durbin pushed for a handful of reforms of credit card fee practices at Wednesday's Senate Judiciary Committee hearing on "excessive swipe fees," but didn't offer plans for new legislation. He also questioned Visa and Mastercard representatives about recent fee increases and took testimony from consumer advocates who slammed the hikes.
By Lynne Marek • May 5, 2022 -
Congressman calls for increased digital wallet protection
Consumers may "not understand that funds kept in digital wallets or by payment apps may not be insured and protected to the same degree as their bank accounts,” a congressional report says.
By Jonathan Berr • May 4, 2022 -
SEC bulks up crypto enforcement unit
To combat scams and fraud in the digital asset space, the federal agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team.
By Robin Bradley • May 3, 2022 -
Contractors turn to payment apps to speed billing
Cloud-based and mobile-friendly, fintech solutions are poised to revolutionize how contractors pay and get paid.
By Robyn Griggs Lawrence • May 3, 2022 -
Deep Dive
BNPL players' losses grow as costs soar
Buy now-pay later providers are having to pay a hefty price to keep up with surging consumer demand for their financing services, spending large sums to add new technology and more employees. As a result, their expenses are rising at a much faster rate than their revenue, meaning most of the major players are posting losses despite the BNPL mania.
By Jonathan Berr • May 3, 2022 -
Opinion
FTA pushes for remittance fee reform
"We urge Director Rohit Chopra to update the CFPB’s outdated remittance rule and take on the high cost of international payments," the Financial Technology Association says in this op-ed piece.
By Penny Lee • May 2, 2022 -
Card companies called on congressional carpet
Visa and Mastercard will be in the hot seat next week at a hearing of the Senate Judiciary Committee led by their long-time nemesis, Sen. Dick Durbin. A notice for the hearing teases that the discussion will zero in on "excessive swipe fees" and a lack of competition in the industry.
By Lynne Marek • April 29, 2022 -
Mastercard shakes off Russia concerns, inflation woes
Mastercard's first-quarter revenue jumped 24% to $5.2 billion on robust consumer spending as coronavirus restrictions faded and cross-border payments picked up.
By Jonathan Berr • April 29, 2022 -
Senate Democrats berate Zelle over alleged fraud
In a letter to Zelle's CEO, two U.S. senators said the company's platform leaves consumers exposed to fraud, with little ability to recover lost funds. “Your company and the big banks who both own and partner with the platform have abdicated responsibility," they said.
By Robin Bradley • April 27, 2022 -
CFPB aims to level playing field between banks, fintech
Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws. In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision.
By Jonathan Berr • April 25, 2022 -
Crypto bank Anchorage ordered to revamp AML program
The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity.
By Anna Hrushka • April 25, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
MoneyGram sued by CFPB, New York AG
“MoneyGram spent years failing its customers and failing to follow the law,” Consumer Financial Protection Bureau Director Rohit Chopra alleged. MoneyGram called the latest in a series of regulatory actions against the company a "frivolous" lawsuit.
By Jonathan Berr • April 22, 2022 -
Robinhood's acquisition of crypto firm puts UK, Europe in its sights
The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.
By Dan Ennis • April 19, 2022 -
Opinion
Waiting for action on hidden cross-border fees
An executive with the cross-border payments company Wise Payments calls on the federal government to expose the hidden fees buried in international remittance transactions.
By Rina Wulfing • April 18, 2022