Regulations & Policy


  • A Person With a Phone Using a Mobile Wallet Application At Workplace
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    Prostock-Studio via Getty Images
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    Businesses boost use of digital wallets: Fed

    Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.

    By Tatiana Walk-Morris • May 24, 2024
  • Person taps credit card at payment terminal
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    Mykola Pokhodzhay via Getty Images
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    Opinion

    Let’s avoid legal patchwork for credit card surcharging

    “All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.

    By Jonathan Razi and Keturah Taylor • May 23, 2024
  • Money next to hourglass Explore the Trendline
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    busracavus via Getty Images
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    Trendline

    Real-time payments are on the rise

    As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

    By Payments Dive staff
  • South Carolina State House
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    Retrieved from Wikimedia Commons.
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    South Carolina embraces new EWA law

    This week, South Carolina became the fifth state to enact a law regulating earned wage access providers, but it doesn’t subject them to lending laws.

    By May 23, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
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    Kevin Dietsch via Getty Images
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By May 22, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Deep Dive

    Real-time lessons for FedNow from Brazil, India

    The fledgling U.S. instant payments system can learn from real-time systems that have flourished in Brazil and India using QR codes and broad missions, say industry professionals.

    By Christiana Sciaudone • May 21, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Payments Dive
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    Fed plays crucial role in payments standard-setting

    Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

    By May 20, 2024
  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Opinion

    CFPB should reconsider prepaid rule

    The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

    By Brian Tate • May 17, 2024
  • International currencies
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    Wara1982 via Getty Images
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    Central banks seek firms for cross-border payment project

    The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.

    By Tatiana Walk-Morris • May 17, 2024
  • exterior of the supreme court
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    Kevin Dietsch via Getty Images
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.

    By Dan Ennis • May 16, 2024
  • Connecticut State Capitol
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    DenisTangneyJr via Getty Images
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    EWA could create wage violations, Connecticut warns

    The warning comes as states and the federal government weigh options for regulating earned wage access products.

    By Kate Tornone • May 16, 2024
  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Fed, OCC to hold meeting on Capital One-Discover deal

    Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

    By May 15, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    Fed bombarded by debit card fee commentary

    The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

    By May 14, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB will keep defending late fee cap

    The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

    By May 13, 2024
  • CFPB Director Rohit Chopra sitting on a panel next to Secretary of Transportation Pete Buttigieg.
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    Permission granted by James Pothen
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    CFPB, DOT take aim at airline rewards

    The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

    By May 10, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Jack Henry, Visa see escalating FedNow volume

    While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

    By May 9, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Fed, TCH joust over interoperability

    When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

    By May 7, 2024
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    bymuratdeniz via Getty Images
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    Merchants urged to file claims for $5.5B payment card settlement

    Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.

    By Lyle Moran • May 6, 2024
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    Teresa Kroeger via Getty Images
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    Block’s Dorsey rebuffs compliance allegations

    The head of the payments company began an earnings call Thursday with a defense against a former employee’s allegations of compliance improprieties.

    By May 3, 2024
  • Glass building with PayPal logo
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    Justin Sullivan / Staff via Getty Images
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    PayPal, Bread brace for late fee cap

    Payments and credit card companies are scrambling to soften the blow of an impending $8 cap on credit card late fees.

    By May 1, 2024
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    MilosStankovic via Getty Images
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    FTC sues Doxo over deceptive ads, junk fees

    After the federal agency’s lawsuit landed Thursday, the Seattle bill-pay provider countered the allegations on Friday.

    By Tatiana Walk-Morris • April 30, 2024
  • Stack of credit cards spread out
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    bernie_photo via Getty Images
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    NRF objects to Visa-Mastercard settlement

    The National Retail Federation lashed out at a landmark Visa-Mastercard legal settlement Friday, calling the pact reached with some merchants last month “meager and temporary” relief.

    By April 29, 2024
  • A three-dimension rendered image of global connection lines across a satellite image of earth
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    DKosig via Getty Images
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    Opinion

    Why financial institutions should embrace ISO 20022

    Adopting ISO 20022 payment standards can help U.S. banks and credit unions unlock richer data and stay competitive in the global financial marketplace.

    By Sylvie Boucheron-Saunier • April 26, 2024
  • Header image for "Biden Names 3 Nominees to Fed's Board of Governors"
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    CFO Editorial Staff
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    FedNow pricing aimed at avoiding market disruption

    The Federal Reserve aimed to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a Fed official said Wednesday.

    By , April 25, 2024
  • Kansas state capitol
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    Ray Tan via Getty Images
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    EWA providers hail new Kansas law

    Kansas has joined a pack of states in passing a law backed by earned wage access providers, as regulations for the industry remain a contentious issue.

    By April 25, 2024
  • A bronze sculpture of an eagle with a 16-foot wingspan adorns the outside of the Federal Reserve Bank of Atlanta.
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    Jens_Lambert_Photography via Getty Images
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    Fed seeks 8,000 financial institutions for FedNow

    About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.

    By , April 25, 2024