Video game industry preps for oversight

The CFPB report put gaming companies on notice that the long-expected regulatory scrutiny has arrived, according to professionals involved in the industry.

By James Pothen • April 22, 2024

Fed courts nonbanks for FedNow growth

The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.

By Lynne Marek • April 22, 2024

Explore the Trendline➔

E-commerce drives digital payment advances

As e-commerce activity continues to climb, providers of digital payment tools are likely to keep evolving their online offerings.

By Payments Dive staff

House committee advances EWA bill

The Republican-backed and industry-friendly bill was passed by the House Financial Services Committee despite pushback from Democratic lawmakers.

By James Pothen • April 18, 2024

Discover adds $799M to bolster reserves

The card network opted to increase the card misclassification remediation reserve, based in part on discussions with regulators, executives said Thursday.

By Caitlin Mullen • April 18, 2024

Fed keeps up CBDC research

Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

By Lynne Marek • April 17, 2024

CFPB $8 late fee cap edges toward reality

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

By Lynne Marek • April 17, 2024

CFPB notes ‘growing financialization’ of medical, rental payments

The bureau has received about 15,000 complaints in the last two years concerning medical debt collectors, according to General Counsel Seth Frotman.

By James Pothen • April 16, 2024

CFPB’s new late fee cap charts ‘a better way,’ says Sunbit CEO

“The credit card industry should take a page from innovators, instead of relying on yesterday’s fee models,” argues the CEO of the payment tools provider.

By Arad Levertov • April 16, 2024

FlexWage wins Vermont EWA carve-out

Earned wage access provider FlexWage has received leeway from the Vermont Department of Financial Regulation to operate in the state without a lender or money transmitter license.

By Lynne Marek • April 15, 2024

US, Europe lock arms on payments regulation

U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.

By Lynne Marek • April 15, 2024

EWA providers seek to steer state legislation

Payactiv, DailyPay and other earned wage access providers teamed up in calling on the governor of Kansas to pass legislation similar to laws recently enacted in three other states.

By Lynne Marek • April 11, 2024

Capital One’s Discover bid tops biggest Q1 tech-related deals

The proposed Capital One-Discover merger made the list because of fintech issues that are at stake in the $35.3 billion deal.

By Alexei Alexis • April 10, 2024

CFPB, DOJ boost teamwork on cases

The bureau will refer “potentially criminal conduct,” including “anti-competitive mischief,” to the DOJ for action, CFPB Director Rohit Chopra said Monday.

By James Pothen • April 9, 2024

Visa, Mastercard CEOs throw hearing off track

Senate Judiciary Committee Chairman Dick Durbin postponed a plan to call credit card chieftains on the capitol carpet at a Tuesday hearing, but he’s still aiming to get them to Washington.

By Lynne Marek • April 9, 2024

Virtual marketplaces risk real losses: CFPB

Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.

By James Pothen • April 5, 2024

EWA shouldn’t be regulated like loans

“Attempts to regulate EWA as credit threaten worker access to this innovative and consumer-friendly financial tool,” writes one earned wage access industry CEO.

By Darcy Tuer • April 5, 2024

NY Fed enters cross-border tokenization effort

The central bank will join six other central banks in exploring blockchain technology to speed up international payments.

By James Pothen • April 4, 2024

Treasury Prime, Narmi partner to offer FedNow service

The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.

By Rajashree Chakravarty • April 3, 2024

Credit card complaints jumped 38% last year: CFPB

The Consumer Financial Protection Bureau received 70,000 card-related complaints from consumers last year, according to a report last week.

By James Pothen • April 3, 2024

How Amex is entangled in the Visa-Mastercard settlement

The settlement gives merchants the ability to surcharge for nearly all Visa and Mastercard credit card transactions, and puts pressure on American Express to allow the same. 

By Lynne Marek • April 1, 2024

Warren reiterates call for gun MCC guidance

The Massachusetts senator and 32 other Democrats stressed the need for federal guidance on the gun merchant category code as states diverge.

By Caitlin Mullen • March 29, 2024

CFPB targets ‘bait-and-switch’ card reward programs

Major credit card providers saddle rewards programs with fees and interest, burdening consumers who carry balances, CFPB Director Rohit Chopra said.

By James Pothen • March 27, 2024

Private plaintiffs follow DOJ’s Apple antitrust case

The follow-on class actions are substantively similar to the federal government’s case, making them dependent on the agency’s lead in breaking the company’s smartphone stranglehold.

By Robert Freedman • March 27, 2024

X lands money licenses in Illinois, New Mexico

The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.

By James Pothen • March 27, 2024

NY Assembly bill counters governor on BNPL

A New York assemblymember has introduced a buy now, pay later bill, countering one introduced in the governor’s budget bill.

By Lynne Marek • March 27, 2024