Regulations & Policy: Page 11
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6 viewpoints from the CFPB’s director that may affect payments
“We are looking a lot at the convergence of payments and commerce and the extent to which a very big player could use that to shatter that wall between banking and commerce,” the agency’s director, Rohit Chopra, said this month.
By Suman Bhattacharyya • July 19, 2024 -
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CFPB to apply lending laws to EWA
The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.
By Lynne Marek • July 18, 2024 -
Explore the Trendline➔
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TrendlineCross-border payments targeted for upgrades
When it comes to cross-border payments, businesses, non-profits and governments alike are determined to increase the speed of transactions and cut the cost.
By Payments Dive staff -
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Opponents of Capital One-Discover merger to air grievances
Consumer advocates say the merger will stifle competition and give the combined company an easy avenue to raise fees on card payments.
By Patrick Cooley • July 18, 2024 -
Lynne Marek/Payments Dive
FedNow zooms past RTP participation in inaugural year
The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.
By Lynne Marek • July 16, 2024 -
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Prepaid card spending accelerates
The rise of digital wallets hasn't dampened prepaid card use, including the payroll cards some employers use to pay their workers.
By Patrick Cooley • July 16, 2024 -
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Banks should proactively tackle instant payments fraud: BNY
Use of data-sharing protocols among banks could warn customers before they send money, said Carl Slabicki, a BNY executive.
By Suman Bhattcharyya • July 12, 2024 -
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Crypto theft doubles to $1.38B
The May theft of over $300 million worth of bitcoin from Japanese cryptocurrency exchange DMM Bitcoin is the largest digital currency heist so far this year.
By Alexei Alexis • July 11, 2024 -
Joe Raedle / Staff via Getty Images
Visa-Mastercard settlement generates thousands of claim conflicts
Lawyers hope a court-approved extension of the claims filing deadline will provide time for resolution of conflicts and allow other business owners to file new claims in the interchange fee case.
By Lyle Moran • July 9, 2024 -
Win McNamee / Staff via Getty Images
Congress members egg on US payments system expansion
A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.
By Lynne Marek • July 8, 2024 -
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Discover to settle card class actions for $1.2B
The card company has warned it could face an additional financial toll related to the misclassification legal matter, in which it overcharged merchants for years.
By Caitlin Mullen • July 8, 2024 -
Mario Villafuerte via Getty Images
CFPB keeps scrutiny on medical cards
The Consumer Financial Protection Bureau has found some patients felt pressured by healthcare providers to use medical credit cards, according to an update on the federal agency’s efforts to protect consumers.
By Lynne Marek • July 8, 2024 -
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BNPL credit reporting hangs in limbo
The Consumer Financial Protection Bureau has long wanted buy now, pay later loans to be listed on consumer’s credit reports. So why didn’t it include that in a March rule for the industry?
By James Pothen • July 3, 2024 -
Shutthiphong Chandaeng via Getty Images
Payments industry to use AI to detect fraud, improve efficiency
Research from the investment bank Jefferies suggests generative artificial intelligence could be used in the payments industry to improve fraud detection and make transactions happen faster.
By Patrick Cooley • July 2, 2024 -
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New York BNPL bill is dead, for now
Hopes for passing a 2024 buy now, pay later bill in New York state to regulate the nascent industry expired with the end of the legislative session last month. But next year could be a different story.
By Lynne Marek • July 2, 2024 -
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Visa-Mastercard settlement failed to treat merchants ‘equitably’
A proposed Visa-Mastercard settlement failed partly because a judge overseeing the case determined large merchants wouldn’t benefit as much as smaller merchants.
By Lynne Marek • July 1, 2024 -
Anna Moneymaker / Staff via Getty Images
Supreme Court lets complaint on debit fees proceed
The Supreme Court ruled Monday that a case challenging a debit card interchange rate set by the Federal Reserve can proceed.
By Lynne Marek • July 1, 2024 -
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Atlanta Fed taps payments head for operations chief
Cheryl Venable is exiting her role as chief of payments operations for the Federal Reserve Financial Services to take the new post.
By Lynne Marek • June 28, 2024 -
Dan Kitwood / Staff via Getty Images
Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
By Gabrielle Saulsbery • June 27, 2024 -
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Judge sways away from Visa-Mastercard settlement
On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.
By Lynne Marek • June 25, 2024 -
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Pennsylvania may ban interchange fees on sales tax
Democrats in the Keystone state’s House of Representatives are pushing a bill that would prohibit interchange fees from applying to sales tax when consumers make credit or debit card payments.
By Lynne Marek • June 25, 2024 -
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ColumnWhy a Visa-Mastercard settlement is likely to fall short
The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.
By Lynne Marek • June 24, 2024 -
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Fed extends comment period on expansion of payment services proposal
The Federal Reserve said it will give the public two more months to comment on its plan to expand operating hours for its two large-value payments services, the Fedwire Funds Service and the National Settlement Service.
By Tatiana Walk-Morris • June 24, 2024 -
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Rain plans to raise more capital
The earned wage access provider seeks to raise $50 million, said its CEO, who is rooting for increased regulation of the industry.
By Lynne Marek • June 21, 2024 -
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Fiserv hires former JPMorgan executive
Takis Georgakopoulos worked for JPMorgan for 17 years before he departed earlier this month, and landed at the mega-processor as an advisor.
By Patrick Cooley • June 21, 2024 -
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Senate Republicans join battle against Fed debit card plan
Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit card transactions.
By Lynne Marek • June 20, 2024
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