Regulations & Policy: Page 2

Lawsuit filed against Block

A class action lawsuit has been filed against Cash App Investing and parent company Block over a December 2021 data breach.

By Caitlin Mullen • Aug. 25, 2022

CFPB seeks more credit card transparency

The Consumer Financial Protection Bureau is considering requiring top credit card issuers to share more information on their products to increase transparency for consumers.

By Caitlin Mullen • Aug. 24, 2022

DailyPay releases card with Visa

The earned wage access provider introduced the new debit card after major changes in leadership earlier this year.

By Tatiana Walk-Morris • Aug. 23, 2022

CFPB spotlights payments risks

The Consumer Financial Protection Bureau is “carefully monitoring” payments innovations and risks they pose to consumers, the agency said in a report.

By Caitlin Mullen • Aug. 22, 2022

FedNow to launch by mid-2023, Fed official says

The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.

By Lynne Marek • Aug. 19, 2022

Paysign aims to grow prepaid card services for drugs

Paysign aims to boost its prepaid card services for consumers shouldering the high cost of pharmaceuticals by offering drugmakers transparent pricing for such services.

By Joe Burns • Aug. 16, 2022

Let the credit card battle begin

Banks that issue credit cards and the retailers who hate their fees are lining up allies on Capitol Hill to fight over a new bill that calls for more competition in the industry. Visa and Mastercard are at the center of the conflict.

By Lynne Marek • Aug. 8, 2022

Visa, Mastercard react to Pornhub ruling

The two card companies took action against an advertising entity tangled up in a California lawsuit against the pornography website, which the plaintiff alleges illicitly posted images of her when she was a teenager.

By Lynne Marek • Aug. 5, 2022

FIS extends tie with Chargebacks911 to fight fraud

The partnership is aimed at arming merchants with digital tools to reduce chargebacks, cut costs and combat fraud.

By Jonathan Berr • Aug. 5, 2022

Will a swoon in valuations affect Block’s Afterpay?

Block acquired Afterpay for what was ultimately $13.9 billion in stock, but a string of fintechs writing down valuations in the face of economic pressures raises the possibility Block will be forced to do the same.

By Caitlin Mullen • Aug. 2, 2022

Legislation aimed at Visa, Mastercard lands

A new bill to curb Visa and Mastercard’s dominance of credit payments is likely to rev up a long-time battle between merchants and card companies.

By Lynne Marek • July 29, 2022

Card CEOs react to macroeconomic threats

Amid talk of a recession, executives with Visa, Mastercard, American Express and Discover are keeping a close eye on inflation, consumer demand and unemployment levels.

By Caitlin Mullen , Lynne Marek • July 29, 2022

Durbin to lob bill at Visa, Mastercard

Sen. Dick Durbin is poised to make good on his long-time threat to further rein in the two big U.S. credit card companies Visa and Mastercard with legislation aimed at increasing competition.

By Lynne Marek • July 28, 2022

Grocery company Albertsons rolls out SNAP online payment

The company now offers the purchasing capability at five banners through its own platform as well as the Instacart app.

By Catherine Douglas Moran , Jeff Wells • July 25, 2022

Discover CEO pelted with queries over loan probe

Discover Financial Services CEO Roger Hochschild said executives at the company “hope” an internal investigation of its student loan practices concludes this year, as he side-stepped analyst queries on the subject.

By Caitlin Mullen • July 21, 2022

Deluxe payments business to overtake check-printing

The company is “transforming from a legacy check-printing company to a payments and data company," CEO Barry McCarthy said.

By Jonathan Berr • July 21, 2022

BNPL will evolve as providers tweak the model

“Challengers frequently believe BNPL 1.0 is what it is, and will not evolve,” writes Brian Shniderman, CEO of Opy, a U.S. subsidiary of Australian payments fintech Openpay. “But it can, and very recently, it has proven that it will.”

By Brian Shniderman • July 20, 2022

Feds crack down on improper payments

A federal government report released this week takes aim at the problem of fraudulent public benefit payments, which mushroomed to $281 billion for fiscal year 2021.

By Lynne Marek • July 20, 2022

ClassWallet signs string of new state contracts

Demand for ClassWallet’s education digital payments tools increased during the coronavirus pandemic, and that rise has continued this year in the company’s signing of new state contracts. 

By Jonathan Berr • July 19, 2022

Modern Treasury expands on demand, readies for FedNow

The company has more than doubled its headcount over the past year to meet demand for its payments software from clients like Marqeta and Gusto. Now, it plans more expansion for real-time services. 

By Jonathan Berr • July 18, 2022

CFPB's Chopra reminds payments players they're in his sights

In a blog post this week, the director reiterated that payments processors, credit card issuers and debt collectors are attracting scrutiny from his agency.

By Lynne Marek • July 14, 2022

FedNow chases real-time payments front-runners

The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.

By Lynne Marek • July 14, 2022

Venture dollars for fintech drop, again

Fintech companies raised $20.4 billion over 1,225 deals in the quarter, the lowest number of deals and funding since the fourth quarter of 2020.

By Jonathan Berr • July 13, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars of value in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Mastercard reports consumer spending increase despite inflation

In-store spending in June rose 11.7% over last year while e-commerce sales grew at a slower 1.1% pace, excluding auto and gas expenditures, according to Mastercard.

By Jonathan Berr • July 11, 2022