Regulations & Policy: Page 2

Fed proposes review of debit transaction routing, but leaves fee alone

The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.

By Lynne Marek • May 13, 2021

Cryptocurrency fuels ransomware payments

The rapid ascent of crypto, like other emerging technologies before it, has challenged the federal government's ability to regulate the new arena.

By Samantha Schwartz • May 12, 2021

Biden plan would boost P2P payments services data sharing with IRS

The effort would require banks and P2P payment services to report annual account inflows and outflows to the IRS in an attempt to capture up to $460 billion in unpaid taxes, mostly from businesses.

By Dan Ennis • April 30, 2021

Retail organizations sue Fed over debit law enforcement

Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.

By Lynne Marek • April 29, 2021

Crypto firm Ripple Labs remains squarely in regulator's sights

The Securities and Exchange Commission pressed on with a new court filing against the blockchain payments company, despite a leadership change.

By Dan Ennis • April 27, 2021

Deep Dive

Visa, Mastercard face biggest challenges in a decade

Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.

By Lynne Marek • April 22, 2021

Crypto exchange Binance lands ex-OCC chief for US CEO post

Former Acting Comptroller Brian Brooks will become chief executive of Binance's U.S. operation on May 1.

By Dan Ennis • April 21, 2021

Deep Dive

US mulls CBDC options in international race to advance payment systems

Bank Policy Institute's chief examines the benefits and drawbacks of various central bank digital currency models, and how they would affect payment systems.

By Anna Hrushka • April 20, 2021

Payments industry faces potential 'destructive attacks,' Biden cybersecurity official warns

A new Biden administration cybersecurity official told the American Transaction Processors Coalition that ransomware and infrastructure attacks are the biggest threats.

By Lynne Marek • April 08, 2021

Over 110 fintechs, banks flood into FedNow real-time payments pilot

The test case, a precursor to an expected 2023 debut, is "the Fed's effort to get into the instant payments space," said Anne Sharkey, senior vice president of operations at First Internet Bank.

By Anna Hrushka • April 07, 2021

Visa rolls out stablecoin pilot program with partner Crypto.com

Visa is diving into digital assets with a new credit card program that will settle partly with a stablecoin using the cryptocurrency Ethereum. 

By Lynne Marek • March 29, 2021

Payments trade group eggs on federal Covid relief programs

The new Payments Leadership Council is throwing its support behind legislation to extend the Paycheck Protection Program that has delivered billions of dollars to small businesses.

By Lynne Marek • March 29, 2021

Major payments trade group shifts gears to work with Biden administration

Now, the focus is on how the Electronic Transactions Association can step up to aid the administration's stimulus and infrastructure programs, as opposed to a past concentration on privacy policy issues.

By Lynne Marek • March 26, 2021

CFPB sees 54% jump in consumer complaints in 2020

More than 58% of the complaints pertained to credit and consumer reporting.

By Dan Ennis • March 26, 2021

Illinois digital asset charter bill falls short in spring session, persists for next round

The bill creating a special charter for digital asset trusts passed the House before adjournment last month, but still requires approval from the full Senate to become law. 

By Lynne Marek • UPDATED: June 7, 2021 at 5:01 p.m.

MicroStrategy CEO: Treasurers should buy Bitcoin as cash alternative to hedge inflation

Record stimulus is likely to stoke inflation, making Bitcoin an attractive backstop for corporate treasurers, according to Michael Saylor, who leads the business intelligence software company.

By Jim Tyson • March 24, 2021

No need to rush in creating a federal digital dollar, Fed chair says

Federal Reserve Chair Jerome Powell insists on Congress's approval before proceeding with a central bank digital currency. Meanwhile, the Senate's new banking panel chair is calling for faster action.

By Dan Ennis • March 24, 2021

Nacha's new WEB Debit rule aims to fight fraudulent activities

The rule comes into effect as digital payments and identity fraud surged during the pandemic, acting as a safeguard against the misuse of account information, according to Nacha.

By Vaidik Trivedi • March 23, 2021

Coinbase settles with CFTC, reportedly delays stock listing until next month

Coinbase paid $6.5 million to settle civil charges imposed by the CFTC, just as the cryptocurrency exchange company also reportedly decided to delay its first-time stock listing until next month.

By Dan Ennis • March 23, 2021

Visa's debit card business comes under scrutiny from DOJ's antitrust division

The Department of Justice's antitrust division has in recent weeks begun a civil investigation into Visa's debit card processing practices, the Wall Street Journal reported.

By Lynne Marek • UPDATED: March 19, 2021 at 6:29 p.m.

Mastercard, Liberty Tax team up to expedite stimulus payments

"Prepaid cards help to bring more people into the digital economy and offer an added level of convenience, with funds available faster and eliminating the need to cash a check," a Mastercard spokesperson said.

By Vaidik Trivedi • March 19, 2021

Mastercard, Visa to postpone some fee increases next month

Bowing to pressure from the White House and Congressional Democrats, the credit card companies won't increase expenses for merchants and consumers who are still coping with the  pandemic.

By Lynne Marek • March 16, 2021

Blockchain startup Spring Labs nabs former top OCC regulator for board

Brian Brooks, former acting head of the Office of the Comptroller of the Currency (OCC), will be its first independent director, though the company already counts several other former top federal officials as advisers.

By Anna Hrushka • March 15, 2021

Durbin targets Visa, Mastercard fees at antitrust hearing

The new Senate Majority Whip argued credit card fees historically have been "far in excess of any reasonable measure of cost and far higher than they would have been charged in a competitive market."

By Lynne Marek • March 12, 2021

Goldman Sachs bows to clients, embraces 'digital money,' bank president says

"There's no question in our mind, there's going to be more digital commerce, a lot more, an explosion in digital commerce," said Goldman President John Waldron.

By Lynne Marek • March 11, 2021