CFPB slammed with EWA commentary

The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.

By Lynne Marek • Sept. 4, 2024

Earned wage access: Following states that have passed laws, or have legislation pending

States began passing laws friendly to the industry in 2023 and have continued to pursue them this year, even after the federal government weighed in with a stricter standard.

By Lynne Marek • Aug. 30, 2024

Explore the Trendline➔

Top 5 stories from Payments Dive

The digital evolution of payments is roiling the industry, forcing companies to rethink pricing schemes and revamp corporate strategies. Embedded payments, earned wage access, real-time systems and other innovations will transform the business.

By Payments Dive staff

Fed official questions faster cross-border payments ties

Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.

By Lynne Marek • Aug. 29, 2024

CFPB chides retailers on fees for cash back

The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

By Lynne Marek • Aug. 27, 2024

Aeropay targets pay-by-bank evolution in US

The Chicago fintech has moved from servicing small merchants to handling cannabis payments, and now it’s catering to gaming clients.

By Lynne Marek • Aug. 26, 2024

Fed’s Waller eggs on payments research

Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.

By Tatiana Walk-Morris and Lynne Marek • Aug. 23, 2024

EWA providers crusade against CFPB rule proposal

Earned wage access providers that backed state laws friendly to the industry are preparing for a fight over the Consumer Financial Protection Bureau’s plan to treat such payments like loans.

By Lynne Marek • Aug. 21, 2024

Stripe, Zip partner on BNPL processing

The buy now, pay later firm will partner with Stripe, adding another major payments player tie to a set of recent high-profile collaborations.

By Patrick Cooley • Aug. 21, 2024

Capital One, Citi plan to join FedNow in ‘near future’

The two big banks say they’ll soon connect to the Federal Reserve’s new instant payment system, even as other major banks remain on the sidelines.

By Lynne Marek • Aug. 20, 2024

Visa-Mastercard settlement claims deadline postponed

Merchants seeking a piece of the $5.5 billion settlement now have until February 2025 to file claims, a federal judge overseeing the class action said.

By Lyle Moran • Aug. 19, 2024

FedNow to add more fraud tools, Fed official says

The Federal Reserve is still seeking to allay financial institutions' concerns that faster payments allowed by the new instant payments system could lead to faster fraud.

By Lynne Marek • Aug. 16, 2024

Credit card users struggle with inflation

JD Power’s annual credit card survey found that more than half of U.S. credit card users don’t pay their balances in full every month, and less than half are considered financially healthy.

By Patrick Cooley • Aug. 16, 2024

JPMorgan, Zelle may have upper hand if litigation ensues

If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.

By Patrick Cooley • Aug. 15, 2024

Fintechs ramp up lobbying over earned wage access, crypto

Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.

By Suman Bhattacharyya • Aug. 15, 2024

Senators ask Dimon to justify new checking account fees

“JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.

By Rajashree Chakravarty • Aug. 15, 2024

Capital One insists Discover deal won’t increase card fees

The bank and credit card issuer told regulators in a letter that competition will require it to keep its products fairly priced.

By Patrick Cooley • Aug. 14, 2024

Why the CFPB’s recent EWA rule is wrong

The Consumer Financial Protection Bureau’s earned wage access rule “could outright deny EWA to the wage earners who need it the most,” writes a trade group CEO.

By Brian Tate • Aug. 14, 2024

How embedded payments are changing the way we pay

As payments technology advances, more companies are embedding the payments process in websites and apps. Here’s a primer on how this trend is advancing and changing the payments arena.

By Patrick Cooley • Aug. 13, 2024

Employers react to CFPB’s new stance on EWA

Employers are responding quickly to the Consumer Financial Protection Bureau’s rule noting earned wage access services may constitute lending, says a Chime executive.

By Lynne Marek • Aug. 12, 2024

Capital One-Discover antitrust concerns may be overblown

Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer.

By Caitlin Mullen • Aug. 9, 2024

Global Payments executive promoted to president, COO

Bob Cortopassi, who was tapped for the C-suite post Tuesday, has nearly 30 years of experience in the industry.

By Patrick Cooley • Aug. 6, 2024

Credit card delinquencies rise even as credit limits are extended

The two developments stem from greater use of credit cards, and could have implications for some businesses, says a Bain & Company analyst.

By Patrick Cooley • Aug. 6, 2024

Apple services revenue rises with boost from payments

The company said it raised a record $24.2 billion from services in the most recent quarter, a 14% year-over-year increase.

By Patrick Cooley • Aug. 5, 2024

FedNow ‘could lower fees’ in future, analyst reports

The Federal Reserve instant payments system may cut fees after it attracts more financial institutions, or in the face of competition, a Wolfe Research analyst said, citing a FedNow official.

By Lynne Marek • Aug. 5, 2024

JPMorgan threatens to sue CFPB over Zelle

The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.

By Dan Ennis • Aug. 5, 2024