Fed proposes reduction in debit fee cap

The Federal Reserve Board proposed a rule change that would slash the amount card issuers can charge merchants for processing a debit transaction. The proposal also calls for periodic updates to the fee cap in the future.

By Lynne Marek • Oct. 25, 2023

Visa leans into CFPB proposal

The card network’s CEO on Tuesday backed a recent Consumer Financial Protection Bureau proposal on open banking, but was more circumspect about Fed moves on debit rules.

By Lynne Marek • Oct. 25, 2023

Explore the Trendline➔

Cross-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

Three lessons in ACI’s $2.4B payments test disaster

Pay attention to how legacy vendors are integrated after an acquisition, treat internal data sharing requests as cyber risks and don’t let staff test systems using real data.

By Robert Freedman • Oct. 25, 2023

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 24, 2023

BIS advances oversight structure for broader faster payments ecosystem

In the interest of faster, cheaper and more transparent cross-border payments, the Bank of International Settlements last week produced an interim report aimed at developing a governance structure for an interlinked faster payments system.

By Lynne Marek • Oct. 23, 2023

Why payments to government agencies should be easier

“Increasingly, government agencies — and the people they serve — need a payments system that is connected across departments and jurisdictions,” writes one payments executive.

By Sloane Wright • Oct. 23, 2023

Do low-income consumers need more digital payments protection?

“Big gaps in the law” are leaving the financially vulnerable open to harms from digital payments, one law professor argues in a recent Georgetown Journal on Poverty Law & Policy paper.

By James Pothen • Oct. 23, 2023

Modernizing momentum: How the right payment platform can create value in the C-Suite

When crafting strategies that can both create this future-forward perspective while capturing sales today, it’s important to consider modernizing the virtual payment structure.

Oct. 23, 2023

Same-day payments keep climbing: Nacha

Businesses are increasingly turning to same-day ACH payments this year, according to Nacha, a national clearinghouse that manages electronic money movement.

By Tatiana Walk-Morris • Oct. 20, 2023

Fed to review debit card fee cap

The Fed hasn’t changed a debit card fee cap since it was put in place in 2011, but it's planning to take up the issue at a meeting this week.

By Lynne Marek • Oct. 20, 2023

CFPB unveils open banking proposal

The rule makes it easier for consumers to share deposit account and credit card data with fintechs, the Consumer Financial Protection Bureau said.

By Anna Hrushka • Oct. 20, 2023

Fed’s Bowman urges ‘responsible innovation’

Federal Reserve Governor Michelle Bowman said the U.S. already has a “safe and efficient payment system” that could be disrupted by CBDCs or stablecoins.

By James Pothen • Oct. 19, 2023

ACI, states reach $20M in settlements over payments mishap

The company is being penalized for unauthorized withdrawals, and attempted withdrawals, from mortgage customer accounts in April 2021.

By Tatiana Walk-Morris • Oct. 18, 2023

Visa appoints advisory council for policy institute

The new council is tasked with providing “strategic guidance” to the San Francisco-based card giant’s Washington think tank, but none of the initial members are based in the U.S.

By Lynne Marek • Oct. 18, 2023

Consumer group pushes for stricter EWA protections

In a recent web post, the National Consumer Law Center issued a number of policy recommendations for states seeking to regulate earned wage access companies.

By James Pothen • Oct. 16, 2023

Immigrants denied credit cards, other loans: CFPB, DOJ

“The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination,” the bureau’s Director Rohit Chopra said Thursday.

By James Pothen • Oct. 13, 2023

Fed’s Waller pushes back on criticism of FedNow’s adoption rate

“We have got more in the pipeline and there are various estimates that could range from 250 to 350 by the end of the year, and they just continue to grow as banks do it,” the central bank governor said at a recent payments event.

By Rajashree Chakravarty • Oct. 11, 2023

Now’s the time for national EWA legislation

“Instead of state-by-state regulation, federal government guidance must be updated and clarified,” authors of a recent working paper on earned wage access write.

By Marshall Lux and Cherie Chung • Oct. 11, 2023

White House, CFPB are coming for ‘junk fees’

The Biden administration and the CFPB want banks and other institutions to stop hitting consumers with extra fees. Come February, offenders face monetary penalties.

By Gabrielle Saulsbery • Oct. 11, 2023

Fiserv among MOVEit cyberattack victims

The payment processor recently notified one of its customers, Flagstar Bank, that it was entangled in a May cyberattack that’s affected more than 2,000 organizations.

By Caitlin Mullen • Oct. 10, 2023

Orum uses FedNow to launch account verification tool

The service, built on top of the Fed’s instant payments network, allows customers to verify a bank account within 15 seconds before sending a payment, Orum said.

By James Pothen • Oct. 10, 2023

Payments conferences yet to come in 2024

Payments professionals still have plenty of choices when contemplating conferences to attend in the second half of the year. Here are our staff picks.

By Lynne Marek • Updated July 3, 2024

CFPB’s Chopra warns of ‘financial censorship’ in payments

The federal agency is considering regulatory action to better protect U.S. consumers from “excessive surveillance,” Director Rohit Chopra said last week during a Brookings Institution event.

By James Pothen • Oct. 9, 2023

PayZen adds BNPL card for medical expenses

The debit card allows patients to swipe first, then pick a payment plan later, PayZen CEO Itzik Cohen said.

By James Pothen • Oct. 6, 2023

PIRG calls out Mastercard’s data sales practices

The consumer advocacy group has taken aim at the card network for selling cardholder information. Mastercard has disputed the allegations.

By Caitlin Mullen • Oct. 5, 2023