Regulations & Policy: Page
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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 -
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TrendlineTop 5 stories from Payments Dive
Dominant card networks, legacy payments processors and young fintechs are all jockeying to keep up with industry innovations and increased competition.
By Payments Dive staff -
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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 -
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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 -
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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 -
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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 -
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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 -
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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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FTC warns of cash losses to government impostors
The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.
By James Pothen • June 20, 2024 -
Lynne Marek/Payments Dive
Faster payments catch on slowly: survey
About half of payments players surveyed recently by the U.S. Faster Payments Council said they have integrated faster payment technologies.
By Tatiana Walk-Morris • June 20, 2024 -
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CFPB House hearing: 6 key takeaways
House Republicans expressed frustration that the Consumer Financial Protection Bureau decided to treat buy now, pay later loans like credit cards, while Democrats pushed for faster, cheaper remittance options.
By James Pothen • June 18, 2024 -
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Landmark Visa, Mastercard settlement in peril
The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.
By James Pothen • June 14, 2024 -
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EBay to accept Venmo
A week after dropping American Express, the online auctioneer said it will now accept payments through Venmo, a digital tool popular among Gen Z and millennials.
By Patrick Cooley • June 12, 2024
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