Regulations & Policy: Page

  • Two Apple iPhone 14 models
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    Courtesy of Apple
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By • June 12, 2024
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    Opinion

    Fighting deepfakes via payments

    “Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.

    By Alan Primitivo • June 12, 2024
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    Trendline

    Top 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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    Q&A

    Upcoming ISO 20022 transition leaves some finance players scrambling

    The move to ISO 20022 is coming late next year and many financial institutions remain unprepared for the switch.

    By • June 11, 2024
  • A person holds open an envelope filled with cash.
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    Cash use persists in US beyond pandemic

    Consumers remained committed to cash use last year, even as the share of card payments rose and online payments increased, according to an annual Federal Reserve study.

    By • June 11, 2024
  • Illinois state capitol building in Springfield
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    Illinois heads toward landmark card interchange fee restrictions

    The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.

    By • June 7, 2024
  • Rohit Chopra discusses the impact of student debt on the individual borrower and the public at a Consumer Financial Protection Bureau hearing on May 8, 2013.
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    Retrieved from Consumer Financial Protection Bureau.
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    CFPB finalizes open banking standard-setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

    By Gabrielle Saulsbery • June 7, 2024
  • The eBay logo is displayed outside company headquarters.
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    Justin Sullivan via Getty Images
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    Amex dismisses impact of eBay’s rejection

    EBay will no longer accept American Express, but the credit card company said in a statement that the online auctioneer accounts for a minuscule portion of its total business.

    By • June 6, 2024
  • The exterior of the New York State Capitol in August 2021 in Albany, New York.
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    Michael M. Santiago/Getty Images via Getty Images
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    New York races to pass BNPL bill

    State lawmakers are negotiating three separate proposals related to the buy now, pay later industry ahead of the end of the legislative session on Thursday.

    By • June 6, 2024
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    Pot payments players crave federal reforms

    The Safer Banking Act and federal rescheduling of marijuana could simplify transactions for payments companies doing business in the arena.

    By • June 5, 2024
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    P_Wei via Getty Images
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    FTC delves into scam payments

    In consumer fraud complaints to the federal agency last year, PayPal and Cash App were cited as apps often used by consumers to pay scammers.

    By • June 4, 2024
  • Senator Ron Johnson speaking behind a dais.
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    Samuel Corum via Getty Images
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    Zelle faces Senate probe on fraud

    “The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.

    By • May 31, 2024
  • Person pays using phone to tap point-of-sale device with cup of coffee sitting on table.
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    Are digital wallets safer than debit cards?

    Research shows young people see digital wallets as a more secure option than debit and credit cards. Cybersecurity professionals mostly agree, despite caveats.

    By • May 31, 2024
  • Graphic of digital money transfer symbols overlaid on a map of the world
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    Opinion

    CFPB seeks to thwart cross-border junk fees. Now what?

    “Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.

    By Rina Wulfing • May 30, 2024
  • A Person With a Phone Using a Mobile Wallet Application At Workplace
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    Businesses boost use of digital wallets: Fed

    Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.

    By Tatiana Walk-Morris • May 24, 2024
  • Person taps credit card at payment terminal
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    Opinion

    Let’s avoid legal patchwork for credit card surcharging

    “All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.

    By Jonathan Razi and Keturah Taylor • May 23, 2024
  • South Carolina State House
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    Retrieved from Wikimedia Commons.
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    South Carolina embraces new EWA law

    This week, South Carolina became the fifth state to enact a law regulating earned wage access providers, but it doesn’t subject them to lending laws.

    By • May 23, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
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    Kevin Dietsch via Getty Images
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By • May 22, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Deep Dive

    Real-time lessons for FedNow from Brazil, India

    The fledgling U.S. instant payments system can learn from real-time systems that have flourished in Brazil and India using QR codes and broad missions, say industry professionals.

    By Christiana Sciaudone • May 21, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Payments Dive
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    Fed plays crucial role in payments standard-setting

    Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

    By • May 20, 2024
  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Opinion

    CFPB should reconsider prepaid rule

    The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

    By Brian Tate • May 17, 2024
  • International currencies
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    Central banks seek firms for cross-border payment project

    The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.

    By Tatiana Walk-Morris • May 17, 2024
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    Kevin Dietsch via Getty Images
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.

    By Dan Ennis • May 16, 2024
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    EWA could create wage violations, Connecticut warns

    The warning comes as states and the federal government weigh options for regulating earned wage access products.

    By Kate Tornone • May 16, 2024
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    Scott Olson via Getty Images
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    Fed, OCC to hold meeting on Capital One-Discover deal

    Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

    By • May 15, 2024
  • The US Federal Reserve building in Washington DC
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    Getty Images
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    Fed bombarded by debit card fee commentary

    The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

    By • May 14, 2024