CFPB will keep defending late fee cap

The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap, but the federal agency said it will continue to “defend” the rule.

By Lynne Marek • May 13, 2024

CFPB, DOT take aim at airline rewards

The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

By James Pothen • May 10, 2024

Explore the 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

Jack Henry, Visa see escalating FedNow volume

While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

By Lynne Marek • May 9, 2024

Fed, TCH joust over interoperability

When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

By Lynne Marek • May 7, 2024

Merchants urged to file claims for $5.5B payment card settlement

Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.

By Lyle Moran • May 6, 2024

Block’s Dorsey rebuffs compliance allegations

The head of the payments company began an earnings call Thursday with a defense against a former employee’s allegations of compliance improprieties.

By James Pothen • May 3, 2024

PayPal, Bread brace for late fee cap

Payments and credit card companies are scrambling to soften the blow of an impending $8 cap on credit card late fees.

By Lynne Marek • May 1, 2024

FTC sues Doxo over deceptive ads, junk fees

After the federal agency’s lawsuit landed Thursday, the Seattle bill-pay provider countered the allegations on Friday.

By Tatiana Walk-Morris • April 30, 2024

NRF objects to Visa-Mastercard settlement

The National Retail Federation lashed out at a landmark Visa-Mastercard legal settlement Friday, calling the pact reached with some merchants last month “meager and temporary” relief.

By Lynne Marek • April 29, 2024

Why financial institutions should embrace ISO 20022

Adopting ISO 20022 payment standards can help U.S. banks and credit unions unlock richer data and stay competitive in the global financial marketplace.

By Sylvie Boucheron-Saunier • April 26, 2024

FedNow pricing aimed at avoiding market disruption

The Federal Reserve aimed to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a Fed official said Wednesday.

By James Pothen , Lynne Marek • April 25, 2024

EWA providers hail new Kansas law

Kansas has joined a pack of states in passing a law backed by earned wage access providers, as regulations for the industry remain a contentious issue.

By Lynne Marek • April 25, 2024

Fed seeks 8,000 financial institutions for FedNow

About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.

By Lynne Marek , James Pothen • April 25, 2024

Synapse signs deal with TabaPay, files for bankruptcy

TabaPay set a purchase price of $9.7 million to acquire Synapse's assets — a deal that is pending bankruptcy court approval.

By Rajashree Chakravarty • April 24, 2024

Video game industry preps for oversight

The CFPB report put gaming companies on notice that the long-expected regulatory scrutiny has arrived, according to professionals involved in the industry.

By James Pothen • April 22, 2024

Fed courts nonbanks for FedNow growth

The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.

By Lynne Marek • April 22, 2024

House committee advances EWA bill

The Republican-backed and industry-friendly bill was passed by the House Financial Services Committee despite pushback from Democratic lawmakers.

By James Pothen • April 18, 2024

Discover adds $799M to bolster reserves

The card network opted to increase the card misclassification remediation reserve, based in part on discussions with regulators, executives said Thursday.

By Caitlin Mullen • April 18, 2024

Fed keeps up CBDC research

Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

By Lynne Marek • April 17, 2024

CFPB $8 late fee cap edges toward reality

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

By Lynne Marek • April 17, 2024

CFPB notes ‘growing financialization’ of medical, rental payments

The bureau has received about 15,000 complaints in the last two years concerning medical debt collectors, according to General Counsel Seth Frotman.

By James Pothen • April 16, 2024

CFPB’s new late fee cap charts ‘a better way,’ says Sunbit CEO

“The credit card industry should take a page from innovators, instead of relying on yesterday’s fee models,” argues the CEO of the payment tools provider.

By Arad Levertov • April 16, 2024

FlexWage wins Vermont EWA carve-out

Earned wage access provider FlexWage has received leeway from the Vermont Department of Financial Regulation to operate in the state without a lender or money transmitter license.

By Lynne Marek • April 15, 2024

US, Europe lock arms on payments regulation

U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.

By Lynne Marek • April 15, 2024

EWA providers seek to steer state legislation

Payactiv, DailyPay and other earned wage access providers teamed up in calling on the governor of Kansas to pass legislation similar to laws recently enacted in three other states.

By Lynne Marek • April 11, 2024