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

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

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

Senate bill would let small businesses use SBA loans to cover fintech fees

The Financial Technology Association is backing a bill that would clarify that loans made through the Small Business Administration’s flagship lending program can be used to pay for fintech services.

By Anna Hrushka • Oct. 5, 2023

Ceridian leans on payroll with EWA app

Offering payroll services through its human resources software gives Ceridian an advantage in the earned wage access market, executive Deepa Chatterjee said.

By James Pothen • Oct. 3, 2023

What the CFPB’s open banking push means for financial institutions

“The narrative often centers around consumer empowerment, but let’s not overlook the advantages it holds” for financial institutions, writes an executive at financial connectivity company Atomic.

By Andrea Martone • Oct. 3, 2023

Credit card debt tops $1 trillion, before the holidays even arrive

Retailers may feel the pinch, especially those whose own store cards are facing rising delinquencies and a potential cap on late fees.

By Daphne Howland • Oct. 3, 2023

Payments bill defies congressional rancor

A bill important to the payments industry has attracted bipartisan support despite the political divide on Capitol Hill.

By Lynne Marek • Oct. 3, 2023

States split over gun merchant category code

California passed a law last week forcing use of a gun merchant code, but other states have done the opposite. Now, maybe Congress will act.

By Caitlin Mullen • Oct. 2, 2023

Discover, FDIC reach consent agreement

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

By Caitlin Mullen • Oct. 2, 2023

Supreme Court to consider debit fee case

The U.S. Supreme Court agreed to hear the petition of a North Dakota merchant group that sued over the Federal Reserve Board’s calculation of a debit fee cap.

By Lynne Marek • Sept. 29, 2023

TikTok moves to add ‘in-app’ wallet

The social media app has taken another step toward providing in-app commerce and payments, but may face regulatory resistance.

By Andrew Hutchinson • Sept. 27, 2023

FTC lawsuit knocks Amazon on payments play

The FTC alleged in a lawsuit filed Tuesday against the online retail juggernaut that it maintained a monopoly partly through its checkout process.

By Lynne Marek • Sept. 27, 2023

Andreessen Horowitz pushes cross-border payment improvements

While money is much older than software, it’s still more difficult to move payments around the world, the venture capital firm said in a recent report advocating cross-border improvements.

By James Pothen • Sept. 26, 2023

Is FedNow pivotal for payments or overhyped?

FedNow won’t fill the gap between the U.S. and other countries in payments innovation, writes one fintech CEO.

By Eric Shoykhet • Sept. 26, 2023

Mastercard fires back at Durbin in letter

The CCCA would “remove consumer choice, erode security, eliminate rewards, and dramatically prevent small businesses from investing in their future,” Mastercard said in a letter.

By James Pothen • Sept. 25, 2023

Congressional committee passes bill to thwart CBDC

The House Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.  

By Lynne Marek • Sept. 25, 2023

Biden administration seeks to erase medical debt from credit reports

In kicking off a medical debt rulemaking process, the CFPB aims to address the "tremendous burden" of medical debt, Vice President Kamala Harris said Thursday.

By Caitlin Mullen • Sept. 22, 2023

Uber to add more payments tools to its app

The planned updates to Uber Eats include the addition of SNAP and healthcare benefits payments starting next year.

By Catherine Douglas Moran • Sept. 21, 2023