Regulations & Policy: Page 4

  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Warren probes Zelle scam policy

    Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

    By • Feb. 21, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One to acquire Discover in $35.3B deal

    The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

    By Dan Ennis • Feb. 20, 2024
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    busracavus via Getty Images
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    Trendline

    Real-time payments are on the rise

    As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

    By Payments Dive staff
  • Sen. Dick Durbin with his hand up and another congressional colleague in the background.
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    Chip Somodevilla via Getty Images
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    Senator calls card CEOs on congressional carpet

    Sen. Dick Durbin, sponsor of a card network competition bill, urged the CEOs of Visa and Mastercard to appear at an April congressional hearing and not send their underlings.

    By • Feb. 14, 2024
  • A gold American Express card being passed between two hands
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    Joe Raedle via Getty Images
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    Amex gears up for bigger bank category

    Given its asset growth, the card issuer anticipates facing more stringent regulatory requirements and more frequent stress tests.

    By Caitlin Mullen • Feb. 13, 2024
  • U.S. Treasury Secretary Janet Yellen testifies before the House Committee on Financial Services
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    Win McNamee via Getty Images
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    Yellen asks Congress for stablecoin legislation

    Treasury Secretary Janet Yellen renewed a call for Congress to act on digital assets, saying “there is no appropriate regulatory framework.”

    By • Feb. 13, 2024
  • A person holding a cell phone with both hands.
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    Delmaine Donson via Getty Images
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    More than half of P2P fraud victims lose money: AARP

    “When it comes to addressing instances of financial exploitation, consumers are less likely to trust P2P platforms than banks and credit unions,” an AARP survey reported.

    By Tatiana Walk-Morris • Feb. 12, 2024
  • Rifle on counter at gun store with hands of two people showing an apparent transaction.
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    Scott Olson via Getty Images
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    Card networks to implement gun code in California: report

    Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

    By Caitlin Mullen • Feb. 12, 2024
  • Fingers hover over a computer keyboard with numbers on a screen, against a shadowy backdrop.
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    jariyawat thinsandee via Getty Images
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    Q&A

    Banks should step up scam response: fraud expert

    With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, says one executive.

    By Caitlin Mullen • Feb. 9, 2024
  • Open banking
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    anyaberkut via Getty Images
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    Opinion

    CFPB open banking proposal will be crucial

    The agency’s open banking proposal is a step in the right direction, but details of the policy will shape how the market develops, a regulatory adviser writes in this op-ed.

    By Jonah Crane • Feb. 8, 2024
  • Officials and employees celebrate the grand opening of Fiserv's Berkeley Heights, New Jersey office on Nov. 15.
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    Permission granted by Fiserv
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    Fiserv CEO details special bank charter pursuit

    The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.

    By Caitlin Mullen • Feb. 7, 2024
  • Xochitl Torres Small, Under Secretary for Rural Development, US Department of Agriculture speaks onstage during the 2022 Concordia Lexington Summit
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    Jon Cherry via Getty Images
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    USDA offers online payment tool for farm loan borrowers

    The new online option will give farmers and ranchers an alternative to making payments by phone, mail or visits to a USDA office.

    By • Feb. 6, 2024
  • Frank Bisignano, Fiserv CEO
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    Eugene Gologursky / Stringer via Getty Images
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    Fiserv lands Uber, eBay as debit network clients

    The payment processing giant has signed more than a dozen large e-commerce clients following the Federal Reserve’s clarification of the debit routing rule.

    By Caitlin Mullen • Feb. 6, 2024
  • Chief Executive Officer of Apple Tim Cook speaks onstage during Vox Media's 2022 Code Conference
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    Jerod Harris via Getty Images
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    Apple CEO pushes back on European regulation

    The company’s customers may experience a drop in quality thanks to EU regulation slated to take effect next month, said Tim Cook, chief executive of the tech giant.

    By • Feb. 5, 2024
  • CFPB Director Rohit Chopra speaks in front of the House Financial Services Committee.
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    Anna Moneymaker via Getty Images
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    Lawmakers clash on CFPB digital payment rule

    Democratic senators said the proposed rule would curb “rampant” fraud, while Republican Congress members said it would introduce “regulatory uncertainty.”

    By • Feb. 1, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    NY AG sues Citi over denied fraud claims

    “If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

    By Dan Ennis • Jan. 31, 2024
  • Woman paying contactless at the cash register.
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    iStock/lechatnoir

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    What’s ahead for payments in 2024

    The industry faces more upheaval this year as legacy companies and upstart fintechs jockey for the upper hand, and regulators monitor the competition closely. 

    By • Jan. 31, 2024
  • Rifles are shown in a gun store
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    Brandon Bell/Getty Images via Getty Images
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    Colorado lawmakers seek to require gun code use

    Democratic legislators in the state have introduced a bill that’s similar to the law California passed last year requiring use of a gun merchant category code. 

    By Caitlin Mullen • Jan. 31, 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 hiring for tech enforcement

    The expansion of the enforcement team is meant “to send a clear deterrent message to entities that are within our authority,” CFPB enforcement attorney Molly McOwen said.

    By • Jan. 31, 2024
  • Person looks at mobile phone advertising buy now-pay later offer while online shopping
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    Creative via Getty Images
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    NY may drive out BNPL firms: attorneys

    If the state’s buy now, pay later legislation passes, new requirements piling on additional compliance burdens may lead some providers to pull their operations in New York, attorneys said. 

    By Caitlin Mullen • Jan. 30, 2024
  • The front of the U.S. Capital with white clouds and blue sky.
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    Sara Samora/Payments Dive
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    Payments regulation and legislation abound in 2024

    Payments players can expect this year to be heavy with regulatory and legislative moves, both at the federal and state levels.

    By • Jan. 30, 2024
  • Lina Khan
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    Chip Somodevilla via Getty Images
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    FTC, FloatMe reach $3M settlement

    The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.

    By • Jan. 29, 2024
  • A general view inside the European Parliament.
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    Christopher Furlong via Getty Images
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    Apple opens up payments under EU pressure

    Apple plans to give software developers the option to use third-party payment systems, but warned that the change will expose consumers to new threats.

    By • Jan. 26, 2024
  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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    CFPB eyes NSF fee ban for transactions declined in real time

    It’s an uncommon penalty, but the federal agency asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.

    By Gabrielle Saulsbery • Jan. 26, 2024
  • A man in a suit speaks at a podium.
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    Kena Betancur / Stringer via Getty Images
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    Manhattan DA seeks tighter payment app security

    “No longer is the smartphone itself the most lucrative target for scammers and robbers – it’s the financial apps contained within,” District Attorney Alvin Bragg Jr. said.

    By • Jan. 25, 2024
  • A young man delivers food down a flight of stairs.
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    Maryland EWA legislation draws protest

    A Maryland bill calling for some earned wage access providers to be registered and licensed has triggered opposition from fintech advocates.

    By • Jan. 25, 2024